Legality of Cryptocurrency in India

Owning and trading Bitcoin (and other cryptocurrencies) is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes, but they are not considered legal tender.

Cryptocurrencies are not regulated by any central authority in India as a payment medium. There are no rules, regulations, or guidelines for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors' risk.

India is gearing up to regulate cryptocurrency and is asking for public input. A consultation paper by the Department of Economic Affairs is expected to be released soon.

A panel led by the Secretary of the Department of Economic Affairs (DEA) is working on a consultation paper, which is expected to be released between September and October this year, according to a report by CNBC TV-18

India regulates cryptocurrencies under anti-money laundering laws. Transactions must be declared in income tax returns, and failure to do so may invite penalties under the Prevention of Money Laundering Act, 2002

Yes, India has a really interesting approach to cryptocurrencies. Even though they are not recognized as legal tender, the ability to own and trade them, and tax them as digital assets is a major step towards regulation and legalization. You can trade, you just need to be careful and be sure to declare your income. I personally use one platform that impressed me a lot. Read the trade 350 app review - a lot of useful information. They have a powerful AI, excellent protection and a clear interface.