Back in April 2018, the Reserve Bank of India decided to go ahead and issue a notice prohibiting all of India’s banking and financial institutions from offering their services to crypto exchanges, companies operating within the space, and individuals seeking to explore the nascent asset class.
Following the ban, India’s crypto ecosystem was brought to its knees, with a majority of operational exchanges either folding up completely or relocating to other nations with more hospitable regulations. Additionally, the notice resulted in digital currencies being maligned across India’s investment landscape, with many casual enthusiasts starting to view the overall sector with an air of suspicion.
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