Actually the answer is NO.BITCOIN and other CRYPTOCURRENCIES are NOT BANNED in INDIA, In fact they never were. In April 2018,RBI disallowed banks and other regulated financial institutions from dealing with or settling VIRTUAL CURRENCIES. Which means that if i wanted to purchase or sell any Cryptocurrencies in exchange of money ,NO Bank would facilitate that transaction. Then in March 2020, SUPREME COURT lifted this RBI's order and now government is working towards regulating the cryptocurrency and blockchain industry.
Bitcoin and other Cryptocurrency were never illegal in India. There was a banking ban on them as explained above. Which made it very difficult to TRADE them. Also when the "BANKING BAN" was there, Transactions which didn't include bank settlements did take place(peer to peer transaction).
Currently the government is planning to get concrete regulations to safeguard Cryptoinvestores intrests and prevent financial fraud. They are also working on how to tax the income generated from Cryptocurrencies.
0 Comments