Uncertainty hangs over Indian crypto community

Author: Karry Lai | Published: 1 Apr 2020

India’s cryptocurrency businesses are eager to see the restrictions on cryptocurrencies lifted in an apex court ruling – but many are anticipating strict regulation for the sector in the coming months.

In a March 5 ruling, the Supreme Court of India decided that a 2018 Reserve Bank of India (RBI) circular that banned banks from dealing with any cryptocurrency businesses is unconstitutional and imposes disproportionate restrictions. The RBI has 30 days from the date of the ruling to file a review petition.

The 2018 circular resulted in a shutdown of cryptocurrency services in the country, but sources say that many will return to the market with this ruling.

Kunal Barchha, founder at cryptocurrency exchange CoinRecoil said: "We are a startup actively looking for funding to achieve the growth we are seeking. The last two years of...