Bitcoin and other cryptocurrencies have been growing rapidly in India despite the pessimism of the Centre and the Reserve Bank of India (RBI). In 2018, the RBI had banned banks and other regulated financial entities from dealing with clients who handled private cryptocurrencies such as bitcoin. However, the Supreme Court last year overturned the RBI’s order. This has cleared some of the uncertainty around the legal status of cryptocurrencies and contributed to the rapid rise in their trading volumes. Notably, trading volumes in popular cryptoexchange platforms such as WazirX grew multi-fold last year within weeks of the Supreme Court’s decision. (Read More)
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