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Using Bitcoin is Legal in India

There is a lot of concern across various countries in the world whether or not Bitcoin is legal in that particular region. A new research shows how Bitcoin is legal in India, although there are still some regulatory concerns regarding crypto currency in the country.

 

Similar to most countries in the world, there is no law against cryptocurrency or its usage in India. That can only be seen as a positive aspect for future Bitcoin adoption growth, though, considering how consumers are skipping credit cards and going straight to mobile and peer-to-peer payment solutions.

Taxation of cryptocurrency in India will be a different discussion, though, as it would require central and state governments to decide whether or not Bitcoin is subject to taxes in the future.

 

 

Sunny Ray, president of Unocoin, bitcoin largest company in India, said: “Over the coming years, we expect that bitcoin will be regulated similar to how it is being regulated in other countries.”

 

Although Bitcoin is currently unregulated in India, the Reserve Bank of India (RBI) has sent mixed signals about its stance on Bitcoin. At the end of 2014, the RBI’s Governor described Bitcoin as “fascinating” and said that “down the line, we will be moving towards primarily a cashless society and we’ll have some currencies like this which will be at work.”

  • December 9, 2016 4:23 PM MSK
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