Are crypto currencies legal in India?
This is what the Indian Finance ministry have to say to people with such questions.
Crypto Currency such as Bit coin is a worldwide payment system which is decentralised. So this implies that the currency does not operate with the central bank of any country.
These are the major reasons for not legalizing it -
Traders on this platforms are exposed to huge legal & financial risks. Ofcourse if traders are affected the country will face a major downfall.
Frequent unpredictable changes in the Value is a highly potential risk for the users.
No information of counterparties who does transaction can push users to unintentional money laundering charges, or even terrorism financing.
So personally I believe that many countries would make this illegal as it would create more issues and will affect the remaining peace in the world.