Bitcoin ,at the moment is, neither legal nor illegal in India. Government has yet to take a decision regarding legality of virtual currencies, such as Bitcoin.
RBI do not have any rules and regulations regarding Bitcoins. RBI doesn’t say anything about Bitcoins.
So for RBI Bitcoins is “nothing”.Now , coming to Bitcoins. Bitcoins is neither a currency nor a commodity nor a security in India because there is no definition for Bitcoins.
Bitcoin can be qualified as software program because it is mined using Hardware ie. ASIC Miners.Now , coming to dollars thing RBI prohibits FOREX trading , that is you cannot trade INR for Currency /Commodity/Security.
There is no provision for Software Programs. Show me one instance where it is stated that Indians cannot buy Software in Dollars.If you want to buy a licensed Software you have to pay in Dollars using your INR Credit Card.
Tell me where RBI prohibits ?
If you want to run your Advertisements on Facebook you have to pay using Dollar using your INR Credit Card. Tell me where RBI prohibits ?
As “DIGITAL INDIA”an initiative launched by our Honorable Prime Minister, Shri Narendra Modi , attempts to make India a digital economy. Maybe this would be a great time for Bitcoins and other digital currencies to get legalized in India.
So My friend No government can control Bitcoin. That the super feature of this God Father crypt currency.
