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This week, however, it became evident that the RBI has not made any serious effort to thoroughly study and understand the nature, principles, and usage of cryptocurrencies before issuing the ban. No internal committee had been formed to investigate the purported risks associated with trading digital coins and no officer or team of experts had been tasked to produce a substantiated decision. Indian exchanges and individual traders were hit hard by the measure. The ban has been challenged in the Supreme Court, and some trading platforms have decided to leave the country in search of more favorable jurisdictions.


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