One of the major blows that hit the crypto community back in 2018 was the so-called Indian crypto ban. During that time, India prohibited state banks from providing services to the local digital exchanges and other crypto related firms. Though the exchanges sued India’s Central Bank (RBI), they still lost the case.

Several giant exchanges in the region, such as Zebpay and Koinex, among others, had to quit business. Some of the exchanges had to go into P2P trading.

However, the nation has recently made a U-turn to the blockchain technology. After several rumors earlier this year, the RBI announces intentions to make its own cryptocurrency, as reported by Inc42.

Though the RBI does not seem to object to launching its own cryptocurrency, it’s still against private-launched cryptos.

Shaktikanta Das, the head of RBI, says that no private company in India or elsewhere will be allowed to issue an official state digital coin for India. He claims the RBI will handle this themselves. This decision was taken after several consultations with other major banks and government reps.

Das believes it will take much time for crypto to be well adopted by Indians since the technology is still young.

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