A special government commission of India opposed the ban on digital money. It should be recalled, that two months ago, the Reserve Bank of India (RBI) denied banks and controlled institutions from providing services with cryptocurrencies for no reason.
On April 6, RBI introduced the "Ban on Virtual Currency Trading", under which the authorized banks, electronic purses and payment service providers had to abandon operations related to the trading or exchanging cryptocurrencies. This, in turn, caused outrage in the cryptocurrency society and promoted it to litigate the prohibition on digital money in the Supreme Court on July 20.
"They issued this ban, which has colossal consequences, without any investigation, and it looks like a very superficial solution. There are other countries where there are also doubts about such currencies, but none of them introduces prohibitions," said Nischal Shetty, head of the Indian WizirX exchange.
In general, the Indian authorities can allow the use of cryptocurrencies, but digital assets will most likely be subject to certain regulation rules. The cancellation of the ban on cryptocurrencies can positively affect the crypto market in general and launch the bullish trend. So, we recommend you to follow up-to-date news.