A cloud of uncertainty hangs over the legal status of cryptocurrencies in India.
With draft regulations yet to be spelt out, and the seemingly contradictory statements coming from the Narendra Modi government, the fate of virtual coins remains suspended for now.
In a statement late last month, the government had communicated that it is looking to “ban (the) use of private cryptocurrencies in India.” However, a more recent document suggests all may not be lost for the industry.On Nov. 19, government officials submitted a counter-affidavit in the supreme court in a case filed by cryptocurrency exchanges. The document, a copy of which was reviewed by Quartz, says authorities are still in the process of choosing between regulation and a ban.