The Finance Minister of India, Mr. Arun Jaitley admitted on Friday,4 August 2017 that there has been a “Notable growth” in the bitcoin market in India over the last few years.
The Finance Minister told told the Lok Sabha in a written reply that there is evidence that cryptocurrencies such as Bitcoin are being used in India. Jaitley also said that there are mainly two categories of players operating in India, one with presence in public domain and other who operate in an unorganised manner through social media sites and mobile apps. The players operating in public domain are either exchanges or traders, Jaitley said.
Recently a meeting was also held by the Finance Minister Of India with country’s top officials to discuss about Bitcoin.
Bitcoin in India are being traded despite the fact that tere is no regulations governing Bitcoins in India. Earlier this year, A BJP MP even called Bitcoin as a “Ponzi Scheme.”
In the month of February, the Reserve Bank of India again warned the citizens that it has given any licence/ authorisation to any entity/ company to operate such schemes or deal with bitcoins or any virtual currency.
The RBI has cautioned from time-to-time the users, holders and traders of virtual currencies about the potential financial, operational, legal, customer protection and security related risks.
At present Bitcoin in India is neither legal nor illegal. It is still in grey area. Although the government is taking steps and soon the government may announce about the status of Bitcoin in India.
The trading of Bitcoin in India may come under the regulation of Securities and Exchange Board of India (SEBI) or The Reserve Bank of India (RBI). Here are some Rules and Regulations related to Bitcoin in India.
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