We are coming thick and fast! HDFC Bank, a major Indian bank, recently said in a report:
> this is a space that needs to be watched closely
To an Indian who has had to move crypto across multiple exchanges, transfer between various coins, and pay more than the market rate – this is big news!
The report, titled “Cryptocurrencies: Fad or Forever?”, HDFC Bank’s research team said that its only a matter of time before Indian investors have legal access to crypto. This is a bit of grey area here in India. The Supreme Court last year overturned the Reserve Bank of India’s ban on cryptos. This allowed lenders to extend banking facilities for such transactions. But, the central bank recently informally asked banks to stay away from businesses dealing in cryptocurrencies. As such, financial institutions such as ICICI Bank, Yes Bank and Paytm Payments Bank have severed ties with the crypto sector. All this, while the Indian government formulates a bill on cryptocurrencies.
But the HDFC Bank report was pretty positive –
>We find a positive correlation between gold and Bitcoin’s daily returns. Though the correlation was weak to start with but it has been rising… from a portfolio diversification perspective it has the properties of being a good hedge.
Here’s hoping things become smoother for all the Indians here on r/CryptoCurrency!
read the [original article](https://www.livemint.com/market/cryptocurrency/matter-of-time-before-indians-have-legal-access-to-crypto-hdfc-bank-report-11622184175571.html)
View Reddit by kenalvares – View Source