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The government of India seems to be confused when it comes to the previous bitcoin and cryptocurrency ban. Last year, the government made it clear that whoever is caught illegally participating in the mining, buying or selling of cryptocurrencies, he or she will be jailed for around 10 years, according to the draft "Banning of Virtual Currency Restrictions and Official Cryptocurrency Regulation Bill 2019". With the help of VPN, citizens continued to deal in cryptocurrencies and nothing was done to them. Now, the authority has come out to show its position on this matter, by revealing that the financial authorities have imposed no restrictions yet on digital currency dealings.

The Reserve Bank of India (RBI) develops a blockchain-based platform for banking starting with its R&D branch. The distributed ledger tech (DLT) platform is going to host a wide spectrum of blockchain applications beginningovel  in 2020. The blockchain-powered platform will serve financial institutions including banks and will start with the RBI’s R&D branch. The new platform is generally for DLT use case for the government in financial banking.

Bitcoin and cryptocurrency traders in India are not benefiting from the industry following the ban of cryptocurrency activities by the Reserve Bank of India (RBI) in April last year, and this is making their social life hard. The peer-to-peer (P2P) system that was developed by cryptoasset exchanges has some voids in it and hackers have taken advantage of this to fraud people and most of them have become or are yet to be victims.

Over the weekend, an India-based crypto exchange shut down its services, suspended trades and cancelled all open orders on March 30. Coindelta alludes to its financial issues and the Reserve Bank of India’s (RBI) stringent cryptocurrency regulations as one of the main reasons forcing the exchange to lay down tools.

The Supreme Court of India, the country’s top judiciary body, has extended the cryptocurrency case hearing after receiving an official request from the government’s counsel. It was expected that the court could hear about the India’s crypto regulation on March 29 before continuing to address the banking ban by the country’s central bank. The case has now been deferred up to July.

The Indian government has been cautious of Blockchain and digital currencies and for good reason. The series of scams conveyed from India has been the government’s plan. Nevertheless, the current turn of events, the Supreme Court has asked the government of India to draft the blockchain (DLT) and cryptocurrency regulations for the nation in just four weeks.

A committee headed by Subhash Chandra Garg, the Secretary Department of Economic Affairs, responsible for giving recommendations for the regulatory framework associated with cryptoassets in India is purportedly evaluating the legitimization of the asset class under concrete regulation. There is a common consensus that digital currency can’t be disregarded as entirely illegal.

India's government official has revealed that the country's Authorities are more likely to consider cryptocurrency ban and start treating them as commodities. Citing a superior government official who is more involved in the currently happening regulatory discussion in the cryptocurrency periphery, India is more unlikely to oblige a blanket ban on cryptos regardless the latest-enforced central bank authoritative command that forbids banks from offering services to the various burgeoning sector.

Welcome back to Coin Idol TV news channel. We are featuring a news digest as of May, 16, covering the following topics: Thailand enforces cryptocurrency legal framework, Indian cryptocurrency entrepreneurs protest against cryptocurrency ban.