In 2019 Indian government and central bank were putting a lot of efforts trying to suppress Bitcoin and other digital currencies. Together with this they were ignoring technological opportunities of blockchain. And such a policy slows down development of many country`s spheres.
Investment platform notes that in the following year hostility from central banks is expecting to strengthen. Decentralized digital currencies are the threat for existence of all fiat currencies and CB. Reserve Bank of India (RBI) is not an exclusion, it expresses its negative mood every possible time.
A couple of weeks ago, RBI confirmed its tough stance towards digital assets, great attention was focused on the premise of a private company being in control of a currency.
According to India`s Economic Times, RBI begun consultation with other central banks on topic of an opportunity to launch India`s digital currency at a certain stage in the future. This step might happen after China`s launching its own digital currency, that is going to be presented to the public in 2020.
Japan has also started extensive research of its own CBDC. While Malaysia, Thailand, Singapore, France and the European Central Bank are also thinking over the concept.
Worth noting that Sathvik Vishwanathan, CEO of cryptocurrency exchange Unocoin, still stays positive. He states that the government hardly may seriously limit digital assets, if other countries of the world will not make more extensive moves in this direction.
A ray of hope came for Indian crypto exchange WazirX in November when Binance informed about its acquisition of the company along with the establishment of a Rupee on-ramp. It is unlikely that local banks will play ball though considering the constant stream of rhetoric spouted by the RBI.
Also, Korean exchange Bithumb considers India as a partner in a new blockchain platform, which it uses for crypto start-ups in the country.
A Supreme Court case regarding the use of banking channels for digital currencies transactions, initiated in April 2018, remains unresolved. Lawmakers continue to procrastinate and postpone further hearings. There appears to be no motivation whatsoever to resolve these matters, as another delay has extended hearings until mid-January 2020.