Is bitcoin illegal in India

[maarx]

The status of Bitcoin in India is quite vague. A few days back I had been reading this buzzing update from RBI, central bank of the country, which reads here: https://www.thebetterindia.com/149147/rbi-cryptocurrency-bitcoin-bank-trading-ban-news/

Now the position of bitcoin in Indian market seems to be in danger with this highlight from the market:-

Speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla said that Ripple could win 50 percent of the Indian market with the company focused on the financial sector of the world’s second fastest growing economy.

He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?"

Ripple is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report.

Source: https://www.express.co.uk/finance/city/987173/Bitcoin-price-ripple-india-cryptocurrency-ethereum-BTC-to-USD-XRP-news

As an investor i would always find alternative ways to multiply my capital even there are restriction on few things. The issue here is, transactions on crypto currencies should be not be through the banks tied up with RBI. I dont find any other restriction in moving forward with alternative options in trading crypto  currencies. The exchanges have found ways to have transactions without banking intervention. So there may be a bit hesitation in carrying on with current rules with RBI but once everyone would get aware of alternative ways to trade and become confident, then yes there wont be a problem with crypto trading in India.

[HiringYou]

It is not confirmed yet.A temporary stay has been imposed on the exchanges that work with digital currencies due to the case filed by RBI against these exchanges.This stay is until the next hearing i.e on 20th of July.On 20th of July we will get to know about the future of Bitcoin in India.If these exchanges won the case then people will be able to work with Bitcoin but if RBI won the case then according to me it will be an end to Bitcoin in India.So let's wait for the day.

[Vektrum]

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

Bitcoin has not been legalized in India yet, but it is not forbidden. Any normative legal acts that would determine its status or the rules of circulation were not published in this country. Legislative and executive authorities are still silent. In India, banks are still issuing their prohibitions, but they apply only to the banking sphere of activity. Thus, the Reserve Bank of India as a central bank issued an order to its banks, which ordered not to provide services in the crypto currency, including in relations with the crypto-exchange markets. However, bitcoin and other crypto currency are still freely circulating in this country.