The concept of crypto is seeing numerous experiments and success in various parts of the world. However, its scenario is quite bleak in India. The governing body of banks, RBI has long issued the ban against any kind of dealing with digital money. However, the Reserve bank of India is receiving appeal to consider undoing the ban.
Apparently, RBI’s regulatory sandbox allows the testing of blockchain technologies. Unfortunately, it has put cryptocurrencies, ICOs on the exclusion list. NASSCOM is appealing RBI to re-consider crypto in the Sandbox. This way the firm will have a better understanding of the risks associated with the concept.
Also, adding to the woe recently Indian govt. has been planning to completely ban cryptocurrency from the country. For this reason, crypto exchanges in India are shutting down their operations. The recent example can be Coinome wrapping up its act in the country.
The crypto issue in India is definitely taking an interesting turn and we can hope for positive results in the coming days. What’s most important in the current scenario is educating the Indian masses about crypto as well as blockchain.