Is Bitcoin legal in India? Read details as bitcoin price in India surges 950% in one year

The world of virtual currency is vast and ever-growing, and Bitcoin is amongst the supergiants of the industry. However, the future of private cryptocurrencies like bitcoins seems to be going down the drain as the Central government has been discussing a bill that probits its progress in the country. As we all know that Bitcoin has offered unimaginable gains to investors who have invested in it since it was started. Currently, the price of 1 Bitcoin has increased by 950% in a year. But, a single question that has been confusing many prospective investors is that "is Bitcoin legal in India?" If you have been wondering about the same, then do not worry, here is all you need to know about it.

Is Bitcoin legal in India?

The Supreme Court of India has legitimized the usage of Bitcoin across the country last year. The apex court observed that the existence of Bitcoin or any cryptocurrency is unregulated, but not illegal. This has relieved cryptocurrency traders to some extent. Now, India as a market is as vast as China, and this ruling has supported the world of digital money extensively. So, in simple words, investing in Bitcoin is completely legal and you can do so through various apps and traders in the market.

Nevertheless, before investing an individual must keep an eye on government policies as the Central government is planning for a nation-wide Bitcoin Ban. But, there is good news as well, the recent updates from the parliament suggest that the government is trying to make its own cryptocurrency that can be regulated. 

Vikram Subburaj, Co-Founder and CEO of Giottus Cryptocurrency Exchange believes that Bitcoin is a crisis asset that has outperformed Gold in the last one year with unbelievable returns in one year. On the latest developments surrounding bitcoins, CEO Subburaj said, "It is a welcoming move by the RBI to work on a CBDC (Central Bank Digital Currencies), it cannot be a replacement for all the cryptocurrencies that are addressing a myriad of use cases. The power of cryptos come from their ability to have decentralized governance and being nurtured by an open-source community, similar to how a Linux or Wikipedia or Android works. CBDCs and Cryptocurrencies can co-exist and even complement each other in future."

If CBDCs and Cryptocurrencies can co-exist or not is a question for the future. But the returns over the past few months have been alarming for many investors. The Bitcoin price in India has surged from Rs 4,65,012 on March 19, 2020, to Rs 42,56,636.63 on March 19, 2021 (1 Bitcoin), as of writing this article.