Will Bitcoin Become Legal in India?

In this digital world where everything thing is being and is digitalised, cryptocurrencies has not just a become an investment option, but in many countries has become the legal tender, that means that it can be used for trading goods and services by the public.

Cryptocurrency is a digital asset that is secured by Cryptography, which makes it impossible to double-spend. Many of the cryptocurrencies are decentralised networks that are based on block-chain technology-a ledger which is enforced by a network of computers. A major feature of cryptocurrencies are that they are not issued and controlled by a central authority, which makes it immune to manipulation by any single authority.

Cryptocurrencies like Bitcoin can and is being mined, and can also be purchased from a cryptocurrency exchange platform. Furthermore, cryptocurrencies like Bitcoin have become popular mainly due to the content published related to it on social media platforms like Facebook, Twitter, Reddit, Instagram and other social media websites. And, to a certain extent, it is also used for cross-border transfers.

Bitcoin is one of the most famous and known cryptocurrencies in the market, and was invented by an anonymous person, Satoshi Nakamoto, and was introduced to the world by a white paper in 2008. Bitcoin was made available to the people in 2009, and have remained the most covered and traded crypto till now. And during the rise of Bitcoin, other cryptocurrencies like “altcoins” were also launched in the market.

But, even though people can trade Bitcoin in India at least till this date, it cannot be used to buy things in place of the Indian Rupee. Therefore, the government does not recognise this as a legal tender, which is very similar to the rules in UK, US and most of the countries.

That’s it!

Thank you for reading and sharing my blogs, and I hope you have enjoyed this article on “Bitcoin”.

Please do share your kind suggestions below 👇