InvestorQ : Has the government banned cryptocurrencies in India?
Gauravi Patel made post

Has the government banned cryptocurrencies in India?

simran Kaur answered.
3 years ago

No. The Indian government hasn’t banned cryptocurrencies in India.

In December 2017, the finance ministry said that virtual currencies are neither currencies nor coins and are not authorized by the RBI and the government as a medium of exchange. These do not have any regulatory permission or protection in India.

“The virtual currencies don’t have any intrinsic value and are not backed by any kind of assets. The prices of bitcoin and other virtual currencies, therefore, are entirely a matter of mere speculation. There is a real and heightened risk of an investment bubble of the type seen in ponzi schemes that can result in a sudden and prolonged crash," the finance ministry had said in a statement.