Even as it cracks down on cryptocurrencies, the Indian government has made it clear that it backs blockchain.
Not surprisingly, embattled exchanges in the country are now pivoting to blockchain in order to survive. BTCXIndia wound up its exchange operations and transformed itself into a blockchain consultancy firm, Koinex announced a plan to build a blockchain division, and a few others, like Bitbns and Unocoin, are still deciding what to do.
Last year, India’s central bank came down hard on exchanges, forbidding banks from doing business with crypto bourses. This effectively crushed the industry. But several exchanges didn’t shut up shop, and instead looked to put their blockchain knowledge and infrastructure to use in other ways.