The Legal Anatomy Of Cryptocurrency Regulation in India

The cryptocurrency industry kicked off with the popularisation of Bitcoin around the year 2008. The crypto landscape has exponentially grown since, wherein currently over 10,000 cryptocurrencies are being traded across the world. India, infact already has the most significant number of crypto investors in the world. The Government of India has imposed tax on cryptocurrencies and at the same time clarified that tax on cryptocurrencies does not mean it has been legalized.

Against this backdrop, Sanjay Notani, Partner and Akash Manwani, Associate at Economic Law Practice (ELP) have co-authored an article for Medianama titled ‘The Legal Anatomy of Cryptocurrency Regulation in India’. This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India. The main discussion points were:

•   Is legalizing/recognizing all cryptocurrencies a legal possibility to consider?
•   Is recognizing some prominent cryptocurrencies a legal possibility to consider?

The authors further highlight the fundamental difference between proposed CBDC and private cryptocurrencies based on blockchain technology. The article ends on the note that though cryptocurrencies are not banned in India, it will be interesting to see the future stance of the government on private cryptocurrencies.

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