Reserve Bank of India Reversing direction on Crypto Ban?

The Reserve Bank of India may be reversing its cryptocurrency ban as it asks for ways to regulate cryptocurrency in its court hearing today. Why would you ask for ways to regulate something when you’ve already banned it? I think they are seeing how much cryptocurrency is catching on in other countries and that a state-owned crypto like the one that they are going to release is probably not going to work that well or be that popular. They just don’t want anything that can be seen as competition to banks(themselves)for the issuing of currency. That is why they are talking about classifying it as a commodity so it won’t be seen as a competing currency to bank notes. I think in time, they will lift the ban on their member banks and money from India will come in and move the market up. This, combined with other good news makes for a good Q3 and Q4 for crypto.

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