As Chinese authorities banned trading in cryptocurrencies, there was an immediate palpable fallout with global digital currencies declining everywhere including in India. The People’s Bank of China (PBOC) announced recently that cryptocurrencies cannot circulate in China and also barred overseas exchanges from giving their services to investors. It also restricted financial institutions, internet firms and payment companies from facilitating trading of digital currencies across the nation. As a result, trading volume declined by 30 percent In India. The prices of top digital currencies such as bitcoin declined by over 9 percent, before recouping the losses. In the Indian digital currency...