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ARTICLE · 17 DECEMBER 2019

Global Legal Insights: Blockchain And Cryptocurrency Regulation 2019, 1st Edition

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In India, over the past few years, the use of technology, including blockchain, to fuel financial transactions has boomed significantly. Such development has not gone unnoticed

IndiaTechnology
Anu Tiwari
Anu Tiwari
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In India, over the past few years, the use of technology, including blockchain, to fuel financial transactions has boomed significantly. Such development has not gone unnoticed by most regulators such as the Reserve Bank of India ("RBI") (Indian Central Bank) which has reacted, for the most part, favourably. Whilst the present government has supported innovation to promote a digital or cashless economy, cryptocurrency still remains an outlier.

The RBI took notice of the use of cryptocurrency in open markets around 2013 and has since responded by cautioning users, holders and traders of the use of "virtual currency" while remaining silent on the legality of its use, including in 2017. Similarly, other regulators, such as the Enforcement Directorate and Income Tax Department, have been swift in their actions to shut down businesses associated with cryptocurrency by conducting raids under the guise that the use of cryptocurrency was in violation of foreign exchange and

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