According to the India Times, India's central bank says digital currencies raise concerns about consumer protection, market integration and money laundering.
"Due to the risks associated with digital currencies, we have formally decided not to treat the institutions under our supervision with any individual or business entity by means of virtual currencies," the bank said in a statement.
He added that banks and institutions that provide such services to terminate their relations with these currencies within a specified period of time.
According to local reports, the period of time it takes companies to extricate themselves from digital currency is three months.
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