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3) That RBI Bank Ban circular was later quashed by Supreme Court in 2019 & now that circular is no longer valid.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