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.
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.”
— 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.
— 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.