India Restricts Cryptocurrency in Favor of Own State-Backed Crypto

https://prnt.sc/j2s7l1
During the week, news broke of India’s changing stance on cryptocurrency with headlines from several news sources hinting at a potential Indian crypto ban, sending markets into a panicked whirlwind and causing a Bitcoin price drop to $6,600. With common sense returning as the dust settles and prices recover accordingly, a more measured dissection of the Reserve Bank of India’s press release is in order

The RBI’s statements on cryptocurrency are included in the recent “Statement on Developmental and Regulatory Policies” report, released on the 5th of April. In the report, a section entitled “Ring-fencing regulated entities from virtual currencies”