Saturday, December 18, 2021

is Cryptocurrency Legal in India? Cryptocurrency Bill?

"While new age investors, particularly millennials, are embracing bitcoin with zeal, the million dollar issue right now is whether cryptocurrency is legal in India."

is Cryptocurrency Legal in India? Cryptocurrency Bill?

is Cryptocurrency Legal in India?

Yes. Cryptocurrencies like Bitcoin are legal in India. It is not regulated by the Reserve Bank of India (RBI). Bitcoin is legal in India. You can trade Bitcoin for INR or other currencies at Zebpay, Unocoin, Coinsecure, and Bitxoxo exchanges. 
The answer to the question is not straightforward. The use of cryptocurrencies in India is not illegal, but there are no current regulations or guidelines about it. As a result, cryptocurrency exchanges and other businesses cannot take anything for granted.

What is Cryptocurrency Bill so far?

A draft of the bill has been put together with the intent of regulating cryptocurrency in India. It covers areas like purchase, sale, storage, and mining of cryptocurrencies. Harsher penalties are also imposed on any illegal activity related to cryptocurrency.
 The Indian government has been mulling over the decision to formally legalize cryptocurrencies for a while. While we don't know what it’s going to look like yet, we do know that it will be based on the report submitted by an inter-ministerial committee. This committee submitted their report and was looking at three possible scenarios: banning all cryptocurrencies, legalizing and regulating them, or doing nothing at all. The Committee has recommended that blockchain technology should be used in India and that there should be no restrictions on making payments through electronic media such as credit cards and e-wallets.

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