HDFC Bank and SBI Card have asked customers to not use their cards on crypto exchanges, ICICI Bank has instructed its business arms to stop dealing with crypto exchanges, and Paytm Payments Bank has stopped supporting crypto transactions.

Amidst all this, considerable amount of research is underway in the space of Central Bank Digital Currency (CBDC) in India, an initiative driven by the Reserve Bank of India with support from the federal government.

India is not the only country where the regulators have stepped up pressure on crypto platforms. Similar actions have been reported from China, the United Kingdom and Canada.