While two years back, in the 2018 budget, former finance minister, Arun Jaitley mentioned the government’s plan to suspend bitcoin and other virtual currencies, leading to RBI banning such transactions, in 2020, the Supreme Court of the country authorized people to buy and sell virtual currency. Many have termed this as a failure in the implementation of a regulation.

Another bitcoin and cryptocurrency exchange and trading platform’s founder Nischal Shetty of WazirX has even called out this move “amateurish,” where the government is confusing the country by presenting such vague technology-related bills. “There’s no such thing as a private cryptocurrency — crypto itself means decentralized and public,” said Shetty to the media.