Is cryptocurrency legal in India?

Every virtual currency comes with advantages as well as disadvantages, some get easily hacked while other companies make their currency as secure as possible and try to make it transparent and flexible to the world laws. That`s why crypto is ban in some countries, in some countries it is hostile and, in some countries, you are allowed to trade crypto without any obstacle.

So, here comes India,

India allows its people to trade cryptocurrency, even one of the biggest investors of crypto in India is Amit K. Bhardwaj:

Founder and CEO: GB Miners, Amaze Mining and Research Limited

Website: highkart.com (India`s first e-commerce website)

Net Worth: 1.86 billion dollars

But India is planning to ban cryptocurrency a senior government official told Reuters and if the government of Narender Modi sustained the government in the next elections then, this ban will surely become law and India will be the first biggest economy in the world to ban the trade, exchange, and purchase of cryptocurrency. Amid the rise in such hindrance, Indians are investing more and more in Bitcoin. On asking, one of the investors told that: “It might be because of rising people`s greed.”

The Chief Marketing Officer of ZebPay (one of the Bitcoin exchange platforms) told Reuters that: “People have invested more in Feb 2021 in one day, than they have invested in the whole month of Feb 2020.” But, Finance Minister of India Nirmala Sitharaman eases the investors saying that:

“The govt is not banning the crypto, it is actually banning the use of private crypto assets and promoting the use of blockchain technology, she added that the use of technology is not a crime that’s is why India’s Reserve Bank is working on its own digital currency based on the blockchain technology which is more secure and easy to track, to prevent crimes which includes terrorist funding and money laundering.”

The government panel in 2019 suggested 10-year prison for the ones found the victim of trading, mining, purchasing, and exchanging cryptocurrency but, officials didn`t say anything whether the new bill includes jail terms, penalties, or any other forfeit, they did say that this is still an open matter and the discussion is in its last stages.

In 2020, India`s Supreme Court nullify the order of 2018 which forbids the banks the use cryptocurrency, and ordered the government to take action and make any law on such matters.

As the case of cryptocurrency is under concentration, therefore cryptocurrency is legal to use in India up till now.

Thanks for reading 😷.