In 2018, when the Reserve Bank of India (RBI) introduced the banking ban for companies dealing in cryptocurrencies, thousands of Indians started selling their bitcoin (or other cryptocurrencies). I have friends who have sold their cryptocurrencies at a huge loss. This banking ban eventually led some cryptocurrency exchanges like Zebpay to move out of India.
Over the month's lots of people (including one lawyer!) have asked me if bitcoin is banned in India. So I think lots of people are under the impression that bitcoin is banned in India.
RBI v/s Crypto case is finally being heard at the Supreme Court of India. In the Supreme Court, RBI has clearly stated 'Bitcoin not banned in India, but don't bank on it'.
Crypto Kanoon is following the RBI v/s Crypto case at the Supreme Court. I think Crypto Kanoon has done an outstanding job of informing people through their Twitter, YouTube and Telegram.
From Crypto Kanoon's video (above) some highlights of the case are:
-Any economic activity can be banned only by a legislative body (i.e Parliament) and not by an executive body (i.e RBI)
-Crypto regulations are necessary to protect citizens crypto funds (Since Japan introduced crypto regulations, there is no news of crypto exchanges being hacked. Therefore in public interest, it's necessary to regulate crypto)
-As far as anonymity of the holders of cryptocurrencies, bitcoin/cryptocurrency exchanges can be fully KYC compliant (So the holders of cryptocurrencies are no longer anonymous)
I think bitcoin is the best performing asset of the decade. While we wait for the Supreme Courts final decision, I think, we can buy or sell bitcoin on Paxful. Paxful is a global peer-to-peer marketplace for buying and selling bitcoins that accepts over 300 payment methods.
Both you and I will receive 5 USD worth of bitcoin if you sign up for Paxful via this link and complete ID and address verification along with one successful trade.
Happy Trading!
Disclaimer: This is not financial advice. This is not tax advice. This is not legal advice.
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