A couple of months back, on 4th of March to be precise, the Supreme Court of India had quashed the RBI circular of April 2018, that had denied banking services to Crypto community and Exchanges.

The enthusiasm of winning this case in Supreme Court can be seen by the increase in the activity in India during the past quarter. Binance takeover of WazirX, shift of focus towards India by exchanges like Huobi, KuCoin & OKEx, Coinbase Ventures' investment in CoinDCX, entry of players like OKEx and CoinSwitch, Re entry of Zebpay, surge of activity in blockchain startup space etc. are just some of the example of strengthening of cryptocurrency industry in India despite of ongoing pandemic, lockdown and economic slowdown in the country.

But perhaps Goverment isn't happy with the Supreme Court ruling. Maybe, it is its ego that was hurt by its humiliating defeat or is compelled to exercise control over its finances to protect its own power and existence.

Whatever that is, but as reported by The Economic Times today:

“A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET

And this note is for introducing legal framework to ban cryptocurrencies in India.

Please check the original article by The Economic Times here for more details.

So do we have any choice?

More the government keep delaying this ban, more powerful and stronger will become the Indian Crypto community with time. It will become difficult to enforce a complete ban on cryptocurrencies when majority of its population will be adversely impacted by it.

So this makes it even more important to push aggressively for Crypto adoption to spread it to more and more people here, if #IndiaWantsCrypto to stay.