Bitcoin is neither Legal nor Illegal right Now!
Dr. S.P. Sharma, chief economist at the PHD Chamber of Commerce and Industry, recently stated within the Economic times, that Bitcoin will most likely only be officially legalized whenever certain regulations and some monitoring are put in place:
Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see bitcoin becoming a legal currency in India.
Knowing that India´s Ministry of Finance actually established a "virtual currency committee" earlier this year, to work on a proposal of a framework for Bitcoin and other CryptoCurrencies, it seems very likely that we may see Bitcoin being legalized in India in the near future. Especially as it´s a well known fact as well that India is a rapidly growing economy regularly adopting innovative technologies.
The likelihood of a Ban actually seems to be relatively low so that we all might already speculate on a huge additional number of Users to jump on Bitcoin, pushing the prices towards new all-time highs eventually.
Until then Bitcoin and all other CryptoCurrencies will stay neither being illegal nor legal but accepted and therefore usable for the public.
(Source - Cryptocoinsnews.com)
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