India has taken a negative stand against bitcoin and all digital cryptocurrency. The government vehemently protested against Annamme Bitcoin Revolution in 2018 because of a statement made by RBI.
What has the RBI to say?
Bitcoins set the trend in India in 2018. The banks and other agencies were involved in the transactions. Many investors gained momentum in this. This trend came down quickly when RBI took a stand against it. RBI instructed all the banks and other wallets to stop transactions of any kind in all the cryptocurrencies. Since then, many are cautious of cryptocurrency.
The government ban:
The government has placed a ban on all sorts of cryptocurrencies. A committee with a huge panel was set for this task. They submitted their final report after all investigations on 23rd July 2019. If any company or individual deals in the cryptocurrency transaction after the ban, then the individual and or company will be charged 10 crores as fine and imprisonment as long as 10 years. However, these are just the recommendations made in the report and no such laws have been made. February 2019, the supreme government asked the ruling party to come up with laws that regulate the use of such currencies.
For those who have already invested in bitcoin:
There has been news that if someone has already invested in bitcoins or other cryptocurrency and if a ban is issued, then they will be given 3 months to deal with their assets. India conducted their transactions through ZebPay, CoinDelta, CoinSecure, etc., through a credit card. The ZebPay even had an app for ios and android users for easy accessibility to transfer. A KYC was needed for the same.
All in all, currently, India has taken a negative stand against bitcoins but no strict regulations have been made. The attitude of the government of India has discouraged many investors from investing in bitcoin in India.