Is Cryptocurrency Legal in India? Certain Laws of Digital Currency
Cryptocurrency as a whole appears to be a fascinating and exciting topic. And the public’s interest in cryptocurrency is just increasing. But did you know that cryptocurrency in India is governed by a set of regulations and laws?
If you’re thinking about investing in the same, be sure you’re not breaching any laws.
Consider crypto to be the Internet. Crypto is owned by no country, bank, or authority, just as the Internet is owned by no country or government.
What exactly does this imply?
Only the Reserve Bank of India (RBI) has the right to issue currency in India. The Reserve Bank of India does not issue a cryptocurrency. The Indian government does not recognize it as legal tender. However, because there are no regulatory rules in place, people can continue to trade in cryptocurrency.
This means you can buy, sell, and hold it as an investment without worrying about it being regulated.
Cryptocurrency in India got off to a shaky start at first. However, in recent years, even the government and top financial experts have recognized the significance of a digital currency in a rapidly evolving future. Crypto has finally received the attention it deserves in modern India, from government officials to RBI and Supreme Court stalwarts.
However, this hasn’t stopped Indians from investing in cryptocurrency. Despite regulatory uncertainties, at least 1.5 crore Indians have invested in cryptocurrency. The majority of persons who claim to hold cryptocurrency are between 21 and 35 and live in major cities.
The Growing Popularity of Cryptocurrency
The government of India intends to develop regulatory rules in response to the growing popularity of cryptocurrency investments in the country. A new bill is being worked on, and Finance Minister Nirmala Sitharaman was recently quoted as saying:
“A cabinet note on cryptocurrencies is ready” (Bill). I’m waiting for Cabinet’s approval on that.
More information on the law is awaited.
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