What is the current legal situation of Bitcoin in India?

[krishnaverma]

What is the current legal situation of Bitcoin in India? Is it safe to invest in Bitcoin right now and what are government regulations regarding this?

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[onrise]

If you are considering the legal standing than it is under cautious mode. SC has directed the govt to take decision if they can regulate this or else they will have to ban it. The matter had gone in SC and now under govt supervision . In some days we should get the legal standing by government on this matter.

[ansh_848]

Currently there is no move taken by government to legal the bit coin or to ban it, the situation is you can buy or sell. This year everyone was thinking that government will ban it but they didnt taken any step so people are buying and selling bitcoin easily.

[Ribad]

It’s not illegal and neither legal India’s policy on Bitcoin regulation is still evolving and no legal framework exists. The RBI has cautioned against its use, informing users, holders, investors and traders dealing with virtual currencies that they are doing so at their own risk. Investigating agencies worry about the absence of controls. They see any transaction using cryptocurrency and involving foreign exchange as a contravention of the FEMA and the FEM Regulations. It is under SEBI scan for regulation.

[mwsind]

nothing to change bitcoin band in India but we can buy and sell bitcoin this is situation, and bitcoin band or not band matter had gone under govt supervision

[expertofexperts]

Well there is no current update on btc trading etc, but one of the politician has tabled the bill in upper house to ban btc. Now in this winter session you can expect some update on it. Even RBI has given warning about btc so very soon some news is coming from govt.

[krishnaverma]

nothing to change bitcoin band in India but we can buy and sell bitcoin this is situation, and bitcoin band or not band matter had gone under govt supervision

Yes, it is hard to predict what will happen in future in India. I guess a lot of politicians might had invested their money in Bitcoins.

[dulari1]

govt neither making it legal option nor banning it ,, they are confused .. keep checking news , soon any decision will be taken .. i wish they make it legal option ..

[LyQaN]

bitcoin is experiencing a huge surge in prices and because of that great number of investors are joining in, so seeing this change RBI has warned citizens about the potential threat to their accounts ,money legality etc(because such huge rush leads to great scam too). Few days back finance minister declared bitcoin is not considered as legal tender but there was not report about trading them and no ban has been declared so its still in use.

[hunterxx4]

It's niether legel nor illegal in india

[sandy14350]

Government hasnt taken a stance..... its not illegal and neither legal India’s policy on Bitcoin regulation is still evolving and no legal framework exists. The RBI has cautioned against its use, informing users, holders, investors and traders dealing with virtual currencies that they are doing so at their own risk. Investigating agencies worry about the absence of controls. They see any transaction using cryptocurrency and involving foreign exchange as a contravention of the FEMA and the FEMA Regulations. sebi watching everything now

[dongamk]

what we care is its not illegal  Arun Jetly said in his statement, there is no regulation but we will not be responsible for loosing it though.

[Forbiddenone]

Recently arun jaitely made a statement that it is not illegal but people should avoid as it is not controlled by government and any loss will not be payed by government.trade it at your own risk.and it is taken as short term capital gain asset and tax should be paid on it till any final rules and regulations are made on virtual currency.

[krishnaverma]

Here is a update regarding this, I saw in a news channel that RBI and income tax is going to investigate big investments in bitcoins and track if people invested black money there.

[TucoRamirez]

The current status of Bitcoin in india is:  LEGAL

There is no law preventing it.

[jaideep10002]

Hard to say.
If they have half a brain then they should know that trying to ban it won't do much.
Having proper regulations set in place is the correct thing to do. After a point they popularity will be so huge that a Ban will simply not work.

[Alok_Yadav]

What is the current legal situation of Bitcoin in India? Is it safe to invest in Bitcoin right now and what are government regulations regarding this?

At the time there is no regulation on bitcoin or other cryptocurrencies in India. There is no legal status right now. But soon we will hear about the decision as govt is looking on its pros and cons and will take decision soon.

[hunterxx4]

It will be legel soon . As jiocoin is getting launched soon

[ahmad21]

It will be legel soon . As jiocoin is getting launched soon

Its just an announcement there is no surety regarding it until now. However if jiocoin does launches then surely we will have bitcoin being legal around the country. Modiji will never defy something which has been brought it in by the big Reliance Industires of Mukesh Ambani.

[shailkumari]

Currently, it is completely legal to invest in bitcoins in India. A lot of people are already investing and earning in lakhs and you can also do the same.