After the Reserve Bank of India, the central banking institution which controls the monetary policy of the Rupee, clamped down on Bitcoin, the cryptocurrency sector has been rife with challenges. Earlier this year in April, RBI banned on dealing with virtual currencies, both cryptocurrencies and crypto assets, since such transactions raised concerns about money laundering, consumer protection and market integrity. The RBI had also cautioned users against the trading and use of cryptocurrencies.
Then came another blow to blockchain with news about Zebpay, India’s first and most trusted and secured bitcoin and cryptocurrency exchange, shutting down their operations in India. The company moved its base from India to Malta. Despite the Government’s stance on the utilisation of blockchain technology, the cryptocurrency market in India has seen low transactions and P2P transactions.
