India has long been one of the few developing countries with an uncertain position on cryptocurrencies. A circular from the Reserve Bank of India (RBI) dated February 12, 2018 advised all the banks and RBI-regulated institutions against supporting any individual or entities involved in virtual currencies. This was considered as a blanket ban on all activities pertaining to cryptocurrencies, although exchanges in India were unable to support deposits or withdrawals associated with bank accounts.
On March 6, 2020, the Honorable Supreme Court of India's verdict quashed the RBI circular, thereby striking down RBI's ban on financial institutions rendering services to these exchanges and traders alike (https://main.sci.gov.in/supremecourt/2018/19230/19230_2018_4_1501_21151_Judgement_04-Mar-2020.pdf).
Although this is a temporary relief to the crypto trading industry and a role model to many other developing countries and economies, there are...
