Is Bitcoin Dead In India?

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The Reserve Bank of India (RBI) stated that virtual currencies raise concerns of consumer protection, market integrity, and money laundering, and so entities regulated by the RBI shall not deal with individuals or businesses dealing with virtual currencies, last week.

Before the Bitcoin surge, the RBI had said that it is not comfortable with Bitcoin. More recently, at the start of the year Finance Minister Jaitley had said that Bitcoin is not legal tender in India, and the Finance Ministry had likened cryptocurrencies to Ponzi schemes.

Around the same time, HDFC Bank emailed its users to say that HDFC credit, debit, and prepaid cards cannot be used for the purchase or trade of Bitcoins and other cryptocurrencies/ virtual currencies. As part of his Budget speech this year, Finance Minister Arun Jaitley explicitly reiterated that cryptocurrencies are not legal tender, saying that their use "as part of the payment system" will be removed.