Are cryptocurrencies illegal in India?

Zaibatsu said:
Btw guys I wanna know some list of relevant sites where I can use my Skrill funds like iTunes/app store gift cards which can be used in India since we all know transferring money directly from Skrill to bank account is risky AF
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Carefully check online, there are tons of sources..
Depends on transaction amount if they deal with you.. Assume 1000$+
 
I guess we have the answer to OP's question today :)

What a load of shit RBI pulled and wonder how many lost jobs, business closed, revenue lost , lives ruined with this shitty decision of RBI.

I believe in our legal system. Thankyou SC for being fair here.
 
Sobirvs said:
I guess we have the answer to OP's question today :)

What a load of shit RBI pulled and wonder how many lost jobs, business closed, revenue lost , lives ruined with this shitty decision of RBI.

I believe in our legal system. Thankyou SC for being fair here.
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Cant believe that it actually happened just today! I have to say though - "A Little Too Late"

IMO, RBI being coy about de-marking CC, and the SC reanimating it after all this while is suspect, to say the least. They wanted the market to die off. Now they're trying to vindicate a zombie while dancing on its grave.

I hope this comes to bite them off in the end.
~Engineer.AI
 
Sobirvs said:
I guess we have the answer to OP's question today :)

What a load of shit RBI pulled and wonder how many lost jobs, business closed, revenue lost , lives ruined with this shitty decision of RBI.

I believe in our legal system. Thankyou SC for being fair here.
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They are trying to ban again. They don't know that it is not even possible to ban crypto completely lol
 
Vaastav said:
They are trying to ban again. They don't know that it is not even possible to ban crypto completely lol
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I know right. Although experts say that there is a need to regulate cryptocurrency and not ban it, it leaves me with the question that how can one country regulate it when it is self-regulated?
We have big players like Mastercard, Bank of New York Mellon, Tesla who have jumped the crypto train, while we see unnecessary interference from the Indian government. It is shocking that India plans to introduce a law banning trade in all cryptocurrencies — except for those issued by the government itself. I know a few people who have already invested in it and are uncertain what's gonna happen to their investments. I guess, the only option for crypto investors would be to switch to peer-to-peer transfer in case of a ban.
 
Vaastav said:
They are trying to ban again. They don't know that it is not even possible to ban crypto completely lol
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They will ban the exchanges and conversion to INR since it is a good argument for money laundering.

Also, SC struck down the RBI circular, they will not entertain pleas on executive laws which is what the government is intending to pass.
 
My cousin has BC worth 1 Lakh but is unable to withdraw it.
Vaastav said:
They are trying to ban again. They don't know that it is not even possible to ban crypto completely lol
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Not possible to ban it but they can control other things to make sure we don't use it.
 
www.indiatoday.in

Why investors are concerned about a blanket cryptocurrency ban

Experts find merit in allowing cryptocurrencies to continue as an asset class
www.indiatoday.in www.indiatoday.in

Investors, even those that aren't fans of cryptocurrency, are concerned about a blanket ban and how it's defined. The take that makes the most sense to me is governments should probably avoid accepting them as legal tender, but if someone wants to use them as an asset or currency with another private entity on their own then it should be left up to them.
 
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