• Is Bitcoin legal

Is buying, accepting and cashing bitcoin legal in India?
Asked 1 year ago in Business Law from Kolkata, West Bengal

1) RBI, on December 24, 2013, issued a press release on virtual currencies like bitcoins, litecoins,bbqcoins, dogecoins stating that creation, trade and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority.

2) it is not legal in india 
Ajay Sethi
Advocate, Mumbai
37815 Answers
2120 Consultations

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Hi
 so far it is not declared illegal in India, hope it would be a reality soon majority deal with it .There are  companies in India dealing with Bitcoin
so i say bitcoin perse are not illegal India.Catching up with international standard and more people are aware about it . 
if you plan to invest ,store and transact go ahead. There may be a rule in the future to regularise it depend on the demand ,but as of now nothing make sit illegal.
Thresiamma G. Mathew
Advocate, Mumbai
1491 Answers
120 Consultations

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1. Only banks which have been permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based prepaid payment instruments. At  present,  there  are  no  regulations  governing  virtual  currencies  like  bitcoins  in  India.  RBI, on December 24, 2013, issued a press release on virtual currencies like bitcoins, litecoins, bbqcoins, dogecoins  stating that creation, trade and usage of virtual currencies as a medium for  payment  is  not  authorized  by  any  central  bank  or  monetary  authority.  Further,  RBI  has cautioned  virtual  currency  traders  and  users  to various security  related  risks  such  as  hacking,

2.  While RBI has not legalized bitcoins, it has declared them unauthorized as of now. RBI is currently examining the risks associated with the usage, holding and trading of virtual  currencies  under  the  extant  legal  and  regulatory  framework  of  India,  including  foreign  exchange and payment systems laws and regulations.
Ashish Davessar
Advocate, Jaipur
21674 Answers
591 Consultations

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Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use.  Many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal?
The answer is, yes, depending on what you’re doing with it.
Currently, Iceland, Bolivia, Ecuador, Kyrgyzstan and Vietnam are the only countries that seem to have some level of bitcoin ban in place.
India’s central bank is said to be “watching” bitcoin. In a series of dramatic moves, the Reserve Bank of India (RBI) issued a warning about bitcoin in late December 2013, which was followed almost immediately by exchanges choosing to suspend operations. One exchange had its premises raided and another was paid a “friendly” visit by tax officials to investigate how digital currencies could be managed and taxed. Some exchanges have since re-opened for business.
T Kalaiselvan
Advocate, Vellore
27779 Answers
289 Consultations

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