Cryptocurrency in India is legal but a pending bill with the government could change thi…

• Banks can now deal in cryptocurrency after the Supreme Court quashed the Reserve Bank of India’s (RBI) ban.
• However, a proposed bill is still pending with the government that could make it difficult for cryptocurrency players to survive in India.
• The regulatory uncertainty is probably the biggest concern for the government, Siddharth Mahajan, a partner at law firm Athena Legal, told Business Insider.

The Supreme Court
quashed the Reserve Bank of India’s (RBI) circular that banned banks from dealing in cryptocurrency. And, investors are looking forward to using the Indian currency to be introduced onto crypto exchanges. However, regulations could still make it difficult for cryptocurrency players to survive in India.

There’s a still proposed bill pending with the government that could prove tenuous — the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.

“It remains to be seen if the government will rethink the proposed bill in light of…