The banks are citing a Reserve Bank of India rule from 2018 that prohibits banks from engaging in crypto exchanges. India's Finance Ministry is working on crypto legislation. WazirX set a new monthly trading volume record of $5.4 billion last month. Bitcoin, like gold, might develop as a possible asset class, according to the financial behemoth HDFC Bank. The revelation comes as the HDFC bank produced a paper claiming that cryptocurrencies may soon gain legal status in India.