Questions tagged [legal in india]

Martino Sat Jun 08 2024 | 7 answers 1609

Is cryptocurrency legal in India? This is a question that has generated a lot of buzz in recent years. The answer, in essence, is yes, but with certain caveats. While cryptocurrency trading and investment are legal in India, the regulatory framework surrounding it is still evolving. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and other regulated entities from providing services to businesses dealing with virtual currencies. This caused a stir in the crypto community, but it didn't outright ban cryptocurrencies themselves. Instead, it restricted the means of accessing and transacting in them. So, while crypto is not explicitly illegal in India, the regulatory landscape is still shaping up, and investors and traders need to be aware of the evolving policies and potential risks. This makes it important to stay updated on any new developments in this area, to ensure compliance and safeguard your investments. After all, understanding the legal framework is crucial for anyone looking to navigate the crypto market in India.