Foreign media: Indian crypto community optimistic about lifting central bank ban, but regulatory uncertainty remains

Venture capitalist Tim Draper recently stated that he has "encountered several Bitcoin and crypto startups from India" and that he "hopes to fund some of them." He also recently expressed his excitement at the Supreme Court of India overturning the ban imposed by the Bank of India on banning financial institutions from providing crypto-related services. Tim Draper tweeted, "India's revival, encryption is now legal."

Despite optimism from the Indian crypto community, regulatory uncertainty remains. Sharat Chandra said, "The war against the Indian central bank's cryptocurrency ban is fragile and the central bank can challenge the Indian Supreme Court's ruling." The Indian central bank has plans to appeal the Supreme Court's recent ruling on the controversial crypto ban. Reports indicate that the central bank is concerned that the country's cryptocurrency renaissance will threaten the country's banking system. In addition, the Indian Parliament's ruling on the bill can still introduce exclusive legislatures for cryptocurrency and blockchain-related businesses.