India about to ban cryptocurrency use

Digital currencies are welcomed in many countries around the world. Still, throughout much of 2018, the Reserve Bank of India (RBI) has been taking a hostile approach to cryptocurrency use. In June 2018, it brought in restrictions to trading virtual currencies, a move that led to the shutting down of the country’s biggest crypto exchange, Zebpay.

Meanwhile, stories emerged that the RBI was considering softening its position, and there was discussion too about India potentially launching a national cryptocurrency of its own.

But, in an official release published by the government on 30 October, the Financial Stability and Development Council (FSDC) deliberated on the issues and challenges of crypto assets/currency and banned the use of private cryptocurrencies in India, while encouraging the use of Distributed Ledger Technology.