Can you buy bitcoin in India?
This question keeps coming up in the minds of crypto enthusiasts in India.
A ban on trading cryptocurrency was placed by Reserve Bank of India(RBI) in 2018.
Various banks and financial institutions which were facilitating the transactions concerning Bitcoin or Cryptocurrencies were forced to stop the services.
The ban was backed stating concerns regarding "Money Laundering", "Consumer Protectionism" and a threat to "National Currency".
However, in a recent judgment, The Supreme Court has revoked the ban stating it was too extreme of a measure.
RBI in an affidavit filed with the Supreme court had said:
Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs… The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks.
So, in short Bitcoin was never banned in India. It's just that the means to buy it were removed from the channel.
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