Bitcoin legal in India !
Bivas Chatterjee 29 Jul 2020

Bitcoin legal in India !

Is Bitcoin legal in India ?

The concept of bitcoin came in the year 2009 when there was a worldwide economic problem. Bitcoin is an application of block-chain where the same hashing and cryptography is implemented. Cryptocurrency is a type of irregular digital money issued and controlled by its developers and used by the members of a specific community. There are countries that do not allow cryptocurrencies in their countries for example China etc. The biggest problem with bitcoin is that it is decentralized and it is not controlled by any Government agencies. This is why some people doubt the clarity of bitcoin. Bitcoin currencies will never see any financial inflation because the mining of bitcoin will stop in 2140, it’s algorithm is such.

Bitcoin white paper was published on by Satoshi Nakamoto and if you read the nine-page bitcoin white paper, you will see details of transactions and all activities and how the problem of double spending will be solved, all are discussed in that white paper. In bitcoin transactions you do not need to go to any bank but your cryptocurrencies will go into your bitcoin wallet. Although there is a mystery as to who is Satoshi Nakamoto and from which country this cryptocurrency was originated but his white paper has opened up a new world of economic transactions beyond control over any nation or government. When Bitcoin was introduced its value was very low but now the value of bitcoin has skyrocketed and is increasing everyday.

But the most frightening thing about cryptocurrencies like bitcoin is, if the perpetrator uses bitcoin for economic transactions such as ransomware attacks or others, then it will be impossible for the investigating officer to reach the culprits. The Reserve Bank of India had cautioned bitcoin transactions. 

Recently, the Hon'ble Supreme Court of India, in INTERNET and MOBILE ASSOCIATION OF INDIA Vs. RESERVE BANK OF INDIA – a historical lawsuit, has considered the details of crypto currencies, which has cancelled the circular dated 06-04-2018 by the RBI.

For details please read my article at Cyber Chatterjee: Bitcoin legal in India !

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