Is Cryptocurrency Legal In India? India's Crypto Rollercoaster

Cryptocurrency is not illegal in India, but it's not recognized as legal tender. Regulation is evolving.

RBI banned crypto transactions in 2018, but Supreme Court overturned this ban in March 2020.

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Crypto trading is allowed, but banks are cautious about providing services to crypto exchanges.

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Government proposed 30% tax on crypto income in 2022 budget, implying tacit acceptance.

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Cryptocurrency Bill pending: May introduce official digital currency and regulate private cryptos.

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KYC and anti-money laundering rules apply to crypto exchanges operating in India.

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Investors must declare crypto holdings and profits in tax returns. Non-compliance may lead to penalties.

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India exploring blockchain for governance but wary of private cryptocurrencies' impact on economy.

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Crypto ads must carry disclaimers. Celebrity endorsements face scrutiny to protect investors.

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Future unclear: Full ban unlikely, but strict regulations expected. Official digital rupee in development.

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