India’s move towards cryptocurrency
2018 - India’s Central Bank announced a ban on the sale or purchase of cryptocurrencies.
2020 - India’s Supreme Court quashed the ban stating that cryptocurrency, although unregulated, is not illegal in India.
2021 - India’s Central Bank confirmed that the 2018 law is no longer effective and should not be cited.
When developed markets are looking forward to invest in cryptocurrency, India can’t shy away and stick to fiat currency. Cryptocurrency can both be inclusive and revolutionary. India is spending crores of rupees in running a physical bank. This cost can be avoided in cryptocurrency. All we need is a regulatory framework for smooth functioning of the system.