Checkout the legality of cryptocurrency trading in India

Anything that sounds even a bit fresh and different than what we usually hear rings the bell of lawsuits in our head. Internet has made it very easy for people to start worrying uselessly. It is good to know about your rights and to be aware of when you can fall in trouble but that doesn't mean that you will panic for no reason.

Today we will be discussing about one of such topics. Cryptocurrency. The debates on its legality has stormed out of news channel reviews and taken a very stringent form in the minds of people. We understand that reading so many different things from people and blogs can get a bit confusing at times. Crypto to crypto trading in India has gained a lot of rumors and has scared people away but if you are reading this then you sure are interested in knowing the truth.

Cryptocurrency and legal issues

Indian law keeps making new amendments and laws as situations change. It feels necessary to adopt modern means of issues into the legal structure that follows.

When we talk about cryptocurrency exchange in India why does it happen that we start worrying if the idea or concept in general is legal or not. That is quite understandable witnessing the rumor spree that has followed.

The truth of legality of cryptocurrency

Cryptocurrency is not illegal in India. There is no law or rule or amendment passed which will say that it is not legal. The Indian law has refused to take any kind of stand on the legal state of this particular crypto. You also need to understand that neither has any person involved in the economic or monetary framework ever made that statement.

So you might question, what is the position on crypto then? The honest answer is that it is 'neutral'. Yes! The RBI (Reserve Bank of India) has refused to consider Bitcoin or any other kind of crypto as a legitimate form of currency. That does not mean it is not legal. All it means is that they do not recognize it as a form of currency which they will choose to trade or exchange with.

The government on the other hand has made no statements with regards to cryptocurrency at all. That speaks for a lot of it.

Long story short; it is neither illegal nor is their mention of its inexistence in Indian law. Since there is no mention of crypto at all, why not trade it freely and openly like millions of other Indians.

Is it safe for me to trade cryptos or not?

It is more than just safe for you to trade and exchange cryptos. You can freely visit any website that performs as an exchange make transactions there. Blockage is a very good example for that. Here you can make worldwide transactions without any kind of transactional charges.

Thousands of people have been investing in Bitcoin and other cryptos for a decade now and earning so much profit. Well not a single one of them faced any kind of lawsuit and neither will you my friend! So drop the worrying hat and freely invest in any kind of crypto you want with adequate amount of research to follow with.