In 2018, the Reserve Bank of India (RBI) barred regulated entities from dealing with cryptocurrency-related businesses and customers. After petitioning from cryptocurrency exchanges in India, the Supreme Court struck down this measure in March 2020.

Is Cryptocurrency banned in India?

In April 2018, the Reserve Bank of India (RBI) had advised all entities regulated by it to not deal in digital currencies. In 2020, the Supreme Court set aside the central bank's 2018 circular and allowed banks and financial institutions from providing services related to cryptocurrencies.

Is crypto allowed in India?

The currency of a country is legal tender backed by a sovereign guarantee. In India, only the central bank (RBI) can issue any currency. ... Since it can be traded online within the country, cryptocurrencies are digital currencies and valid as an asset class in India.