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ARTICLE · 17 JANUARY 2020

Cryptoassets & Blockchain In India

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Note to contributors: ‘cryptoasset' includes cryptocurrencies (eg, Bitcoin and Ether) and crypto-tokens (eg, security tokens and utility tokens), but excludes branded loyalty points...

IndiaTechnology
Anu Tiwari
Anu Tiwari
Rachana Rautray
Rachana Rautray
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QUESTIONNAIRE

CRYPTOASSETS & BLOCKCHAIN

Note to contributors: 'cryptoasset' includes cryptocurrencies (eg, Bitcoin and Ether) and crypto-tokens (eg, security tokens and utility tokens), but excludes branded loyalty points (eg, frequent-flyer miles and hotel points) and points/currencies usable for purchases within a video game.

General legal and regulatory framework

Legal framework

1 What legal framework governs cryptoassets? Is there specific legislation governing cryptoassets and businesses transacting with cryptoassets?

Presently, there is no legal framework governing cryptoassets/cryptocurrency (term used interchangeably along with other terms such as 'virtual currency'). Despite the vacuum in legislation, regulators such as the Reserve Bank of India ('RBI') have issued various cautionary circulars deterring individuals from dealing in cryptoassets. In 2018, RBI, pursuant to its circular dated April 06, 2018 ('RBI Circular') banned all RBI regulated

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