Can Reserve Bank of India Declare Cryptocurrency Illegal?
It is hard to follow the government in India and their central bank policy. Cryptocurrency is legal or not?
The owner of the first crypto ATM in India got arrested by the authority!
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India will never adopt great potential technology. Rather they demotivate the whole nation and that person who tried to grab that technology. India should look at other developed countries and walk hand in hand with them. But these corrupted politicians are the big barriers in the bitcoin and crypto way. (Though they are in favor decentralized distributed technology).
Jobs in Blockchain are growing rapidly in India as well through many MNCs and start ups.
Coming to the point. It will not make much difference whether government and RBI will support bitcoin or not.(Because they will never support)
They can ban it and make it illegal if they want, so is better for the innovation and mass adoption the government of India to adopt it.
I guess they could but will it be effective? That is the bigger question. We need to keep pushing the decentralization button to ensure these institutions cannot stop the process.
We can clearly see the pattern that decentralization is already a utopia, the market is so easy to manipulate, unfortunately!
Government intimidation and ignorance is what I think is going on in that country and in the end the government will be shooting itself and his people in the foot.
The time will tell if they want to deal with crypto or not!
I don't know what will happen.But i will say that Indians Government is unpredictable in taking financial decisions.
I believe the way they acting, they want to ban it completely within the territory of India.