Bitcoin Ban in India - A Timeline Analysis....How it was cleverly executed

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I was going through news related to cryptocurrencies and found Bitcoin trading was declared illegal in Saudi Arabia. A few days back, the Vietnam government banned mining hardware imports. Many countries have started to ban the purchase of Bitcoin with credit cards and few countries at the moment are deciding whether to ban Bitcoin or bring strict regulations. Things are certainly not looking good for cryptocurrencies at the moment.

In India, bitcoin transactions are getting difficult day by day. India has always been an influential country in Southeast Asia and many neighboring countries adopt the same policies which India adopts. The policy decisions are always monitored closely and that's why I feel if RBI's (Reserve Bank of India) Bitcoin ban finds success, it will have a ripple effect as other countries will us this blueprint to implement cryptocurrency ban.

Indian cryptocurrency exchanges at the moment are fighting a fierce battle in Supreme Court of India against RBI's decision to ban Bitcoin and other cryptocurrencies. But there is hope. The central government is expected to come out with a draft to regulate cryptocurrencies by the end of this year and Supreme Court may overturn RBI's decision in coming months but until that happens, there will always be uncertainty about the future of cryptocurrencies in India.

In this post, I will share the timeline of the Bitcoin ban. If any neighboring country decides to go for the ban, they may follow the same strategy which RBI did.