Legality of Cryptocurrency in India

Owning and trading Bitcoin (and other cryptocurrencies) is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes, but they are not considered legal tender.

Cryptocurrencies are not regulated by any central authority in India as a payment medium. There are no rules, regulations, or guidelines for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors' risk.

Cryptocurrency in India is gaining momentum, with growing interest despite regulatory uncertainties. As adoption increases, it's crucial to stay informed about the evolving landscape and potential opportunities in this digital frontier.