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Indian crypto exchanges struggle as banks cut ties after frown by central bank
By Nupur Anand
Thursday, July 1, 2021
MUMBAI -- Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industry insiders said.
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The exchanges are struggling to cope after the central bank, the Reserve Bank of India, which has said it does not favor digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.
Customer complaints have inundated India's key exchanges as the pullout by major payment gateways has hit transactions, according to social media and users. ...
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