The Reserve Bank of India (RBI) banned cryptocurrency in 2018. In May 2020, however, the Supreme Court overturned RBI decision and ruled that there was no valid reason to ban crypto.
After the RBI ban was lifted, cryptocurrency began to gain popularity in India within weeks but still crypto is not fully legalize in India.
A photo of an Indian driver taking cryptocurrency payments was first shared on Twitter.
One user shared a photo of an inside view of an auto rickshaw poster, captioned “We accept cryptocurrency.”
Bhaiya kitna #Bitcoin loge ???? pic.twitter.com/kdC7LadxuV
— Rishi Bagree (@rishibagree) August 9, 2021
Many people were shocked to see this message, as crypto is not yet recognized in India as a payment method. Many people tagged Elon Musk, calling the rickshaw driver a big fan of Elon Musk.
He Must be @elonmusk hard core fan… #Crypto https://t.co/tCfgjMr77g
— Ravi Turamari ?? (@ravituramari) August 9, 2021
There were hundreds of responses where crypto fans asked Indian government to legalize crypto, rather than banning it.
A user writes:
“Wow! This is early adoption from young generation of India. Indian govt shod encourage this instead of banning the future of money.”
Nearly 15 million Indians have made investments in digital currencies. In India crypto investments have risen from $924 million in April 2020, to $6.5 billion by May 2021.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
