The government of the country is actively developing the legal framework for the blockchain industry. At the moment, local financial institutions are not allowed to work with companies associated with digital money.
In December 2018, the Indian authorities plan to submit a draft law regulating the cryptocurrency market. The document will be sent to members of the interdepartmental committee that is developing a legal framework for the blockchain industry, after which officials will meet to discuss the new rules.
In the summer, the Reserve Bank of the country prohibited its subsidiary financial institutions from working with companies associated with digital money. Because of this, local banks have ceased to cooperate with cryptocurrency exchanges, and several large platforms closed.
In June, the network reported that the government does not support the ban of the central bank due to the fact that it was adopted without any research industry. The authorities plan to cancel this decision, and a special legal framework will be developed for digital money.