Bitcoin legal in India

Indian government is planning to make Bitcoin legal

The Government of India could make a decision on the legality of Bitcoin as early as the end of this month i.e august 2017.

According to a report , government official without disclosing his name says that committee that has been created to study cryptocurrency is ready with the report and give a positive sign for legality of the bitcoin. The source adds that the new group will submit his report to RBI this week.

Bitcoin buying, selling, trading or mining is completely legal in India.

Digital currency was in the new across India and the world. Few months ago when a prominent politician labelled Bitcoin as a “pyramid ponzi scheme” during a session in the country’s parliament.

Kirit Somaiya, a member of the country’s ruling BJP party, said some time ago that “there is [an] urgent need to have a study on development of Bitcoin in India”. A lack of a regulator could cause harm to people using Bitcoin, he added in his speech, and the Reserve Bank of India (RBI) should take urgent step in to “save people from another big fraud”.

Reverse on regulation

India already has its own self-regulatory watchdog on digital transaction, the Digital Asset and Blockchain Foundation of India (DABFI). The group has previously approached the Indian government to educate them about cryptocurrency so they can handle it appropriately.

The Reserve Bank of India (RBI), the country’s central bank, has also not reached out to leading exchanges. According to Sathvik Vishwanath, CEO of leading Indian exchange UnoCoin, no exploratory work has been done on regulation.

A petition by the Indian Bitcoin community urging lawmakers to name Bitcoin legal by definition has also gained above 10,00,000 signatures.