Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.