Head Blockchain and Cryptocurrency Committeesays with or without banks, the cryptocurrency transactions will still happen, except that nobody will ever know. Even now, the total number of people who are doing this in India is roughly around half a crore or 5 million. You give us a PAN number, we will tell you how many transactions the person has done, etc. We are recommending that let us remain within the banking system because then, everything can be tracked and there is a trail. If the banks stop allowing bitcoin purchase through them, the transactions will still happen, except that nobody will ever know.

Source: Economic Times April 02, 2018 04:07 UTC