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As FM Nirmala Sitharaman talked about introducing fresh cryptocurrency regulations in India under the G20 presidency, it is likely that a ban on crypto is on the cards.
Currently, the government doesn't recognise cryptocurrencies, but it does impose a hefty (30 per cent) tax on revenue derived from the virtual digital assets.
Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile "Wild West" market.
CoinSwitch, which is valued at $1.9 billion, says it is the largest crypto company in India with more than 18 million users
Digital assets tied to the dollar could pose risk to broader financial system, policy makers say