If I go by the law, bitcoin doesn't have a legal status in India! The central bank had issued a circular that clearly states that your bank can close your account if they find any relation with cryptocurrency! So it is not legal!
Now the better part of the story is that, a court case is ongoing in Supreme court of India against that arbitrary ban of RBI! Even though the court hearings are being delayed but still the matter is subjudice. There is no tax related framework is given as well. So the current situation is very confusing but people are trading in p2p mode!
Topic: is it legal to trade bitcoins in india? - page 2. (Read 322 times)
There are many government restrictions on the exchange of these cryptos with local or foreign currencies, so if you are considering opening activity, it is best to avoid it due to "regulatory uncertainty."
In the case of an individual transaction of sale, purchase and other services, you cannot use your bank account.
therefore, It is best to hodl you BTC or trade it with altcoins that do not require KYC.
Remember: Members' opinions are not taken as investment advice or legal recommendations.
In the case of an individual transaction of sale, purchase and other services, you cannot use your bank account.
therefore, It is best to hodl you BTC or trade it with altcoins that do not require KYC.
Remember: Members' opinions are not taken as investment advice or legal recommendations.
Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members
Yes it is legal to trade bitcoins in India since government never announced any ban related to crypto holding or trading but using bank accounts in India for trading will get you in trouble since banks restricted crypto transaction so you can't een deposit into any exchange and trade cryptos but you can use p2p sites like localbitcoin to trade bitcoins.
Recently binance also launched something called Binance Wazirx in India to deposit fiat and trade cryptos.
Not an Indian lawyer but there are regulations placed on Indian crypto's is ensuring that that the currency does not spread. As far is the legality of you owning Bitcoin, you're free to own, send, and receive them. However, legislation is being drafted to restrict their free use -
https://news.bitcoin.com/indian-laws-cryptocurrency/
Bitcoin mining and profitability would best be discussed here - https://bitcointalk.org/index.php?board=14.0
https://news.bitcoin.com/indian-laws-cryptocurrency/
Bitcoin mining and profitability would best be discussed here - https://bitcointalk.org/index.php?board=14.0
Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members
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