India Welcomes Crypto Users (Sort Of)
Cryptocurrency has been making news for the past few years, and India – not one to be left behind – is finally getting on board sort of. According to a government official, there’s nothing illegal about using crypto in the country, effectively giving users the green light.
The Official Word
Recently, a panelist on a broadcast stated that “there is no complete blanket ban on cryptocurrency dealings in India”. According to a report by The Hindu, Sudarshan Sen, executive director of RBI (Reserve Bank of India) had this to say:
“Technically, [cryptocurrency] cannot be considered illegal. But using [it] to buy goods or services or for payment of any kind is not legal according to RBI.”
He also went on to clarify that, if you want to invest in crypto, you better do it legally.
So What DOES That Mean?
Basically, if someone wants to use crypto in India, they should tread carefully and make sure any activities involving crypto funds are fully compliant with Indian laws. Otherwise, we’re looking at a not so fun time in India Central Jail.
But if you do follow the guidelines, the door is open – and that’s pretty cool!
So with the official word out, what do we need to know before getting involved with crypto? Here are some tips to make sure you stay legal in India:
- Understand how to buy/sell/trade cryptocurrency
- Be aware of different taxes, regulations and restrictions imposed by the country
- Make sure you are using a legitimate trading platform or exchange
- Understand the underlying technology associated with using cryptocurrency
The Bottom Line
The government’s announcement comes as a welcome surprise to many in India, and solidifies India’s gradual acceptance of cryptocurrency. Just make sure you follow legal procedures when it comes to crypto usage – and leave jail-break shenanigans to the movies.
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