What is the current legal status of crypto trading in India?

3 answers

• Dec 18, 2021 · 3 years ago
  As of now, the legal status of cryptocurrency trading in India is uncertain. The Reserve Bank of India (RBI) had previously issued a circular in 2018 banning banks from dealing with cryptocurrency exchanges. However, this ban was lifted by the Supreme Court of India in March 2020, stating that the RBI's circular was unconstitutional. Since then, there have been discussions and proposals for a new regulatory framework for cryptocurrencies in India, but no concrete regulations have been implemented yet. It is important to note that while trading cryptocurrencies is not illegal, there is still a lack of clarity and regulatory oversight in the Indian crypto market.
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• Dec 18, 2021 · 3 years ago
  Crypto trading in India is a bit of a gray area legally. While there is no specific law that prohibits cryptocurrency trading, the lack of clear regulations and guidelines from the government and regulatory bodies creates uncertainty for traders. The government has expressed concerns about the potential risks associated with cryptocurrencies and has been considering various approaches to regulate the industry. It is advisable for traders to stay updated on the latest developments and exercise caution when trading cryptocurrencies in India.
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• Dec 18, 2021 · 3 years ago
  According to the current legal status, cryptocurrency trading is not illegal in India. The Supreme Court of India has overturned the ban imposed by the RBI, allowing individuals and businesses to trade cryptocurrencies freely. However, it is important to note that the government is actively exploring the possibility of introducing regulations to monitor and control cryptocurrency trading. It is advisable for traders to comply with any future regulations that may be implemented and ensure that they are trading on reputable and compliant platforms, such as BYDFi, to mitigate any potential legal risks.
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