The Economic Times: Check crypto trade, ban won’t help

India’s cryptocurrency industry is once again in the throes of uncertainty. The Supreme Court has asked the RBI to respond to industry players in their petition filed against the banking ban on cryptocurrency. Indian regulators, particularly RBI, have always been a distant observer to the crypto frenzy. None of the bitcoin millionaires of 2017 were Indians and RBI had been unsure how to go about regulating it. First, it warned, and later, in April 2018, virtually banned cryptos by prohibiting banks from servicing any crypto transactions. Fledgling local crypto exchanges like Zebpay shut shop.

Separating commodities and currencies from other fiat currencies like the US Dollar (fuelling the US hegemony) is something India should push for.