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Wednesday, April 12, 2017

Bitcoin In India: Legal Status And How It Affects Bitcoin Users

Bitcoin In India: Legal Status And How It Affects Bitcoin Users

On April 20th, the Indian government will declare its position on the legal status of bitcoin in the country. An “inter-ministerial committee” created by the Indian Parliament will give its answer in two weeks, according to a report published by Money Control. An unknown official quoted in the report said: “There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India”.

At the moment bitcoin in India is not considered to be illegal under current legal provisions. The decision on April 20th could change everything. Some politicians are demanding that bitcoin be declared illegal in India. If bitcoin is declared illegal, it will have an immediate impact on the burgeoning cryptocurrency ecosystem in this country, which got a boost from demonetization a few months ago.

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