One of the world’s largest banks, the government-controlled State Bank of India, does not mind the heavy regulation of crypto in the country. This is according to the bank’s chairman Rajnish Kumar. According to The Economic Times, Kumar has stated that regulation is necessary for cryptocurrencies to prevent their unlawful use: “Let’s see. Because there’s a dark side of the internet also. There can be misuse of the digital currencies. That is why regulation is must.”
Currently, cryptocurrencies in India face severe restrictions. Financial institutions are, for instance, banned by the Reserve Bank of India from offering their services to crypto-related businesses and this includes cryptocurrency exchanges. Some cryptocurrency exchanges have had to shut down or move their operations overseas.