Upmanyu Trivedi And Rahul Satija Bloomberg

The finance ministry has yet to make a final ruling on a formal ban, but the recent volatility in cryptocurrency markets has only emboldened policymakers.

The Supreme Court has refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia's third-largest economy.

The finance ministry has yet to make a final ruling on a formal ban, but the recent volatility in cryptocurrency markets has only emboldened policymakers.

The Supreme Court has refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia's third-largest economy.