In April, the Reserve Bank of India gave banks three months to cease any activity with cryptocurrencies. The Supreme Court stood by the RBI’s blanket ban on crypto transactions despite the central bankers admitting that they had no guidance and did no research on blockchain or cryptocurrencies when deciding their new policy. (They had no clue how it works, they just wanted Bitcoin or any other cryptocurrency OUT of the system, so they can peacefully continue to steal money from average people - every day...)
However, it should be of no surprise that crypto has been dismissed out of hand by Indian authorities as they are in the process of the world’s largest IT project - phasing cash out of its economy and digitizing its currency.
Meanwhile, the Indian rupee (INR) has been one of the worst performing emerging market currencies against the USD this year.