Indian crypto exchanges sent a joint letter to the Central Bank of India requesting clarity on their status in the country

According to the Indian Times ’Economic Times, the Indian cryptocurrency exchange sent a joint letter to the Reserve Bank of India (RBI, the country ’s central bank) asking the central bank to clarify the status of the crypto exchange in the country. At the same time, the exchange also hopes that RBI can clarify the specific category they belong to (such as goods, currency, goods or services), because this will affect their taxation under the Goods and Services Tax (GST) Act. Lianwen previously reported that in early March of this year, the Supreme Court of India, under the petition of cryptocurrency exchanges and startups, agreed to cancel the decision of the RBI in April 2018 to require banks to prohibit the provision of cryptocurrency services. However, after that, RBI did not issue a new notice requiring banks to allow exchanges and users to resume crypto trading activities. Due to the lack of clear guidance from regulators on digital assets, banks continue to refuse to provide services to exchanges.