The RBI banned crypto to fiat money. They did not stop peer to peer crypto. In reality this forced India to adapt and use the crypto for local tender. It looks like the masses and larger crypto exchanges aren’t going anywhere. In fact they are naturally building a learning curve to the industry having being forced to trade crypto for services or goods.
This recent article explains a little more in depth. Yadav explains why the need for more blockchain security.
This may have thrown a wrench in some initial time frames but the RBI would be loosing out on profits and potential GDP growth by not allowing it the progress. Other Neighboring countries have started to implement regulations. I think that’s what India’s concern is. The safety of its users and how does the RBI get their cut?
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