Indian Street Protests for Cryptocurrency

The Reserve Bank of India ordered financial institutions to stop dealing with cryptocurrency businesses last year, with a ban coming into effect on July 5.

The Indian street isn't waiting to make its feelings on the issue known.

RBI and government indecision hurts adoption The RBI's ban on financial institutions from dealing with crypto exchanges and users has tremendously affected the acceptance of cryptocurrencies in the Indian subcontinent.

The sustained indecisiveness of the Indian government over crypto regulation has turned merchants accepting crypto payments sceptical of the legitimacy of digital money.

Arunn Gupta is the co-founder of Startup Cafe in Gorakhpur, Uttar Pradesh - the first co-working space in India to accept cryptocurrency payments.

Guptaa no longer accepts cryptocurrency payments because of the ban imposed by the Reserve Bank of India.

Kailash Suryawanshi, the owner of the second Indian restaurant to accept Bitcoin payments, said he received "Only three Bitcoin payments during the one plus year" when crypto payments were accepted at his restaurant.

The biggest fear is FOMO - fear of missing out - and Indian entrepreneurs are afraid that the opportunities afforded by the blockchain and cryptocurrency industries may miss the subcontinent, with disastrous ramifications.

The one thing that the Indian community appears sure of is that, sooner or later, the crypto mass-adoption will occur.

The question is, will the Indian regulators be supportive of it? Or will India keep losing excellent opportunities to help its people live in a more technologically advanced nation?