I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?
RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.
I really doubt that they would make Bitcoin entirely illegal, even if they are planning to launch their own form of cryptocurrency.
It's far more likely that they will just impose regulations so they can tax it more efficiently.
I'm not sure how many countries have outright banned Bitcoin at this point in time, but it's not going to be a lot.