Recent History
With the popularisation of internet technologies, virtual currency - called as cryptocurrency came into existence.
As cryptocurrency became popular, people started investing and trading in these. The trades happened across the globe even though these trades were not regulated. (including in India)
Hence acting in the interest of consumers, the govt. cautioned people about the risks in dealing in cryptocurrencies.
Reserve Bank notification and court case
The Reserve Bank of India through its notification dates 06.04.2018 prohibited dealing of virtual currencies in India (including cryptocurrencies).
However the Supreme Court of India in case of Internet and Mobile Association of India vs Reserve Bank of India, set aside the RBI notification of 06.04.2018.
Current Exchanges of Cryptocurrencies in India (a few)
- CoinSwitch
- CoinDCX
- ZebPay
- WazirX
- Unchain
New Bill - proposed- by the Govt.
In 2019 the Department of Economic Affairs, Govt Of India has proposed a draft bill called the "Cryptocurrency and Regulation of Official Digital Currency Bill"
Not only does this intend to ban use of all private cryptocurrencies but also suggests a blockchain based central digital currency (digital rupee maybe).
This development, if this bill as proposed becomes a law, will then change the way cryptocurrencies are currently held and traded in India.
(Disclaimer : This blog is for educational purposes and not to sollicit any business and provide any kind of advise.)
