Cryptocurrency Regulation: Are Bitcoin, Ethereum and Ripple legal in India?


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By the present time when cryptocurrencies have become admired for making quick bucks through the digital world, more and more people are trying their luck using them and at a very quick tempo, the number of traders in cryptocurrencies are increasing as well. The popularity of cryptocurrencies has reached such an elevation that a few years back the people who did not even know the word ‘cryptocurrency’ have now become regular traders of them. Also, there are the variety of cryptocurrencies that are being offered other than the most known ones like Bitcoins and Ripple. Even after the massive increase in the peddling of cryptocurrencies in India, people even at the contemporary time do not know whether the top-most marketable currencies (Bitcoins, Ethereum and Ripple) are legal or not.

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Here in this written feature, we are going to talk about the rightness and regulation of these cryptocurrencies in India regarding its governmental legitimacy. Here, we are going to inform you about the legal status of Ripple, Bitcoin, and Ethereum in India. The Reserve Bank Of India has time and again warned users about the potential risks and heavy losses that are involved in dealing with cryptocurrencies. Even after strict warnings, it has not clearly called any of the aforementioned cryptocurrencies illegal. Having said that. We want to emphasize on the fact that not making cryptocurrency illegal by Reserve Bank Of India means they are legal. The present moment of trading in cryptocurrencies in India is indefinite. Neither these cryptocurrencies are ‘legal’ or ‘illegal’ at present.

Moreover, there have been no specific regulations that the Indian government has come up with when dealing with these digital currencies are concerned. The Center for Internet and Society has stated that citing the present laws of India, the Bitcoin trading cannot be charged as illegal or against the law. However, after observing the volatile nature of them, RBI has advised Indian traders to be aware and not trade in them (be it any cryptocurrency) as they involve high risks and security issues.

In India, there are no regulations for cryptocurrency trades which makes it difficult for traders to take the decision whether to trade or not. Fraudulent and deception like fake ICO’s and token sales have also caused a barrier and have added to the risks of trading in cryptocurrencies. Hacking of cryptocurrencies wallet stores has made the situation worse. Therefore, it is advised that to Indians to deal in cryptocurrency only to the extent to which they can bear the loss.


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16 Comments

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  1.  I took a look at your post, and here’s how I would have done it (but that’s just me and my style). That quote from Einstein? That’s your first sentence. It’s grabbing. Your last paragraph would come right underneath that – I was all over that paragraph, so as a catcher, it’s great. As a conclusion, it misses its opportunity to shine. 
     Within the post, you use two analogies – I would’ve used only one. Tighten up the writing, make it concise, format for screen reading, close it up nicely with a great ending, and voila!
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  2. Did the percentage keep increasing, or did it level off, compared to the subscription level?
    Do the same people comment (a majority, it seems like)? Do you get a fair amount of one-time commentors?
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  3. A coulda had a v-8 moment for me, forehead smack all round…why is it that those little tweaks make all the difference in the world? A gracious hostess friend of mine who recently passed away (read wife of a very famous NYT managing editor) always said that she and Turner always thought the most valuable thing you bring to a dinner party is good conversation….and it is no small art…it applies here so well as you point out. Many mercis! All best, Jan
    Also, you don’t need to feel bad about being late in the game…it seems like James is hoping this is still early 
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  4. Nez…with 30,000 subscribers, I don’t think Copyblogger really has a great commenting percentage. Lots of comments, but percentage wise?
    I thought I was doing what you recommended on my blog but maybe not. Thanks for the great post.
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  5.  You are, but coming off too strong, in my opinion. Questions that are too direct or blunt tend to turn off readers, so it’s a question of finding that subtle, compelling question. I’d also suggest not adding the “leave a comment,” because that kind of shuts things down before it gets started. Try different combos and find the fit that works
    You’re right. It is an art and takes a good deal of careful application of social skills – which are generally a learned behavior, so there’s hope for me yet  Et bienvenue, et merci pour les mercis!
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