The Reserve Bank of India (RBI), the nation’s central bank, has explained that it “ringfenced” financial institutions from dealing with cryptocurrencies over a range of perceived risks. In a response to a petition from the Internet and Mobile Association of India (IAMAI) – which is currently fighting a supreme court case over the issue on behalf of companies affected by the April 2018 order the RBI further said that in restricting bank involvement, it had not banned cryptocurrency use generally in India.
India has been going up and down, blowing hot and cold when it comes to the issue of cryptocurrencies. Sometime last year India came out with full force threatening to ban cryptocurrencies and the services relating to it. To me, i just think India wants to get their own Central Bank Digital Currency to replace all the cryptocurrencies having seen the gains accruing from Cryptocurrency.
India like China has however welcomed the bedrock of cryptocurrencies which is the Blockchain technology.