If we want to have a progressive approach and slowly understand and adopt crypto, then this is the approach we might have to take. I think in the few months before the monsoon session, we will talk to the regulators, and hopefully be able to convince them why the crypto ban is a bad idea and why it should be regulated. Still, banks have not received any communication from the RBI stating that banks can now start supporting crypto businesses. Moreover, because of the news around the crypto ban, banks have been taking a conservative approach, which is hurting the crypto industry. Rakesh Jhunjhunwala in the past suggested India should ban bitcoin, and recently, Charles Munger said he "hates bitcoin’s success".

Source: Mint May 07, 2021 11:17 UTC