Assets, Bitcoin

Is It Legal to Buy Bitcoin in India?

Yes, it is legal to buy Bitcoin in India. The Reserve Bank of India (RBI) has not issued any regulations or guidelines on Bitcoin trading or ownership. However, the RBI has cautioned individuals about the risks associated with investing in Bitcoin. In December 2013, the RBI issued a press release warning investors about the potential risks of virtual currencies, such as Bitcoin.

NOTE: WARNING: As of April 2020, the Reserve Bank of India has not declared Bitcoin legal tender in India. Therefore, purchasing and trading Bitcoin is considered illegal in India and may be subject to penalties or other legal action. Before engaging in any activity related to Bitcoin, consult with a legal professional to determine the legality of such activity in your specific jurisdiction.

The press release stated that virtual currencies are not backed by any government or central bank and are not legal tender. The press release also warned that virtual currency transactions are subject to hacking and fraud.

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