Why government and RBI need to show some tough love for cryptocurrencies

Hello frnds

Reserve bank of india notification on april 6 barred all regulated enities commercial and cooperative bank, payment bank,small finance bank,NBFC and payment system providers from dealing in cryptocurrencies the impact is not limited to the financial system but spreads to the innovation pipeline in the underlying blockchain technology.
If it keeps going down this path, india will likely be playing catch up when blockchain and crypto assets move from being shiny new things to a way of life sure.
Blockchain and crypto are diffrent ideas,:banning one doesn't mean banning the other in fact, india is gung ho about block and is embracing it in everything from banking to education,but here's the thing they need each other, the uncertainty miring crypto isn't good news for india's blockchain aspirations, the most damaging is it casts a shadow on the country's so called commitment to technology to transfrom itself.

WazirX :- the five week old exchange hit 2crore worth of trade in one day on april 18, and has over 50,000 customers.
"Now firms will have to go for the traditional way of equity fundralsing. Not all startups can get that kind of funding(Nischal shetty) founder,wazirX.

Koinex : it claims it is still seeing 500 new signups every day on its platform
"We wanted to give indians a gateway to the blockchain space. We did not want them to move to global exchanges for trading" (Rahul raj) cofounder, koinex.

Alluma.io : the crypto exchange was launched in 2017
"The RBI has stopped financial institution from dealing with crypto exchange however, the is no trading crypro assets of operating an exchange" ( akash aggarwal) founder and CEO alluma.io
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