Crypto vs. RBI: India’s Banking Bitcoin Battle Shows No Sign of Letting Up

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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 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 - 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”, and that it lacks intrinsic value.

Bitcoin and blockchain in review
India had a very productive 2017 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 on Bitcoin and blockchain in March 2017.

In June, Zebpay, one of India’s leading Bitcoin exchanges established back in 2012, became the seventh most popular app in the finance category on India’s Apple app store, even higher than the apps of many national banks.

In October, it was reported that the major Bitcoin exchanges in India were attracting more than 200,000 new users every month.