India’s relationship with cryptocurrencies has been a wild ride to say the least. Back in 2018, India started softening its stance towards cryptos, becoming more accepting of them. Then in mid 2019, the Reserve Bank of India (RBI) ordered crypto regulations, but they have so far yet to materialize. In a fresh round of crypto action, the RBI has once more reaffirmed that cryptocurrencies are in fact legal in a bid to keep Indians in the crypto world.
The Crypto Ban is Lifting
Back in 2019, there was a ban in India that prevented police from being able to receive profits from seized Bitcoin. This in turn led to a huge amount of BTC being frozen away and never being accessed. With this new move from the RBI, the police could soon start to sell off these assets and use the funds to enhance their cybercrimes units – or spend money on developing better infrastructure in the country.
Could We See Indian Mass Adoption?
Mass adoption is still miles away in India, with most merchants and stores still not accepting cards. In a country that’s very much cash focused, crypto adoption is a long way off. However, if the RBI helps to make using crypto as easy as using cash, we could see adoption of various prominent cryptos slowly start to grow.
India is a bit of a puzzle when it comes to crypto as it changes its tune every few months. However, it feels as if the RBI is getting ready to settle in for the long-haul and become good friends with the crypto world. After all, the taxation benefits are well worth it and it could help India become a leading superpower in the blockchain and crypto world – just as Malta once tried to be.