How do RBI's regulations affect the bitcoin exchanges?

[Kiara]

The RBI recently changed policies regarding foreign exchange management, particularly around cryptocurrencies. How are these rules going to affect the Indian bitcoin exchanges, and how difficult is it for them to make sure the RBI stance on crypto assets is followed?

[Reema]

The RBI established the strict policies to manage foreign exchange, following KYC/AML rules and ensure that cryptocurrencies remain outside the main banking system of India. The future of cryptocurrency in India is still uncertain.