On 5 April 2018, the Reserve Bank of India issued a notice to all banks and wallets that they had to cease and desist all transactions pertaining to cryptocurrencies.
Essentially, Indian citizens were all but told that they could no longer deal in virtual currencies. The RBI explained that cryptocurrencies were potentially loss-making assets, and that they were protecting the citizens of the country.
To understand the real implications of this move for the citizens, banks, cryptocurrency exchanges and the Indian crypto-community as a whole, we talked to CoinShala founder Arko Ganguli in our weekly crypto update.
In a conversation encompassing everything from online gambling to P2P lending, the crypto-enthusiasts out there will be happy to learn that Arko believes that this is just a temporary move. Once the government figures out how to regulate and license exchanges, they will probably roll back this announcement.
You can also listen to the podcast of this interview here.