Who regulates cryptocurrency in india?
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Who regulates cryptocurrency in India? Explore the Reserve Bank of India’s (RBI) role, legal developments, and India’s evolving stance on crypto regulations.
Indiaβs cryptocurrency regulations are a work in progress. The Reserve Bank of India (RBI) plays a key role, having initially banned banks from supporting crypto transactions in 2018βa decision overturned by the Supreme Court in 2020. Cryptocurrencies are not illegal, but they are not recognized as legal tender either.
Currently, thereβs no dedicated regulatory framework for cryptocurrencies, though taxation on virtual digital assets (VDAs) was introduced in 2022. The government has proposed a Central Bank Digital Currency (CBDC) and is working on a bill to clarify crypto regulations. Meanwhile, RBI continues to caution against crypto’s risks, calling for greater oversight to ensure financial stability.