Since RBI failed to show this with its circular, this was struck down.
She also added that any such law will come after a process of opening up to public comments followed by the passage in both houses of Parliament. Crypto trading never completely died in India, despite the RBI payments ban.
Many investors simply moved to peer-to-peer platforms to transfer crypto-related money. The exchange told Mint that it has seen a sharp rise in users and trading volumes after the SC judgment.
You can read more about it here. The draft bill banning cryptocurrency in its original form provided a time of 90 days for holders of cryptocurrency to declare and dispose of it. However, a forced sale could trigger substantial losses on holdings and not all crypto investors may be able to sell their holdings in this time period.
Cryptocurrency is not an investment recommended by Mint Money even if the government refrains from criminalizing its use.
However, if you are exploring this phenomenon or have already invested in it keep this legal risk in mind.
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