When the cryptocurrency industry made it to Asia, India was one of the major countries that adopted cryptocurrency technology. The country was constantly thriving and making progress in the cryptocurrency sector at a high rate.
That is when the Indian Government and the Reserve Bank of India turned things south for the cryptocurrency industry. It was back in 2019 when the Indian Government and RBI started claiming that Bitcoin and altcoins would be banned in the country.
Since then, the regulators and the cryptocurrency community in India went through series of arguments and disputes. Ever since 2019, the future of cryptocurrencies in India was hanging by a piece of thread.
On the other hand, the Reserve Bank of India (RBI) had instructed all local banks not to deal with cryptocurrencies and firms linked with the technology.
Even the government of India claimed several times that it would decide the fate of cryptocurrencies in the country by holding sessions at the parliament. However, this never happened and the cryptocurrency community was left hanging with no outcome at all.
That is when in early 2020, the Supreme Court of India ruled that RBI must not advise local banks or financial firms in India to stop dealing with cryptocurrency firms.
The news came as a breeze of fresh air for the cryptocurrency community in the country as they could finally deal in cryptocurrencies without any more problems.
That is when cryptocurrency exchanges from around the world started bringing their services to Indian soil. The cryptocurrency enthusiasts and programmers within the country also started holding funding rounds to launch their own startups.
Unfortunately, this did not last for long as the Reserve Bank of India (RBI) went ahead and submitted a bill at the Indian Parliament. The bill requested to ban the cryptocurrencies and Bitcoin (BTC) in the country for good. To make the proposal more convincing, the RBI claimed that it was already working on the CBDC.
Therefore, it was expected that the Indian Parliament would decide in favor of banning cryptocurrencies.
However, there are possibilities that the cryptocurrency industry would finally be able to see the light of the day in India. It is because the Indian Government has started showing a bit of support and flexibility towards cryptocurrencies.
According to reports from one of the local newspaper agencies, the government has finally decided to change its stance around Bitcoin (BTC). The cryptocurrency analysts and economists are stating that the government has now started looking at crypto-regulations with common sense.
The inside sources are now revealing that the government is no longer going with the idea of banning cryptocurrencies or Bitcoin (BTC). Now the reports are that the country is planning to give alternative asset class status.