Is cryptocurrency legal in india 2020

UAE; Saudi Arabia; US Elections ; Business; World News. Elections. Lok Sabha; Assembly Elections. ET Explains; Sports; Science; India. India plans to introduce a new law banning trade in cryptocurrencies, in the Supreme Court in September and won respite in March

Share Via Read Full Story A government bill go here ban cryptocurrency in India has been is cryptocurrency legal in india 2020 for inter-ministerial consultations by the finance ministry, say media reports.

The Reserve Bank of India RBI prohibited the is cryptocurrency legal in india 2020 of the banking system for crypto-related payments in early but this was struck down by the Supreme Court in March The decision led to a brief resurgence is cryptocurrency legal in india 2020 is cryptocurrency legal in india 2020 trading in India.

However, the new bill can not only kill the market but poses a significant legal risk if you have invested in cryptocurrencies.

In its previous avatar in midthe bill proposed to criminalize possession, use or trading in cryptocurrency, and prescribed imprisonment of up to 10 years for such activities. It is unclear whether the same structure has been retained in the new bill.

Some experts do not believe that the new law can retain the draconian provisions of the original bill.

Since RBI failed to show this with its circular, this was struck down. She also added that any such law will come after a process of opening up to public comments followed by the is cryptocurrency legal in india 2020 in both houses of Parliament.

Crypto trading never completely died in India, despite the RBI payments ban.

Many investors simply moved to peer-to-peer platforms to transfer crypto-related money. The exchange told Mint that it has seen a sharp rise in users and trading volumes after the SC judgment.

You can read more about it here. The draft is cryptocurrency legal in india 2020 banning cryptocurrency in its original form provided a time of 90 days for continue reading of cryptocurrency to declare and is cryptocurrency legal in india 2020 of it.

However, a forced sale could trigger substantial losses on holdings and not all crypto investors may be able to sell their is cryptocurrency legal in india 2020 in this time period. Cryptocurrency is not an investment recommended by Mint Money even if the government refrains from criminalizing its use.

However, if you are exploring this phenomenon or have already invested in it keep this legal risk in mind. Join Mint channel in your Click and stay updated with the latest business news.

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