Is there any law in India governing cryptocurrencies
As of date, India does not have a dedicated law with respect to cryptocurrencies. Government sources have indicated that the guidelines issued on International Regulation of Crypto Assets Activities recently would play a key role in determining how the Indian legal framework will take shape.
Keep looking at this space for further developments on the topic.
Are cryptocurrencies legal in India
The Supreme Court of India has in a 2020 judgment permitted Indian citizens to buy and sell cryptocurrencies.
Further the Income Tax Department taxes Income earned from buying and selling of cryptocurrencies at the rate of 30%.
Are cryptocurrencies regulated in India
Cryptocurrencies are not considered as legal tender in India. The Reserve Bank of India has from time to time cautioned the public on the various risks that citizens are exposed to upon the usage of cryptocurrencies.
Further the Reserve Bank of India has not given any licence or authorisation to any company to undertake any activities pertaining to cryptocurrencies.
The above article provides a general overview on the topic. For further information, kindly contact services@jneela.com.
