The Supreme Court has already quashed a 2018 circular of the RBI to ban banks and financial institutions from providing services to any individual or business entities dealing with or settling cryptocurrencies, including Bitcoin.

Is crypto approved by RBI?

The Committee report recommended CBDC (digital rupee), as well as criminalisation of activities surrounding (private) cryptocurrencies. ... Thus, CBDC is intended to be a form of digital currency issued by the RBI and approved by the Central government as legal tender.

Is cryptocurrency legal in India RBI?

Neither are they recognised by the Government as legal tender nor are they regulated by the RBI. There are no laws that prohibit (or allow) trading in crypto. In that sense, cryptocurrency is like any other asset class such as gold, commodities or real estate.