Is BITCOIN or CRYPTOCURRENCY legal in India? - FindYourAdvocate

Is CRYPTOCURRENCY  Legal In INDIA?

Is BITCOIN or CRYPTOCURRENCY legal in India? - FindYourAdvocate


→What is the Legal Status in India about Cryptocurrency?

Cryptocurrency is not illegal in India. So, for example, if you want to buy Bitcoin, you can start a transaction. However, India currently does not have a regulatory framework for managing cryptocurrencies. (IMC) Research on virtual currency on November 2, 2017. The report of the group and the bill highlight the positive aspects of distributed control technology and recommend various applications used in India (including banks), especially in the financial services sector. And other financial companies.

However, the center has reservations about its abuse and hopes to completely prohibit its use in India. Recent reports indicate that India may not completely ban cryptocurrencies. The center will soon be able to form a team to regulate them. The decision was made after several cryptocurrency exchanges urged the center to regulate virtual currencies instead of banning them. Since the Indian government introduced a bill earlier this year, which includes a clause banning all cryptocurrencies (including Bitcoin and Dogecoin), there is a lot of confusion about the legal status of cryptocurrencies in India, but the situation is no longer in this way.




In fact, a recent report argued that the government is abandoning the idea of ​​a total ban on cryptocurrencies, and that the proposal made by the 2019 committee originally led by former Finance Minister Subhash Garg is outdated. The plan is to add cryptocurrencies to asset classes and regulate them. This is also very important. Cryptocurrency is not illegal in India, but it is not regulated. This means that you can buy and sell bitcoins and even keep them as investments, but there is no regulatory agency to take care or protect them.

For investors, it is important to remember that the lack of a regulatory framework for managing cryptocurrencies leaves a lot of room for proponents of the term and fraud. Anyone can start trading or invent cryptocurrency. This increases the risk for investors. “The responsibility for conducting research before investing in the market lies with investors in unregulated markets. Shetty added. India is currently in a state of chaos. The fact is that there are still no rules in the country. When everyone listens, they are scared. The point is. , Many things on the Internet are “unregulated.” This includes services like Ola and uber, and even e-commerce is not regulated,” said Nishala Shetty, CEO and founder of WazirX, in an interview with India Technology Today Say.

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