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.
NO RBI has already told that all banks should stop the financial transactions for crypto-related exchanges that mean an indirect ban on these coins. But they didn't say that you can't buy or hold these coins so you can still buy it from other exchanges or persons and hold them. Some exchange has put a case saying that they have invested a lot of money already in crypto exchanges so this sudden ban is a loss to their business but not sure what the outcome.