Yes!
I'm sure that answer might seem a bit confusing to you at first. But the fact is that as per the current laws in India anything that is not prohibited by law is permitted.
Therefore Bitcoin is permitted under current laws. However, it doesn't imply that it is legal tender. It is not legal tender in India which means you cannot pay for goods and services with Bitcoin.
However, there isn't anything stopping such activities but it is clearly not encouraged.
Having said that can you hold and trade Bitcoin and other cryptocurrencies. Yes, since there is lack of any legislation or rules prohibiting such activities you are free to continue speculating in the value of these cryptocurrencies.
You can freely engage in P2P Fiat/Crypto transactions because there's nothing RBI and it's licensed entities can do about it. No bank in the country has the judicial power to attribute any purpose or reason for a bank transfer in case of P2P or in general between individuals.
There’s also the taxation part which you cannot miss if you are in this space. There is no set of rules but some general principles outlined in my past article on bitcoin taxation in India can help you with your audit.
However, future legislation may affect its current status. Either it will be legalized officially or it will be made illegal. Legislation is being drafted and I will share more information as I find out.
I hope this clarifies the status of Bitcoin or Cryptocurrencies in India. If you are new to Steemit and the world of cryptocurrencies from India, you might find some of my older posts on these matters useful.
It's always a good idea to do your due diligence when it comes to legal matters.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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