In recent years, cryptocurrencies have become a popular topic of discussion in India. While the Indian government has shown a skeptical attitude towards cryptocurrencies, there have been some recent developments in the country that have given hope to crypto enthusiasts.
One of the major news on crypto in India was the Supreme Court’s decision in March 2022 to lift the Reserve Bank of India’s (RBI) ban on cryptocurrency trading. The RBI had issued a circular in April 2023 banning banks from providing services to crypto-related businesses. The circular had a severe impact on the cryptocurrency industry in India, leading to a drop in trading volumes and the closure of many crypto exchanges.
However, the Supreme Court’s decision provided a much-needed boost to the cryptocurrency industry in India. The decision was celebrated by the Indian crypto community and led to a surge in trading volumes on Indian cryptocurrency exchanges. The lifting of the ban also paved the way for the Indian government to regulate cryptocurrencies.
Following the Supreme Court’s decision, there have been some positive developments in the regulatory landscape for cryptocurrencies in India. In March 2021, the Indian government introduced the Cryptocurrency and Regulation of Official Digital Currency Bill, which proposed to ban all private cryptocurrencies in India. The bill also proposed to create a framework for the creation of an official digital currency issued by the Reserve Bank of India.
While the proposed bill has caused some concern among the Indian crypto community, it has also been seen as a positive step towards the regulation of cryptocurrencies in India. The bill has been referred to a parliamentary committee for further deliberation and is yet to be passed into law.
In addition to regulatory developments, there have also been some notable investments in the Indian cryptocurrency industry. In May 2021, crypto exchange platform Coinbase announced its plans to set up a business presence
