The future of cryptocurrency in India is uncertain at the moment, as the government and regulators have taken a cautious approach towards the adoption and regulation of digital currencies.
In 2018, the Reserve Bank of India (RBI) had issued a circular banning banks and other financial institutions from dealing with cryptocurrency transactions. However, this ban was lifted by the Supreme Court of India in March 2020, which deemed it unconstitutional.
Currently, there is no specific legislation or regulatory framework for cryptocurrencies in India. However, there have been reports of the government considering a bill to ban all private cryptocurrencies and create a framework for a central bank digital currency (CBDC).
If the government does go ahead with a ban on private cryptocurrencies, it could have a significant impact on the crypto industry in India. However, some experts believe that a CBDC could bring in more regulatory clarity and potentially pave the way for wider adoption of digital currencies in the country.
Overall, the future of cryptocurrency in India is still uncertain, and it will depend on the government’s stance and regulatory framework in the coming years.
