Thread to give right info about status of crypto currencies in India

1) Are crypto currencies banned in India ?

No, crypto currencies were never banned in India but Indian Government doesn’t recognizes it as legal tender. Meaning users are free to hold & trade at their own risk

2) What’s about RBI BANK BAN ?

RBI doesn’t have the authority to declare crypto illegal but In 2018 RBI did issue circular which barred banks from offering services to crypto related business.

STATUS IN 2018

CRYPTO BANKING SERVICE

Circular - http://shorturl.at/sAPU2 

3) That RBI Bank Ban circular was later quashed by Supreme Court in 2019 & now that circular is no longer valid.

STATUS IN 2019

CRYPTO BANKING SERVICE

Source

Supreme Court verdict- http://shorturl.at/rsCQ8 
RBI response in RTI (no prohibition) - http://shorturl.at/bkr46 

4) What about Banning Draft issued by DEA?

That Banning draft bill was submitted in 2019 by DEA & is still awaiting approval from Goverment of India. Chances of approval are 50-50 bt with recent developments in crypto space since 2019 & does make that draft flawed & inaccurate.

5) So, What is current status of crypto currencies in India ?

Crypto currencies are not legal or illegal in India, citizens are free to hold, trade, mine at their own risk.

Unless Goverment officially passes a BILL to BAN or Regulate crypto currencies.