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ARTICLE · 10 JUNE 2021

Detangling The Muddled Status Of Cryptocurrency In India

King, Stubb & Kasiva
King, Stubb & Kasiva
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King, Stubb & Kasiva

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The VC debate sparked off when a case was filed before the Supreme Court seeking to regularise the use of VCs in the country.

IndiaTechnology
Sindhuja Kashyap
Sindhuja Kashyap
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Virtual Currencies ("VC") have witnessed an increase of interest from among their users and traders in the past year wherein millennials and gen-z are finally ready to take chances with the cryptocurrency market with the intent to generate gain. However, despite the increasing interest Indians have shown in VCs, the Reserve Bank of India has on several occasions in its capacity as the regulator of the financial market, displayed an attitude of cynicism towards the concept of cryptocurrency. This article focuses on tracing the journey of VCs in India through the years and its current legal standing in the nation as of the date of publication of this article.

The Dawn of VC

The VC debate sparked off when a case was filed before the Supreme Court1 seeking to regularise the use of VCs in the country. The Supreme Court directed the RBI and the other concerned ministries to elucidate their standpoint of VCs and enact a bill in furtherance to their stance.

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