India's Prime Minister Narendra Modi has encouraged to invest in new technological sector, including blockchain, 5G, big data, quantum computing and Internet of Things (IoT).
Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things: PM @narendramodi
— PMO India (@PMOIndia) July 22, 2020
Although the cryptocurrency ecosystem in India has a big influence on the whole market, regulation of the crypto market in the country is still in a gray zone as the state's watchdogs still have no clear and common position on how to regulate the market.
Head of Government & Regulatory Affairs for Asia Pacific at Ripple, Sagar Sarbhai, says India's lawmakers should stop criticizing cryptocurrencies and look at this picture more holistically and understand the positive use cases of virtual assets.
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India still cannot decide on how it should treat the crypto-related business. Even though the Reserve Bank of India (RBI) confirmed there are no restrictions on financial services for crypto-related traders and exchanges, the Indian Ministry of Finance has recently proposed a new ban on cryptos.
In March, the Supreme Court of India lifted the RBI's ban that prevented financial institutions from offering their services to crypto-related companies.
The RBI prohibited banks from offering their services to companies related with cryptocurrencies back in April 2018.
Back then, the decision greatly affected the development of the industry in the country, which forced many companies to shut down or leave the country.
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