What happens if Bitcoin is banned in India?

When we say the ban, we mean that the transactions between the bank and your crypto exchanges will be stopped. This means that you will not be able to convert your local currency into buying any kind of cryptocurrency. This also means that you will not be able to liquidate your HODLed cryptos and get them encashed.

Is Bitcoin trade illegal in India?

There are no laws that prohibit (or allow) trading in crypto. In that sense, cryptocurrency is like any other asset class such as gold, commodities or real estate. People trade in gold without the government creating a law for it. Same is the status of cryptocurrency at the moment.

What if Bitcoin gets banned?

Is Indian govt banning cryptocurrency?

The government’s proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is aimed at prohibiting all private cryptocurrencies with a few exceptions.

Can government make Bitcoins illegal?

While government officials have advised against the use of bitcoin, there is no legislation against it and it remains fully legal.

Who regulates Bitcoin in India?

The Reserve Bank of India plans to launch its CBDC, a digital form of fiat currency that can be transacted using wallets backed by blockchain, and which is regulated by the central bank.

Is it legal to trade in bitcoin in India?

So what can be made out from all this is that as per the latest court ruling, trading in Bitcoins and cryptocurrencies is not illegal in India. It’s just that RBI is yet to come clean on the new ruling by Supreme Court. In my view, banks aren’t at fault. SC ruling applies to RBI and not the banks directly.

Is cryptocurrency banned in India?

The general view was that in 2018, the Indian government did put curbs on Bitcoin and other cryptocurrencies. Here is the RBI notification banning cryptocurrencies in India in 2018. In March 2020, the Supreme Court of India retracted the RBI’s 2018 cryptocurrency ban (link).

What is the official declaration of bitcoin in India?

There is no formal official declaration by the Government of India till date. According to the provisions of the RBI Act and the Coinage Act, currently, no specific statement is a valid match for these virtual currencies. It is not considered as money or as currency. It is not a legal payment system if this Act is considered.

Can I get legal advice about bitcoin?

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