Bitcoin legal in India ! 👀

Bivas Chatterjee

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Jul 28, 2020

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Bitcoin white paper was published on Bitcoin.org 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.

To control the spread of crypto-currencies, it was heard from many sources that the Central Government has introduced a bill which is entitled as Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. But there is no specific information to that effect. Now the following questions still remain unanswered:

i) Whether the cryptocurrencies like Bit coin or others are legal money as the law of the land ?

ii) What will be the fate of the investigation or enquiry where the money trail of the crime is through cryptocurrency route ?

iii) How a decentralized currency system will adjust with a centralized currency system like that of ours ?

iv) When do we get a clear white paper or policy papers of how to deal with this new type of technology currencies from the part of the competent authority?

Lot of questions…………we now need answers.

Read the entire judgement by Hon’ble Supreme Court of India on Bit Coin :