It has been a long disputed subject that whether crypto currency is legal in India. RBI always had concerns about it’s ill effect on economy and the possibility of transaction by means other than the legal tender issued by it, would take control out from it’s hands. It therefore banned any transactions based in crypto up until the Supreme Court then reversed the order. RBI didn't allow it because they feared it’s economic effect and if traders starts to use it as a currency to transact with, the monitoring of transactions will be difficult and the economic stability would be destructed. Also RBI didn’t understand it at the beginning and hence wanted to remove it entirely from the system so that any future trouble could be avoided.
Dilemma in taxation of digital assets
Dilemma in taxation of digital assets
Dilemma in taxation of digital assets
It has been a long disputed subject that whether crypto currency is legal in India. RBI always had concerns about it’s ill effect on economy and the possibility of transaction by means other than the legal tender issued by it, would take control out from it’s hands. It therefore banned any transactions based in crypto up until the Supreme Court then reversed the order. RBI didn't allow it because they feared it’s economic effect and if traders starts to use it as a currency to transact with, the monitoring of transactions will be difficult and the economic stability would be destructed. Also RBI didn’t understand it at the beginning and hence wanted to remove it entirely from the system so that any future trouble could be avoided.