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Hi friends Glad to meet you in this video. We are going to see the legal status of cryptocurrency in India I am going in English in this video partly to reach more audience also as an experiment to grow my channel. Let’s get into the video right away.
A few days back supreme court of India asked the union government of India about the legal status of cryptocurrency in India. This is regarding an ongoing case in supreme court. If you want to understand this you have to go back and to see the backstory of this. As of 2016 the cryptocurrency was banned in India. Owning cryptocurrency or transferring cryptocurrency was illegal in India, besides its illegal status lots of people tried to invest in cryptocurrency because of its booming.
So in 2017 a person called Bharadwaj created his own cryptocurrency called gain bitcoin and he promoted his cryptocurrency and promised at least a 10 percentage of return in 18 months. Now, a person called Dhruv Shera he reached out Bharadwaj and invested his seven BTC that is bitcoin so bitcoin was at peak at that moment and he invested his seven bitcoins with that person. Like Dhruv Shera lots of other people invested in this gain bitcoin and were expecting for their returns. They waited and waited but no returns no gain no profit. So at the end of 2017 many investors of this gain bitcoin realized that they were cheated and this guy Bharadwaj came up with a fake investment idea. So they reached out police and filed an FIR and it was estimated that the scam was around 300 dollars to 2000 million dollars. That’s a lot of money. Then police arrested Bharadwaj put him in jail , then case started, and after much processing Bharadwaj got bail and things were going on.
But few days back supreme court asked the government about the legal status of cryptocurrency. what happened in between that’s interesting story but a confusing story. Why I say it’s confusing? Just wait and see why I’m saying it is confusing. It was 2017, after the budget our finance minister Nirmala Seetharaman said “any virtual assets holding or transferring will be taxed” by saying virtual asset cement cryptocurrency and NFTs. So immediately after this announcement the cryptocurrency holders and investors were very happy and they were started to saying that the cryptocurrency is going to be legalized in India. But after this, finance secretary Soma Sundaram explained about this and he said “any cryptocurrency like bitcoin or Ethereum will never be legalized in India”.
Finance minister Nirmala Seetharaman also proposed an idea. She said a digital currency or digital rupee will be introduced. It will be like a cryptocurrency but it’s a legalized Indian rupee in cryptocurrency form using the blockchain technology. This digital money will be legalized and this digital money will be backed up by reserve bank of India. Anybody can use this digital money to buy any asset like any non-digital asset. Finance minister also said from April 1st 2022 any digital assets or transferring will be taxed up to 30 percentage.
