Are cryptocurrencies legal in india ?


What is cryptocurrency?

Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions. When we transfer cryptocurrency funds, the transactions are recorded in a public ledger. We store our cryptocurrency in a digital wallet.

How crypto works?

Cryptocurrencies are not backed by a central authority such as a government. Instead, they run across a chain of computers. It is exchanged from peer-to-peer on the web without a middleman.

Cryptocurrencies are decentralized which means no government or bank manages how they’re made, what their value is, or how they will be exchanged. All the crypto transactions are secured by cryptography which means that it only allows the sender and intended recipient of a message to view its contents.
Types of cryptocurrency:

There are many different kinds of Cryptocurrencies are created but, Bitcoin is considered as the first and we'll known cryptocurrency, other types of cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), Cardano(ADA), Polkadot( DOT), Bitcoin cash (BCH) etc.... thousands of private cryptocurrencies are created.

Cryptocurrency in India:  

In India, cryptocurrency is not a valid currency in the conventional sense, which means that we cannot pay with cryptocurrency to buy and sell anything in India. The currency of a country is legal tender backed by a sovereign guarantee. In India, only the central bank (RBI) can issue any currency.
There is no regulations governing, cryptocurrencies in India so far.

The government is set to introduce a bill to ban all private cryptocurrencies with few exceptions and create a framework for an official digital currency to be issued by the Reserve Bank of India (RBI) during Parliament's Winter Session starting November 29.

Pro's and con's :

Crypto face criticism for many reasons, include their use for illegal act , exchange rate volatility and vulnerabilities of the infrastructure underlying them, and high risks in investments on the other hand they also have been praised for their portability, divisibility, inflation rises and transparency.

Conclusion:

The cryptocurrency or crypto industry has been growing quite well over the last few years. People are looking for various opportunities to invest in cryptocurrency, but investing in cryptocurrency is up to individuals own risk.

Look before you leap! Before investing in a cryptocurrency, be sure you understand how it works, where it can be used, and how to exchange it. Read the webpages about the currencies, so that you fully understand how it works, and read independent articles on the cryptocurrencies you are considering as well.

Have a safe and profitable investment!

Let our Creation be your innovation!

Radha.M
Digital Analyst





Location: No 75/B Perappankulam Street, Manjakuppam , Cuddalore

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