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Showing posts from February, 2018

Whether Cryptocurrency is legal in India

India’s cryptocurrency trading volumes have been on the rise. While there are no official figures, as  per experts there are at least five million active traders in India, transacting via regulated banking channels. With India’s leading cryptocurrency exchanges such as Zebpay, Unocoin, Coinsecure, Coinome and Bitxoxo among others reporting a marked increase in user interest every day the question is gaining lot of momentum if the cryptocurrency is legal in India or not. The situation further becomes complex with the global situation with respect to it. While China has blocked crypto exchanges, U.S. banks are steadily declining cryptocurrency purchases. Meanwhile, Indian finance minister Arun Jaitley, during the national finance budget, stated that the country does not recognize Bitcoin as legal tender and steps would be taken to penalize crypto payments.
What  are the official communications and stand of RBI ( Reserve Bank of India) on Cryptocurrency As on date no specific framework …