India

As many Asian tigers are embracing and regulating the use of blockchain technology and Bitcoin, India is planning to create a new law prohibiting cryptocurrency trading.

Law enforcement agencies make their best efforts to combat criminals performing drug transactions via the darknet. On August 24, the Indian Narcotics Control Bureau arrested a young man for buying ecstasy pills using Bitcoin.

The outbreak of COVID-19 pandemic triggered the growth of various kinds of fraudulent activity, including that involving cryptocurrency. Despite such activity harming people from all over the world, the citizens of developing countries seem to be more vulnerable.

Cryptocurrency transaction volume in India is growing. The country’s digital currency sector has been developing swiftly despite the countrywide lockdown and the Covid-19 plague.

No one would call the life of the cryptocurrency business in India easy. First, they had to deal with a ban from the country’s Reserve Bank, and then they were hit by the COVID-19 pandemic. However, Indian exchanges manage to withstand everything. Especially after the ban was lifted by the Supreme Court.

Despite India's Supreme Court overturning a cryptocurrency ban imposed by the Reserve Bank of India (RBI), crypto businesses still face difficulties due to regulatory uncertainty and scrutiny.

Investment into the Indian-wide cryptocurrency and blockchain markets comes from every corner of the globe after lifting the ban on cryptocurrency imposed by the Reserve Bank of India

Recently, the Supreme Court of India nullified the decision by the Reserve Bank of India (RBI) putting a total ban on all virtual currency related dealings, according to reliable news outlet MENAFN.

The Reserve Bank of India recently announced cryptocurrency is not banned in the country but advised citizens not to rely on it. At the same time, the country seems to be much more friendly towards blockchain, launching a hub in Bengaluru.