Currently, there are no clear regulations regarding cryptocurrencies in India. The Reserve Bank of India denied providing any services to crypto exchanges and other businesses in 2018, and currently, the Supreme Court of India is hearing the case. But the central bank of India had clarified earlier that the use of cryptocurrencies is not illegal in the country.
Police advise people to stay away from cryptocurrencies.
According to local news reports, the Economic Offences Wing noted that they had received several complaints from investors who had been victims of crypto scams. The police authority is now advising the public to avoid dealing with cryptocurrencies, including bitcoin, Ether, and XRP. According to the warning, those who continue to invest in cryptocurrencies would have no one but to blame themselves.
Supreme Court of India could make use of crypto legal in India.
The Supreme Court of India is yet to announces its decision on whether the RBI’s decision to suspend services to crypto exchanges was constitutional or not. The crypto community of the country is hopeful that the decision would come in their favor. As of now, the use of bitcoin and other cryptocurrencies is not illegal in India, but law enforcement has discouraged their use.