India’s cryptocurrency investors were comforted after the Reserve Bank of India cleared its stance on the regulatory warnings being issued by the various banks. RBI issued a statement that said that such regulations were “not in order”.

The warnings, given by a few Indian banks, were being delivered on the basis of a circular issued in 2018. However, RBI clarified that “references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020.”

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The statement later added, “the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.”

Multiple media reported suggested that popular banks like State Bank of India and HDFC Bank had issued warnings about a possible suspension of accounts if the customers continued to deal in cryptocurrencies, reported Economic Times.

The news was welcomed by cryptocurrency exchange giants based in India. Co-founder and CEO of CoinDCX, a crypto exchange platform, Sumit Gupta wrote on Twitter, “This is great news directly coming from RBI. RBI clarified the stand around the old circular which was set aside by the honorable Supreme Court.”

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He added, “Simply put this is a testament, that banks cannot stop people from investing in crypto” while sharing a picture of RBI’s latest statement.

Similarly, the founder and CEO of WazirX thanked RBI for the decision on Twitter.