The Fall of Cryptocurrencies in India

India has held a long standing position of not being keen to work with virtual currencies. The central bank of India, RBI has categorically stated that banks will never provide services to individuals and businesses that are dealing with Bitcoin or settling in virtual currencies. Even though earlier in April, the RBI had set up a regulatory sandbox for fintechs that may include blockchain startups and tools but explicitly excludes any crypto-related projects such as cryptocurrency or crypto asset services; crypto trading, investing or settling; or initial coin offerings, as well as a few more traditional financial services. The central bank is looking for projects related to smart contracts, which retail payments, money transfer services, digital identity, mobile payments and financial inc...Read More

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