Virtual Digital Assets in India

The crypto industry in India has been growing at a tremendous pace in the past few years, with the Bitcoin hitting an all time high. Cryptocurrencies and non-fungible tokens (NFT), which are forms of virtual currency and are based on blockchain/other distributed ledger technologies, are yet to be regulated by the central government and the Reserve Bank of India (RBI). Thus, at present, there are neither any rules nor is there any ban on the use of cryptocurrencies in the country. In that sense, cryptocurrency is like any other asset, such as for example- gold or bond. The Order by the RBI banning banks from supporting crypto transactions was reversed by the Supreme Court Order of March, 2020 (Internet and Mobile Association of India V. Reserve Bank of India, WP No.528 of 2018).

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