According to an earlier statement of Mr. Arun Jaitley “Cryptocurrencies are not a Legal Tender in India”, this statement clearly states that Bitcoin and other cryptocurrencies can’t be used in India like Indian Rupee i.e. Indian Fiat Currency. You cannot visit any coffee-shop to buy your favorite coffee with Bitcoin as it’s not permitted legally. But is it illegal to keep Bitcoins and other cryptocurrencies with you? Of course not; you can keep it because the RBI as well as the government hasn’t said anything about it. Therefore, it can be said that cryptocurrencies are not a legal tender in India but they are not illegal.
Cryptocurrencies are the virtual form of currency and they can’t be cashed or taken out. If we talk in language of digital media then cryptocurrencies are basically random 0s and 1s.
What were the wordings of RBI and why RBI imposed restrictions on banks for withdrawing their support to deal with cryptocurrencies?
RBI stated, cryptocurrencies can be a big threat to people, as plenty of scams have happened where cryptocurrencies were the accuse, therefore, for protecting people from further any such threat, RBI imposed restrictions on banks regarding their involvement. It was the only reason why RBI put such restrictions on banks. But have you noticed, that RBI hasn’t stated that cryptocurrencies are illegal.
Therefore, cryptocurrencies are not a legal tender in India but they are not illegal.
A case is heading to Honorable Supreme Court in which RBI has been asked whether they have done their ground work properly before claiming cryptocurrency to be unsafe or not. The case is still pending in SC and next hearing is about to come in January 2019.
It’s our research providing you the authentic news without any manipulations in it. You are also advised to research thoroughly before making up your mind.