A awaiting bill may yet inhibit cryptocurrencies from flourishing in India, with India's parliament yet to rule on the "Banning of Cryptocurrency and Regulation of Official Digital Currency Neb" from 2022, Business Insider reported on March 7.

If passed, the nib will introduce unique regulatory frameworks for virtual currencies, utility tokens, and article-backed tokens — likely creating a complex exclusionary legislative appliance for blockchain businesses to navigate.

Supreme Courtroom repeals Reserve Bank of India's crypto ban

On March iv, India's crypto community rejoiced as India's Supreme Courtroom ruled that the Reserve Depository financial institution of India's (RBI) ban was "asymmetric and unconstitutional.

The circular had prevented financial institutions from providing cyberbanking services to companies operating with cryptocurrency. The ban had been in place since April 2022, and targeted companies offering "any service in relation to virtual currencies."

Less than 24 hours after the restrictions were repealed, several Indian cryptocurrency exchanges had already resumed fiat eolith services — including Unocoin, Wazirx and CoinDCX.

In response to the repeal, HashCash consultants besides announced it would invest $10 million into Bharat's crypto industry this yr.

India'southward crypto industry not in the clear yet

In addition to the hostile bill from 2022, India's crypto customs volition have to also overcome an appeal from RBI in the Supreme Court regarding the repeal of its round.

Citing anonymous sources, The Economical Times reported on March half dozen that RBI is concerned that widespread virtual currencies could put India's banking system at run a risk.

Sohail Merchant, a member of the Internet and Mobile Association of Republic of india's Blockchain and Cryptocurrency Committee, stated that despite hostility from lawmakers toward crypto, the main objective of the Indian blockchain manufacture stakeholders is "to create a dialogue with policymakers and develop a comprehensive framework for crypto assets in India paving the manner for innovation."

Crypto ban drives Indians to the dark web

Despite the RBI ban on cryptocurrencies, a recent study past Statista reveals that India's population has the highest per-capita usage of darknet platforms worldwide.

The report shows that 26% of 23,227 respondents between the ages of 16 and 65 have used technologies that facilitate access to the dark web — more than than twice the global average of 12%.