Cryptocurrency Q&A
Is BTC illegal in India?
Is BTC illegal in India?
EthereumElite
Wed Oct 23 2024
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6 answers
1548
I'm wondering if Bitcoin, often referred to as BTC, is considered illegal in India. I've heard mixed opinions on this and would like to get a clearer understanding of its legal status in the country.
6 answers
RainbowlitDelight
Fri Oct 25 2024
In India, owning and trading Bitcoin and other cryptocurrencies is deemed legal.
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SakuraBlooming
Fri Oct 25 2024
The Reserve Bank of India (RBI) has categorized cryptocurrencies as "virtual digital assets" (VDAs).
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Elena
Fri Oct 25 2024
This classification by the RBI signifies recognition of cryptocurrencies for tax purposes.
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Elena
Thu Oct 24 2024
Despite this recognition, cryptocurrencies are not treated as legal tender in India.
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Chiara
Thu Oct 24 2024
This distinction is crucial as it defines the legal standing and usage of cryptocurrencies within the country.
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