Are you looking for the answer of whether Cryptocurrency is Legal or Banned in India, then you are at the right place.
In 2009, the world got its first decentralised cryptocurrency called Bitcoin which was released as an open source software.
It is said, Pseudonymous Developer Satoshi Nakamoto is responsible for developing Bitcoin, the value of which is skyrocketing these days.
At the time of writing this article 1 Bitcoin worth Rs. 24,04,185.40.
On 3 January 2009, when the Bitcoin network came into existence, the same day it also came into India but its existence become more popular in the country when In 2018, the Reserve Bank of India banned all the private cryptocurrency by saying cryptocurrencies can’t be treated as currencies as they aren’t existing in a physical form like metal, note or something.
Till 2018, several companies and startups dealing with cryptocurrency were opened in India and they were panicked by this decision. Hence, filed a lawsuit to the Supreme Court of India and there the apex court draws the decision on their favour.
Now, this Friday, in a document uploaded on Loksabha website, there is a table inside the document that lists the Bills introduced in Rajya Sabha which are referred to the Standing Committees and What the committees have said about those bills. In a row in the same table mentioned a bill that seeks permission to prohibit all the private cryptocurrencies in India and create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.
Although the bill is not passed yet, the status of the bill named “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is marked Introduction, consideration and passing. That means, the bill is introduced in the Rajya Sabha and the committees are considering it for passing.
So, although at the time of writing this article, private cryptocurrencies are legal in India, it may not be soon once Rajya Sabha passed the above bill.
Read also: Facebook Uncovers a new digital currency called Libra
