Bitcoin’s Regulatory Future Is Darkening. Wall Street Still Likes the Business.

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Bitcoin and other cryptocurrencies are looking shakier from a regulatory standpoint on reports that India’s central bank is cracking down. But Wall Street still sees plenty of profit for exchanges like

Coinbase Global

and others in the crypto economy as “staking” digital tokens opens up new revenue streams.

The latest regulatory hurdle for crypto appears to be India, where the Reserve Bank of India, or RBI, is “informally asking” banks to avoid digital currency transactions, Reuters reports.

Indian banks have been in a quandary over crypto; the RBI banned crypto transactions in 2018, but the Indian Supreme Court ruled against the ban in March 2020. Financial regulators in India may now be seeking alternate means…

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