Dear Experts,
Is Crypto-Currency allowed in India. One person wants to sell his crypto-currency holdings and will be getting equivalent INR in Cheque/transfer to his bank account. Is this legally allowed? If allowed, how could that money be accounted?
Cryptocurrency Sale in India Remains Banned by RBI; New Regulations Expected Soon. Monitor Developments Closely. A user inquired about the legality of selling cryptocurrency in India and receiving payment in INR through bank channels. An expert responded that the Reserve Bank of India (RBI) had banned cryptocurrency transactions since July 2018. However, the Internet and Mobile Association of India challenged this ban in the Supreme Court. The Indian Government informed the court that cryptocurrency regulation drafting was nearing completion, with an update expected soon. Until a legal framework is established, such transactions remain prohibited by the RBI. The user was advised to monitor the case for further developments. (AI Summary)
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