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Is Cryptocurrency legal or not in India?
It is a controversial topic. As of 2024 still the status of cryptocurrency in India remain complex. In 2018 RBI has banned cryptocurrency in Indian Market because, the Supreme court lifted this ban on March 2020. Still Cryptocurrency are not legal in India. It is not regulated by any central bank, any authority.
One of the biggest scams have been occurred in case of Gain Bitcoin. And just imagine about the situation in which Private key of the virtual currency is lost then one would loss all the amount which was in his Crypto wallet. And the main issue in this transaction is that it is irreversible, one wrong click, and amount is gone. As Cryptocurrency is a far better way for payment purpose, people are trusting it more. The only issue is in cryptocurrency that there is no strict regulation to deal with illegal activities.