Is bitcoin legal in India or illegal? Lets understand the legal status of bitcoin and other cryptocurrencies in India in hindi. Finance Minister Arun Jaitley said in his Budget 2018-19 speech “A distributed ledger system or the blockchain technology allows organization of any chain of records or transactions, without the need of intermediaries. The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of blockchain technology proactively for ushering in digital economy.”
Reserve Bank of India (RBI) has given 3 Press Releases earlier since Dec 2013, warning against risks related to Bitcoin and other cryptocurrencies like Litecoin, Ethereum, Ripple etc.
RBI Press Release dated 24 Dec 2013
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/IEPR1261VC1213.PDF
RBI Press Release dated 01 Feb 2017
https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR205413F23C955D8C45C4A1F56349D1B8C457.PDF
RBI Press Release dated 05 Dec 2017 https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR15304814BE14A3414FD490B47B0B1BF79DDC.PDF
So, can we say that Bitcoin is illegal in India? Well, not yet. We will have to wait till Mr. Ajeet Khurana, Head of Blockchain and Cryptocurrency Committee submits his report in March 2018.
After Budget speech of Finance Minister, Mr. Arun Jaitley, Bitcoin value has crashed.
In this video, we will examine:
Government’s take on Block chain technology?
Bitcoin status as a currency in the world and India?
Status of other Virtual Currencies like Litecoin, Etherium, Ripple etc.?
Bitcoin as an investment, commodity or asset?
Bitcoin tax status and bitcoin crash after budget speech?
Bitcoin risks as stated by RBI?
Legal status of Bitcoin exchanges and crypto exchanges?
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