According to a recent report, IT ministry officials, Finance ministry officials, Reserve Bank officials, and NITI Aayog officials committee will legalize the virtual currencies in India soon.

The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.


Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –

The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.

According to him, India has been ranked fourth in trading the Bitcoin in the market.