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.