Bitcoin is a cutting-edge payment network built on ground-breaking blockchain technology that has revolutionized the way people send and receive money over the internet. It is gaining momentum in India due to factors such as inherent security, lower transaction fees, lack of banking system intervention, ease of access and use, and universal recognition. Regardless of the legal status of cryptos or digital currencies, individual consumers around the country & across the world are excited about their possibilities & prospects.Crypto is gradually becoming a mainstream investment class, especially among millennials. Now, purchasing Bitcoin is completely legal in India & there is no law prohibiting Indians from purchasing or selling cryptocurrencies in the country.Is bitcoin legal and safe in India?Legal StatusIndia is rumoured to be considering a cryptocurrency ban that would prosecute miners and dealers. A senior government official told Reuters that India will propose legislation banning cryptocurrencies and fining anyone who trades or holds them in the country.The move is in line with the government\u2019s January-2021 agenda, which called for the prohibition of private virtual currencies like bitcoin while establishing a framework for a national digital currency. Recent government statements, on the other hand, have given investors some trust that the authorities will ease up on the booming market. \u201cAll I can say is that we are not shutting our minds; we are exploring ways to conduct research in the digital world and with cryptocurrency,\u201d she told CNBC-TV18. \u201cA very calibrated positioning will be taken in this situation.\u201d- Finance Minister Nirmala SitharamanBut if the ban is enacted, India will be the first major economy in the world to make cryptocurrency ownership illegal. Possession is not punishable even in China, which has outlawed mining and trading.RisksThe price of bitcoin is constantly fluctuating- while most days it is going up and up, there\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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