Curious about cryptocurrency trading in India

The current legal status of cryptocurrency trading in India is somewhat complex. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and other regulated entities from providing services to individuals and businesses dealing in cryptocurrencies. This effectively made it difficult for cryptocurrency exchanges to operate in India, as they were unable to process fiat currency transactions.

However, in March 2020, the Supreme Court of India quashed the RBI's circular, effectively lifting the ban on cryptocurrency trading in India. This means that cryptocurrency exchanges can now operate in India and traders can buy, sell, and trade cryptocurrencies using fiat currency.

While there is no explicit law or regulation governing cryptocurrency trading in India, the government has indicated that it may introduce a new regulatory framework for cryptocurrencies. The government has also indicated that it is considering imposing taxes on cryptocurrency trading profits.

In summary, cryptocurrency trading is currently legal in India, but there is still some uncertainty regarding the regulatory framework and taxation of cryptocurrencies in the country.