1).Bitcoin mining get did not legal stestus in indea yet.first of all we need to understand what is Bitcoin mining it is the process by wich transection verified and added to the public ledgar, which is also know as the blockchain and it is the means through which new Bitcoin are released. It is an online process with internet and suitable hardware the process involves a special software to solve curtain puzzle which are compotionlizedly , difficult a solved an such a problem cirtain number of Bitcoins are issue.
2). The Bitcoin is a very short span of time experience alot of upa and down. The craze for this currency raised to high that inverstaor hardly took a step away from trading in other cryptocurrency though the regulatry authorities repitedly said this is just a bubble phase but anyway Bitcoin made it's away many countries like canneda, Australia and europen Union s legalized Bitcoin,but india is not ready to legalized it.
3)..... On 1st February 2018, while announcing union buget 2018-19 finance Minister Arun jaitley stated that the government is going to take possible mesures that eluminate use of crypto-asset a financing illgaeitimate activities, and will also explore the use of blockchain technology for ushreing digital economy on April 5th the resurve bank of India issue a statement banneingthe bank in the country from dealing with cryptocurrency exchange and other similar service.it is believe that this step of rbi in just taken for the sake of protecting the people and compenies form the risk associated s such volatile assets.
4).the interesting part is that the resurve bank had neither Bitcoin declear as illegal not it said that is shall be accepted as currency the apex bank just highlighted risk involved in the vertual currency. The currency as defined under sec (2)h of the foreign exchange manegment act 1999 the Bitcoin dose not fit in to it currency include all currency note postel note,postel order,money order, cheques, drafts, travel er cheque, letters of credit,bill of exchange and prommecery notes credit card and such a similar instruments. Sec 2(a) of the coinage act 2011says that coin in the form of meal or any other material stamp by government or any other authority empowered by the government in this behalf, and it dose note include credit card ,debit card ,postal order,and e-money issued by any bank ,post office financial institution the thus Bitcoin is not a coin as well. And these reason of Bitcoin ban in India.
