Legal Status

Status

Legal to buy Bitcoin in India

• Is holding Bitcoin legal in India?

  In the present day, one can LEGALLY invest in or buy cryptocurrencies in India. Crypto-exchanges are allowed to have transactions through scheduled banks.

• But I heard that the RBI made Bitcoin illegal. Is this true?

  Earlier in July 2018, RBI directed all financial corporations to cut off ties with any entity dealing in cryptocurrencies. The Internet And Mobile Assocaition of India (IAMAI) challenged the ban in Supreme Court of India and in March 2020, Supreme Court LIFTED the ban RBI implemented in March 2020.
  This means that:

  • Crypto is not illegal
  • Users can deposit money to crypto-exchanges to buy Bitcoin

  See the articles below for more information.