Cryptocurrency Q&A
Why crypto is banned in India?
Why crypto is banned in India?
Elena
Fri Oct 11 2024
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5 answers
1041
I want to know the reasons why cryptocurrency is not allowed in India. What are the specific factors or policies that have led to this ban?
5 answers
Maria
Sat Oct 12 2024
Cryptocurrencies, such as Bitcoin, do not enjoy the status of legal tender in India. The Indian Rupee, issued by the Reserve Bank of India, remains the sole recognized form of legal money within the country's borders.
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HanbokGlamourQueen
Sat Oct 12 2024
Despite these limitations, the cryptocurrency market in India continues to grow, fueled by the enthusiasm and innovation of investors and entrepreneurs.
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SamsungShineBrightness
Sat Oct 12 2024
This legal framework implies that businesses operating in India are not compelled to accept cryptocurrencies as a means of payment. The decision to do so remains entirely at their discretion.
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WhisperVoyager
Sat Oct 12 2024
The absence of a mandatory requirement for businesses to accept cryptocurrencies can lead to challenges for individuals and organizations seeking to transact using digital assets.
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Ilaria
Sat Oct 12 2024
Accepting cryptocurrencies as payment, therefore, may be perceived as engaging in an unregulated transaction, potentially exposing businesses to additional risks and uncertainties.
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