India and Cryptocurrencies: A complicated relationship?
India is the second most populated country in the world and the recent popularity surge of the crypto world has attracted many individuals to this platform.
However it seems that the Central Reserve Bank of India and Government of India do not like the Cryptocurrencies. The growing number of people investing cryptocurrencies has made the The Reserve Bank of India issue warnings and diktats to Cryptocurrency exchanges in the country. Some cryptocurrency exchanges were also facing problems of Indian Rupee Deposits and Withdrawals due to issues with their payment partners. There were reports that cryptocurrency exchanges were raided by officials.
The Ministry of Finance also referred to Bitcoin as a worthless Ponzi scheme
You can read more here https://www.express.co.uk/finance/city/903024/bitcoin-in-india-is-it-illegal-cryptocurrency-status-explained
Despite these negative developments the exchanges are functional. It seems that the people in India are determined to adhere to the crypto world at any cost.
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