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.
The Republic of India, the seventh-biggest nation by area geographically located in South Asia, has shown much disbelief in the new cryptocurrency owned by Facebook known as Libra aka GlobalCoin. In fact, the coin will not be allowed to operate in the country.
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.
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.