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ARTICLE · 06 APRIL 2017

Legal Status Of Virtual Currencies/Cryptocurrencies In India

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Unlike the traditional form of currencies issued by government/banking authorities, virtual currencies ("VCs") such as Bitcoin are a form of cryptocurrency/digital currency, ...

IndiaTechnology
Seema Jhingan
Seema Jhingan
Neha Yadav
Neha Yadav
Saniya Kothari
Saniya Kothari
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1. INTRODUCTION.

1.1. Unlike the traditional form of currencies issued by government/banking authorities, virtual currencies ("VCs") such as Bitcoin are a form of cryptocurrency/digital currency, 'issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community1, and which relies on cryptography for its creation and management.

1.2. In this digital age, trading and transacting in VCs such as Bitcoins has reached an alarming proportion and the question of recognition and regulation of VCs is therefore a question that governments have been grappling with over the last few years. India is no different, and this newsletter is an attempt to provide a brief overview of the legal status of VCs in India.

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