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ARTICLE · 14 OCTOBER 2019

Regulation Of Cryptocurrencies In India

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Cryptocurrencies are digital representations of value created by means of cryptography and are intended to secure financial transactions or transfer of assets.

IndiaTechnology
Adoksh Shastry
Adoksh Shastry
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Introduction:

Cryptocurrencies are digital representations of value created by means of cryptography and are intended to secure financial transactions or transfer of assets. The treatment and regulation of cryptocurrencies in India can be broadly segregated into two time periods: (a) Pre-April, 2018; and (b) Post-April, 2018. While the Pre-April, 2018 period accounted for a rise in cryptocurrency trade in India, development of cryptocurrency trading markets and had limited governmental or regulatory oversight, the Post-April, 2018 period witnessed a complete prohibition on transactions involving cryptocurrencies in India and a consequent shut-down of cryptocurrency trading markets and aggregators. This note provides a brief overview of the regulatory regime governing cryptocurrencies in India and the proposed legislative measures contemplated by the Government of India (“GOI“).

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