Ever since the rise of bitcoin people believed it will be banned in India. there was a time when 95% of Indians knew only bitcoin, no other cryptocurrencies. Even during the rapid rise, the popularity of bitcoin in India was minimal compared to the rest of the world. But with time things changed. It started with the youth , youngsters who believed it is worth taking the risk, and as a matter of fact they did make money. More people began interested in the world of crypto and authorities they started to look into it.
According to them primarily crypto was not a regulated currency and there was no monitoring agency, Neither SEBI nor RBI had any power of intervention. Several scams were also revealed and which lead to the huge hype in social media that cryptocurrencies will be banned. And for the hypes the law of the land put it in a grey area, a few exchanges did close up. It was in 2018 crypto was banned in India.
Later in January 2020, the exchanges won the legal battle from the supreme court of India. The government was thinking about new legislation that bans the trade of cryptocurrencies but any type of further advancements were broken due to the coronavirus outbreak.
After months of prominent media outlets quoted in the name of finance ministry spokesperson that the bill regarding the ban will be discussed within the cabinet and will be soon hitting the floor. According to the government, they are not against the blockchain technology and is looking forward to its uses for a variety of programs.
As of today, the news of the ban is still uncertain as no official confirmation is available. The exchanges saw up to 450% increase in trade after the favourable supreme court ruling in January. Now a cloud of uncertainty exists on the future of cryptocurrencies in India.
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