Your Bybit UID is displayed at the top left corner of the profile page in the app.
Explore the legality of cryptocurrency in India, from initial restrictions to regulatory developments, and the Supreme Court's pivotal decision in 2020 that revived crypto trading. Is Cryptocurrency Legal in India? Yes, cryptocurrency is legal to trade and invest in India, but it's not recognized asRead more
Explore the legality of cryptocurrency in India, from initial restrictions to regulatory developments, and the Supreme Court’s pivotal decision in 2020 that revived crypto trading.
Is Cryptocurrency Legal in India?
Yes, cryptocurrency is legal to trade and invest in India, but it’s not recognized as legal tender. The journey of crypto legality in India has been tumultuous:
- 2018 Ban: The Reserve Bank of India (RBI) banned regulated entities from dealing in cryptocurrencies, citing risks related to criminal use and lack of government recognition.
- 2020 Supreme Court Ruling: This landmark decision overturned the RBI ban, allowing cryptocurrency trading to resume freely.
- Current Status: While trading and investing in cryptocurrencies are permitted, regulatory clarity is still evolving. Tax guidelines were introduced in 2022, taxing crypto gains at 30%, but private cryptocurrencies like Bitcoin remain unrecognized as official currency.
The government is working on introducing a Central Bank Digital Currency (CBDC) and considering regulations or restrictions for private cryptocurrencies. A complete ban seems unlikely due to the market’s growth and international guidelines from bodies like the IMF and FATF, which advocate regulation over prohibition.
India is navigating the fine line between innovation and control, signaling a future where crypto regulation, not elimination, will dominate the narrative.
Discover the origins of cryptocurrency and how Bitcoin, the first decentralized digital currency, emerged as a revolutionary solution to centralized banking systems post the 2008 financial crisis. When Did Cryptocurrency Start? Cryptocurrency officially began in 2008 with the release of the BRead more
Discover the origins of cryptocurrency and how Bitcoin, the first decentralized digital currency, emerged as a revolutionary solution to centralized banking systems post the 2008 financial crisis.
When Did Cryptocurrency Start?
Cryptocurrency officially began in 2008 with the release of the Bitcoin whitepaper, authored by the mysterious “Satoshi Nakamoto.” The document, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” introduced a groundbreaking idea: a decentralized digital currency, free from banks and governments. It aimed to resolve trust issues and inefficiencies inherent in traditional financial systems.
The first Bitcoin block, known as the Genesis Block, was mined on January 3, 2009, marking the birth of blockchain technology. This innovation created a transparent and immutable ledger powered by cryptographic proof, enabling secure and trustless peer-to-peer transactions.
Bitcoin’s inception was directly influenced by the 2008 financial crisis, which exposed vulnerabilities in centralized banking and monetary systems. Satoshi Nakamoto’s vision was to empower individuals with financial autonomy while eliminating reliance on intermediaries, paving the way for a global financial revolution.
Since then, cryptocurrencies have evolved into a dynamic ecosystem, challenging traditional finance and enabling new possibilities across industries.
See less