Is Cryptocurrencies Banned in India ?

A cryptocurrency is a digital or virtual currency. It is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Cryptocurrencies in India is currently on fire, the market has been boosting day by day, and investors are making Money Everyday. In India it has been found that over 10M + crypto investors, and this number is rising every day.

While many numbers of people are afraid to invest in cryptocurrencies, one of the misinformation is holding back many more millions. People confuse the unregulated aspect of cryptocurrencies with being illegal.

But, Cryptocurrencies are not illegal ! Anybody can buy, sell and trade cryptocurrencies. It’s unregulated; we do not have a regulatory framework to govern its functioning for now.

Was cryptocurrency ever banned? 

Cryptocurrencies came into india in year 2017 after that the government took measures that they thought were best at the time.

In 2018, The Finance Ministry released a statement saying:

“ The Government does not consider Cryptocurrencies “as Legal Tender or Coin” and will take all measures to eliminate the use of these Crypto Assets in Financing “Illegitimate  ..

The Supreme Court of India retracting the RBI’s circular issued in 2018, leading to banks like HDFC Bank, Yes Bank, ICICI Bank, and the State Bank of India resuming their transactions with cryptocurrency exchanges.

Nowday's Some Banks are also giving notice to investors in the name of RBI that "their account reflects probable virtual currency transactions, which is not permitted by the RBI based on their 2018 circular" after that RBI issued a press release to banks saying "Indian Banks They Can't Stop People Investing In Crypto"

"" Now It is clear that Cryptocurrency is Legal in india so that anyone can invest in cryptocurrencies ""