The story of banning Bitcoin in India seems not to be any near to the end. At first, it was the country’s Reserve Bank (RBI) calling for the immediate ban of cryptocurrencies. Now, it’s the people and businessmen themselves that are calling for the government to put a total ban on Bitcoin.
In 2018, the Reserve Bank of India put a ban on the use of Bitcoin and went ahead to instruct all the commercial banking institutions operating within the country not to deal or associate themselves with cryptocurrency-related transactions, payments or businesses. Exchanges and other crypto businesses including Zebpay Exchange platform, had to close.
The crypto users, BTC activists, and businesses that were affected by the RBI’s decision used legal means to overturn this ban in March 2020, as per the report by CoinIdol, a world blockchain news outlet. The Supreme Court of India described the RBI’s ban on BTC as unconstitutional and illegal.
In a similar move, one of the billionaires in India, Rakesh Jhunjhunwala, head of Rare Enterprises, an asset management firm, has called for the financial regulators to bar BTC. He is bearish about cryptocurrencies to the extent that he described Bitcoin as “speculation of the highest order”.