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ARTICLE · 03 JULY 2020

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Future Of Trading Of Cryptocurrency In India

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With the popularization of internet technologies, virtual currency – called cryptocurrency has also been invented. A popular form of cryptocurrency is bitcoin.

IndiaTechnology
Rahul Chopra
Rahul Chopra
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With the popularization of internet technologies, virtual currency – called cryptocurrency has also been invented. A popular form of cryptocurrency is bitcoin. As cryptocurrency became popular, people started investing and trading in bitcoins across the globe even though the trade was not regulated. Trading in an unregulated sector can lead to money laundering, fraud and even terrorist funding. This popularly growing new sector also requires tax reforms to account for the incomes being generated by the consumer. However, there was no existing protection - neither for consumers nor for the business runners in India.

Acting in the interest of consumers, the government cautioned people about the risks in dealing with virtual currencies stating that virtual currencies are not a valid legal tender in India and even made clear that virtual currencies do not have a regulatory protection in India1 . The Reserve Bank of India (RBI) through its notification dated 06.04.2018

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