In reference to the Reserve Bank of India (RBI)’s statement directing all regulated entities, including banks, to stop dealing with individuals and businesses in virtual currencies.
This amounts to a restrictions on banks in dealing with companies or individuals that trade in crypto currencies and it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs," as said by the RBI in the statement released.
As per current standing taken by Reserve Bank Of India, We “Bitfort” opine that the current legal as well as regulatory scenario is not conducive of smooth operations of company in India without cooperative banking support.
Hence “Bitfort” temporarily suspends the Master Franchise Agreement of our India Franchisee, “Crypto Mining Pvt. Ltd (CMPL)”, Pune India and puts to halt all operations of CMPL (ie. Buy/ Sell of crypto assest ) with immediate effect until further notice or clarification from Indian Financial Authorities at Government Of India.
Kindly be assured, your crypto assets are safe and accessible through your wallets. All fiat currency transactions here on shall be settled promptly in due course of time and in consideration with all guidelines.
We Regret The Inconvenience Caused Through The Same And Appreciate Your Cooperation!