Is it legal in India to buy Bitcoin ?

Categories: Bitcoin

Cryptocurrency is a sort of virtual currency that is decentralized and encrypted using cryptographic techniques. Decentralization indicates that there is no central authority in charge of keeping track of transactions. Instead, transaction data is recorded and shared by independent computers across multiple distributor networks. Distributed Ledger Technology helps facilitate the functioning of these currencies.

In India, there is no central body that has sanctioned or regulated Bitcoin as a payment method. Furthermore, there are no established laws, regulations, or standards for addressing conflicts that may emerge while dealing with Bitcoins. As a result, Bitcoin transactions have their own set of dangers. However, given this context, it is impossible to conclude that Bitcoins are unlawful, as there has been no prohibition on Bitcoins in India so far. In a judgment issued on February 25, 2019, the Supreme Court of India while deciding on the case of Internet and Mobile Association of India v. Reserve Bank of India (2018), ordered the government to develop cryptocurrency regulating laws. The case was rescheduled for hearing in the second week of July 2019 after being adjourned at the hearing on March 29, 2019.  

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