Bitcoin and Crypto Intrigue Inside of India

A Brief History of India Formally known as The Republic of India, the country is situated in South Asia and represents one of the world's earliest civilizations; of which, archaeologists have traced the roots back as far as 30,000 years.

India derives its name from the Indus River, one of the longest in Asia, which runs through several countries and regions.

Apart from changing hands between several rulers of Asian origin, notably the Mughal Empire in the 18th century and the Maratha Empire in the 19.th, India was also subjected to British rule for the best part of ninety years.

At first, The East India Company, an English joint-stock company, also known as the British East India Company, sailed out to the region purely for trade purposes.

The country's official currency is the Rupee, but India loves crypto too.

The article further asks the question, where to from here for anxious crypto investors? And, will India's crypto exchanges "Be forced to shut shop?" Not so fast, says a group of keen stakeholders, who are ready to take the regulators head-on.

"India's complicated relationship with virtual currencies and firms dealing with them has now reached the courts," Quartz India writes.

The petition claims that the RBI's unilateral move to crack down on crypto is "Arbitrary and unconstitutional"; also, that it restricts the rights of Indians "To carry on any occupation, trade, or business" and "Equal protection under the law for all", both of which are fundamental rights that are enshrined in the constitution, Quartz India reports.

In the meantime, the Indian Government has further ordered its finance ministry "To prepare a draft law for bitcoin and other cryptocurrencies. The panel's report is likely to be submitted by March 2019," Quartz India concludes.

There certainly seems to be much more intrigue, rhetoric, counter-activity and a rollercoaster ride in store for crypto in India, at least for the next year or so.