In 2018, the Reserve Bank of India (RBI) issued a circular prohibiting banks and other financial institutions from dealing with cryptocurrency exchanges and traders. This made it difficult for individuals and businesses in India to buy and sell cryptocurrencies using traditional banking channels.
The RBI cited concerns about the risks associated with cryptocurrencies, including money laundering, terrorism financing, and consumer protection. Additionally, the Indian government has expressed concerns about the potential for cryptocurrencies to destabilize the traditional banking and financial system.
However, in March 2020, the Indian Supreme Court overturned the RBI's circular, stating that the ban was unconstitutional. Since then, there have been efforts to regulate the cryptocurrency market in India, including proposals for a new law that would allow the government to regulate cryptocurrencies as digital assets.
Comments
Post a Comment