RBI crypto ban: What it means for India and global crypto markets

When the Reserve Bank of India India's central bank responsible for monetary policy and financial regulation issued its 2018 crypto ban, it didn’t just stop banks from serving crypto firms—it sent shockwaves through millions of Indian traders. The ban wasn’t a law passed by Parliament. It was a circular, a regulatory directive that told banks: Don’t touch crypto. That meant no bank accounts for exchanges, no UPI transfers for buying Bitcoin, no easy way to cash in or out. For many, it felt like the entire industry was being pushed underground. But here’s the thing: the ban didn’t kill crypto in India. It just made it harder. And that’s where the real story begins.

The Supreme Court of India The highest judicial body in India with authority to overturn government orders overturned the RBI’s ban in March 2020, ruling it disproportionate and unconstitutional. That didn’t mean the RBI gave up. It just meant they had to find new ways to control the flow. Since then, the crypto tax regime A set of rules imposed by the Indian government taxing crypto gains at 30% with no deductions became the new tool. A 30% tax on gains, plus a 1% TDS on every trade, made it expensive to trade—but not impossible. Today, India is one of the top countries in global crypto adoption, even with these restrictions. People still trade. They use peer-to-peer platforms, foreign exchanges, and even cash-based OTC deals. The ban didn’t stop demand—it just forced innovation.

What you’ll find in this collection are real stories and deep dives into how the RBI’s actions changed the game. From how traders bypassed banking blocks to why Indian crypto projects moved overseas, and how the tax rules are shaping long-term holding behavior. You’ll see how the ban influenced global perceptions of India’s crypto market, why exchanges like WazirX and CoinSwitch pivoted hard, and how ordinary people learned to trade without banks. This isn’t about theory. It’s about what actually happened on the ground—and what’s still happening now.