India are currently on the edge of their seats, as rumors keep swirling around a draft regulation called the Banning Cryptocurrencies

April’s unveiling of a promising regulatory sandbox for blockchain by the Reserve Bank of India (RBI) contained the first hints of a crypto ban, with the rules making no mention of crypto in a thoroughly tight-lipped manner. This prompted lobbyists to call for the bank’s reconsideration, and likely fanned the flames of rumors about stricter measures inbound. These embers caught fire around the same time, when local publication TheEconomic Times suggested that several government departments had already agreed to the ban and were merely waiting for the correct time to announce it.

Following a complete lack of guidance on the claim, Indian blockchain and cryptocurrency lawyer Varun Sethi submitted an official request for information to the RBI. The RBI’s regulatory framework for blockchain innovation, as well as its ongoing advice to investors about crypto suggests that it has the authority to make these decisions — making it a logical target for Sethi’s information request. Strangely enough, when the report was released, the RBI stated unequivocally that it hadn’t received communication from the government on the matter.

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