Will it be illegal to trade cryptocurrencies in India after July 7th

[romanovst]

No, it is not illegal as no such law has been passed yet. As per a recent RTI, a regulation is in process for regulation.

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[stayeduptolate]

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

Look , the foremost thing regarding the bitcoin is that it is legal globally, being an decentralised crypto currency, no country could declare it illegal but the country can do is that it can ban its people from using national exchanges but still people can use international exchanges for trading in bitcoin and the same conditions is in India also that people are still trading in bitcoin inspite, RBI declaration that bitcoin is banned in India but still bitcoin trade is going in India.

[zombieservers]

NO there is no illegal still now we are using bitcoin because next hearing is in supreme court on 11 September 2018, i think Central bank(RBI) planing to regulate bitcoin but final decision will depend on supreme court also bitcoin can't ban because peoples using it via internet so they need to ban internet first, if they will ban than peoples do it in black market also government will loose tax which they are getting from bitcoin buyer and sellers.

[joshuarose]

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

regulations in India regarding the cryptocurrency ban slightly affect asset prices on the market. but maybe in the future this ban will be canceled

[Ezenwanyi1]

It wont be regarded as illegal.

[AndreaPhillips]

The ban on the cryptocurrency is not right.
Currently, there is official information. Indian authorities do not recognize Bitcoin as a legal currency. Indian authorities will suppress the use of electronic money in illegal activities and; Indian authorities will not encourage the public to use electronic money as a payment instrument.

[kimcuchospital]

Exchange is trying to find a way to solve this problem. All this means that most commercial banks will essentially be forced to stop cooperating with the encrypted exchange that contains an account with them. There are unconfirmed rumors of government wanting to make a VAT on top of a cryptographic transaction, but that's obviously not confirmed yet. It's just that they are at risk of delicensing from the RBI, which is something that no one wants. It certainly is not illegal for you to transact on localbitcoins still.

[Calantha5635]

I believe that legal crypto in India is only a matter of time. RBI has instructed other banks in India to stop all electronic transactions. Transactions on Indian electronic money after July 7 will not be illegal. Because most Indians have invested huge amounts of money in them. Even if it's illegal, who cares? If all trading floors go down, we will still have p2p trading. You can still trade for paypal here. I would not say illegal but prohibited on banks and organizations where the RBI and the government are officially affiliated with. The problem is, it will remove the convenience section on those who want to buy bitcoin and may not encourage them to give it away, but persistent users will definitely find a way and can create a better platform in the they can trade their fiat into bitcoin without having to rely on bank transfers and third parties, in other words, a decentralized exchange.