"Despite the news, cryptos are roughly unchanged in the past 24 hours" lol I wonder why.
More of a detour than a dead end for the free commerce-loving people of India. They'll just do what all markets do: adjust.
Sure, short term it'll definitely be an obstacle for Indians to obtain and transact in crypto.
As for the long term? The ban can only be enforced on registered institutions. People can still obtain crypto via over-the-counter means or by offering goods or services in exchange for cyrptocurrencies. They can still spend crypto amongst each other or at businesses that don't comply with RBI regulations that are located in...you know...the rest of the world.
This ban will hurt businesses registered with the RBI and give companies one more reason not to incorporate in India. In fact, it'll accelerate the switch to a peer-to-peer economy where people conduct business among-st themselves without institutional intermediaries and motivate Indians to engage more in global commerce.
There's no stopping this train, no matter how hard they try.
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