Reserve Bank of India (RBI), the central bank of India, is totally depended on the Central government on any policy decision on the matter of cryptocurrencies and digital currencies.
The supreme court has asked the central government to give a clear stand on the matter of cryptocurrencies. The RBI has been hearing petitions by entities which are prohibited from banking services to cryptocurrency exchanges. Justice RF Nariman and Naveen Sinha have given the central government 2 weeks of time for an official stance on cryptocurrencies.
Reserve Bank of India (RBI) has discouraged the use of cryptocurrencies and currently trading in cryptocurrencies in not legal in India.
Advocate Nakul Dewan has been representing cryptocurrency exchanges and stated that the central government has to give some finality to cryptocurrency exchanges. The policies decision lies in the hands of the central government as per the central bank’s advocate.
Dewan one of the co-founders of Unocoin stated “We have got employees. There are jobs.” before the supreme court bench. One of the co-founders was arrested this week for installing an ATM for Bitcoins in Bangalore.