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Are Bitcoins Legal In India

author
Elaine Sutton
• Thursday, 14 January, 2021
• 8 min read

Today, we are going to look at various aspects of the legality of bitcoins as well as alike cryptocurrencies in India. No regulatory approvals, registration, or authorization are stated to have been obtained by the entities concerned for carrying on such activities.

bitcoin legal india
(Source: www.soolegal.com)

Contents

In March 2020, the Supreme Court of India passed a judgment holding RBI’s circular unconstitutional. ‘ Banning tech is not the solution, a risk-based framework must be developed to regulate and monitor cryptocurrencies and tokens.

Before making this decision, the Court looked at the draft of Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. While the RBI’s explanation was that it had released the circular to prevent cryptocurrencies from disrupting the existing financial institutions, reduce the number of crypto-frauds, and curb illegal activities that were being financed using bitcoins.

After hearing arguments from both sides, the Court agreed that the RBI had taken a decision to issue the circular without any reasonable grounds that could prove that cryptocurrencies could hamper the financial industry in India. Hence, it quashed the circular and permitted banks and financial institutions to resume offering services to individuals and entities dealing in cryptocurrencies.

Like any other investment, you must ensure that you choose the one that has high acceptability and probability of good returns. CoinS witch Huber is also one of those trustable apps which let you trade and invest in cryptocurrencies with a seamless KYC, easy to use UI, and secure architecture that, too, with zero fees.

While the government seems comfortable with blockchain technology, it is not keen on permitting trading in cryptocurrencies. According to the latest reports, India is planning to introduce a new law that will ban trading in cryptocurrencies.

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(Source: coinsutra.com)

But I feel this is highly unlikely to pass as this would be contrary to the other Asian economies who have been working hard to regulate this booming market, and India wouldn’t decide to not participate in it. Many, including myself, believe that instead of a ban, the country needs a comprehensive regulatory framework to ensure that uninformed investors are protected, and the government has adequate oversight over the cryptocurrency markets.

Some such reliable trading apps are CoinS witch Huber (I use this), Riotous, Cash, Ex, etc. While governments worldwide are trying to determine the right place for cryptocurrencies in their economic landscapes and CBD Cs (Central Bank Digital Currencies) or digital versions of fiat money being conceptualized, the revolution initiated by Bitcoin is likely to gather momentum in the future.

So I would say this is the right time to be a part of the global economy of the future but also invest in cryptocurrencies only based on your research ! Well, after a high voltage drama, the India Cryptocurrency exchanges are bringing back their banking aid after the Supreme Court of India Holds the ban on Crypto Industry.

After almost two years of battle, the Crypto community finally won it against RBI. The Crypto traders in the world are celebrating after the judgment passed by the Supreme Court of India.

If you have doubt, is Bitcoin legal in India, here is the complete detail. It is an activity where the persons who are referred to as miners use their computers to crack the difficult puzzle.

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(Source: www.huffingtonpost.com)

Though it is not an obvious phenomenon of obtaining Bitcoin in India, but there are a lot of sites overseas that offer you Bitcoin as a reward for selling their goods and services. So, there are no sets of rules and regulations made for solving Bitcoins related disputes in India.

Further, the Supreme Court of India has held the ban on Cryptocurrencies. People who are looking to buy Bitcoin in India can visit Bit -the the most reliable platform to trade Cryptocurrency.

Bit's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Bit News won't be responsible for any loss of funds.

We welcome the supreme court’s decision to lift RBI’s ban on trading in cryptocurrency. We believe that banning tech is not the solution, a risk-based framework must be developed to regulate and monitor cryptocurrencies and tokens.

The Indian supreme court has ruled that the RBI circular which bans banks from providing services to crypto businesses is unconstitutional. Both the government and the RBI have confirmed that cryptocurrencies, including bitcoin, are legal in India.

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(Source: www.financialexpress.com)

After the news of the supreme court lifting the RBI ban broke, social media was flooded with victorious comments. Fiscal Shetty, CEO of local crypto exchange Air who has been spearheading the “#Indiawantscrypto” social medial campaign, views the ruling as a great victory.

This positive judgement will open doors to massive crypto adoption in India. Final Barsha cofounded crypto exchange Coin recoil, the first company to challenge the RBI ban in court.

This will bring back lot of enthusiasm among customers and help India become a forerunner in cryptocurrency space. Unicorn’s Vishwanath said “We would spring back to business,” adding that his exchange launched a lending platform on Wednesday.

Unicorn announced that INR deposits and withdrawals would resume at 11:30 a.m. (Indian Standard Time) on Thursday. Indians will be able to directly deposit and withdraw INR into their Air wallet very soon.” As for his popular peer-to-peer (P2P) platform, he noted, “We’ll continue P2P and gauge the interest of the users.” Air then announced Thursday that INR deposits are now live on its exchange.

Riotous’ Subdural clarified: “We have already rolled out our solution for processing INR deposit and withdrawals instantly for customers. We are also in talks with array of banks to ensure back up and ease of transferring INR for customers.

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(Source: digitalmoneytimes.com)

The exchange claims to process INR withdrawals within 10 mins or the user gets 10 free ARP. Meanwhile, U.K.-based banking platform Cash has been providing INR services to Indian users since October last year.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? Whether Bitcoin is legal or illegal in India is now settled, and things take a positive turn in March 2020.

In a landmark decision, the Supreme Court ruled that the RBI's circular placement ban on cryptocurrencies is illegal and will be lifted in March 2020. The RBI promptly launched a review and succeeded, and India's Supreme Court overturned its ban in a detailed 180-page ruling that criticized the bank's decision to tighten up on money laundering and terrorist financing by forcing it to make it more difficult to prosecute.

This could be decided as early as next week, depending on the outcome of a hearing on 29 March, which is due to take place in four days. The Supreme Court recently reversed the Reserve Bank of India's decision to prohibit financial institutions from facilitating transactions in digital cryptocurrencies.

Instead of allowing the trade in cryptocurrencies, however, it decided to impose a comprehensive ban on the use of digital currencies in the country's financial sector. The crypto market has reacted positively to this important milestone, with the relative stability of the Bitcoin price increasing by more than 50% in just a few days since the ruling.

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(Source: www.quora.com)

It all began on April 5, 2018, when the RBI issued a notice to all financial institutions in the country prohibiting them from trading in cryptocurrency-related companies, including cryptocurrency exchanges. The country is the world's second-largest economy, with India considered Asia's largest market for bitcoin and other digital currencies.

India has been left behind in the global adoption of digital currencies, leaving it to countries further east and west, which has made it a breeding ground for bitcoin and other cryptocurrencies. For those who have already invested in Bitcoin or held the cryptocurrency, various media reports suggest that individuals could be given three months after the ban takes effect to have their assets at their disposal.

For those unaware, Bitcoin is one of the earliest cryptocurrencies, forming part of the worldwide peer-to-peer payment system. The Bitcoin network and currency was introduced by an unknown person or group Satoshi Nakamoto in 2009.

After Bitcoin, there has been a rapid increase in the number of cryptocurrencies such as Litecoin, Ethereum, Cash, Dash, Ripple etc. Along with the ban, the committee has also proposed a fine of Rs 25 crore and imprisonment up to 10 years for any activity related to virtual currencies, which is carried out by individuals or companies.

The Reserve Bank of India (RBI) had also cautioned Indian public in the past over cryptocurrencies, with the central government vowing earlier this year to eliminate the use of digital currency, which it considers illegal. In this regard, the Supreme Court of India in a ruling pronounced on 25 February 2019 had also asked the Indian government to come up with cryptocurrency regulation policies.

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(Source: howtoearnmorebitcoin.blogspot.com)

For those who have already invested in Bitcoin and hold the cryptocurrency, various media reports have suggested that even if a ban comes into effect, individuals may be given a time period of up to three months to dispose off their assets. Bitcoin in India is mainly bought from digital currency exchanges like eBay, Coin Delta, Insecure, etc, through a credit card.

eBay even had an Android and iPhone app which allowed individuals to link their bank accounts for quick transfers. There was a KYC requirement and buyers needed to verify their ID by simply clicking a photo of their PAN card.

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2 www.infinitecourses.com - https://www.infinitecourses.com/InstituteDetails.aspx
3 studybharat.com - https://studybharat.com/birla-institute-technology-bit-jaipur/
4 collegedunia.com - https://collegedunia.com/college/8245-birla-institute-of-technology-bit-jaipur/admission
5 www.bitmesra.ac.in - https://www.bitmesra.ac.in/BIT_Mesra