The Reserve Bank of India (RBI) has been at odds with India’s crypto business for quite some time. The relationship between the two is best defined as adversarial. Because the Reserve Bank of India is concerned about India’s ability to absorb financial shocks, it has repeatedly pointed out the drawbacks of adopting cryptocurrencies.
The sector, on the other hand, has interpreted RBI’s reaction as exaggerated. India has been unusually aggressive in its approach to cryptocurrency, forming a high-level intermediate committee to report on the subject.
In 2019, this council proposed that India implement a blanket ban on private cryptocurrencies, putting crypto investors on the wrong side of the law.