RBI Ban Stops Indian Police From Cashing Out Seized Crypto

The results of banking restrictions by the Reserve Financial institution of India (RBI) have reached an Indian police division. The police bought some cryptocurrencies they seized solely to search out out that they can not entry the Rs eight.42 crore (~$1.2 million) proceeds as a result of present RBI banking ban.

Additionally learn: India’s In style ‘Who Needs to Be a Millionaire’ Present Offers Crypto a Increase

Police Funds Locked

Restrictions on banks positioned by the RBI have precipitated hassle for police eager to money out seized cryptocurrencies. Final week, the central financial institution additionally blocked clients of Mumbai-based Punjab and Maharashtra Cooperative Financial institution (PMC Financial institution) Ltd., with 137 branches throughout India, from accessing their financial savings.

Now the Pune metropolis police division is unable to entry Rs eight.42 crore which was transformed into INR from the cryptocurrencies it seized final 12 months from Akash…

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