Is trading in cryptocurrencies legal in India or not? Here’s what you need to know:
Cryptocurrencies mean different things to different people. While some believe it to be the fastest way to become rich and famous, others consider it as an invitation to disaster. Most countries in the world are still grappling with the issue of legality of cryptocurrencies and clarity is yet to come. According to Arun Kejriwal, founder of Kejriwal Research and Investment Services, the Securities and Exchange Commission (SEC) in the US has taken major action on two crypto exchanges, Binance and Coinbase, just last week. In such a situation, crypto investors in India need to be careful.
As far as India is concerned, crypto is traded here. But it is neither legal nor illegal. There are exchanges but they are running without regulation. This is a major cause of concern, as it is the investors who bear the brunt of any dispute. At the same time, the Income Tax Department of the country also advises people to stay away from investing in crypto.
The Reserve Bank of India issues warnings on cryptocurrencies from time to time. But the strategy has not yet been decided in this regard. Right now the idea is going on whether it should not be allowed in the country or not. However, the country will need more time before taking a decision about it.
In conclusion, all that can be said is that cryptocurrencies should be left to those who can afford the loss. Rest of the people should stay away from it.
English summary: Cryptocurrencies are neither considered legal or illegal in India. It is better to stay away from it.
Source: https://hindi.goodreturns.in/personal-finance/is-trading-in-cryptocurrencies-legal-in-india-or-not-know-here-028521.html
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