In April, the Reserve Bank of India (RBI) issued a banking ban on cryptocurrency trading and utilize. This ban prohibits banks from coping together with exchanges or alternative crypto companies, and went into effect on July 6th. It’s intended to shut down crypto usage in India by making fiat lobbied hopeless. But India’s crypto community has begun to discover workarounds, demonstrating that the resiliency of blockchain resources from the face of efforts to thwart their own adoption.
The RBI has made no secret of its disdain for cryptocurrency, however is helpless to stop its adoption. Its response was like that of China and South Korea, that have attempted to close down access to crypto by its own citizens, only to determine its own adoption increase. The RBI justifies its anti-crypto stance for a consumer protection measure, but crypto advocates claim its true motivation would be that the danger cryptocurrency introduces to its own monopoly on Indian money.