In India, Bitcoin is not a legal tender. But it is not explicitly termed as illegal. What is the reason for such a stand by Government? what are its implications?
Yeah bitcoin is not a legal tender in India but it is still not officially banned in India either. The reason why it could be at stand by could be that they want to warn people who are trying to do scams or are trying to do money laundering . I think they Would not ban bitcoin but they would imply some restrictions which could eliminate the chances of fraud and money laundering.
The exchange and other business transactions in cryptocurrency will no longer have access to banking services under the ban, which means traders will be banned from attracting rupees through the business. So that the ban on bitcoin is likely to be implemented soon.