On April 5, India’s Central Bank, the Reserve Bank of India (RBI) made a big move in the ongoing global regulatory push on cryptocurrencies as it decided to no longer provide services[1] to any person or business that deals with cryptocurrencies.
Since then, there has been a battle building up, with the latest skirmish set for July 20[2] - the Supreme Court of India’s next hearing date for the latest petitions against the bank’s decisions.
This decision followed confrontation between banks and Bitcoiners, and also came off the back of the Indian government claiming that “Bitcoin is a ‘ponzi scheme[3]”, and that it lacks intrinsic value[4].
Many commentators felt this was not a ban in the conventional Chinese sense, because the Indian government also announced that they would support blockchain and even look into potentially launching their own cryptocurrency.[5][6][7]
However, as time has gone on, those involved in cryptocurrency in India have felt the pinch of the RBI’s decision to cut ties with them. It has led to a lot of pushback[8] and even court cases[9] amidst crypto businesses closing.
India’s relationship with Bitcoin is rocky at best, but also confusing and convoluted, and well worth examining as so much has happened in just the past few months.
Bitcoin and blockchain in review
India had a very productive 2017[10] in terms of the growth, adoption, and acceptance of blockchain technology and cryptocurrencies.
One of India’s leading trade associations, ASSOCHAM, held a global summit[11] on Bitcoin and blockchain in March 2017.
In May 2017, the demand for Bitcoin grew exponentially and abruptly, so much that India’s largest exchanges
