Bigger India
Bitcoin Struggles For Survival in India After RBI Clampdown
Trading volumes are down despite the rise of P2P transactions and innovations by exchanges.
In April this year, the Reserve Bank of India (RBI) gave a three-month window to banks and other RBI-regulated entities to wind up existing relationships with firms or individuals dealing in cryptocurrencies. The restrictions came into effect on 7 July, in a big setback to the crypto market in India.