Is cryptocurrency mining legal in india

Bitcoin And The Indian Government Over the past few years, despite the lack of regulations in the Indian digital cryptocurrency industry, a few Bitcoin exchanges have sprung up and started operating with self-regulated trading platforms with strict Know Your Customer KYC and anti-money laundering systems in place.

These include startups like ZebpayCoinsecure and Unocoin.

The Short Story: What is bitcoin mining

Legal startups have india raised funding from investors and have slowly been building faith in legal Bitcoin and digital currency sector despite skepticism from the government. The bank said that with its potential to fight counterfeiting, the blockchain india likely to cryptocurrency about a major transformation in the functioning of financial markets, collateral identification, and payments systems.

The release warned users of the risk they are likely to already be aware cryptocurrency. Namely, that the RBI does not regulate and has not licensed any virtual currencies in India. Hence, anyone using them does so at their own risk. Gandhi also raised concerns over virtual currencies. He said that cryptocurrency poses potential financial, legal, customer protection and security-related risks.

Especially when regulators elsewhere are adopting proactive measures. As per a Trak. Clearly, despite initial reservations, the Indian government is keen on understanding how Mining works and is willing to deploy resources to build frameworks. According to the MyGov site, nearly 4, comments were submitted in recent weeks. The self-regulated entity is working towards educating the masses about cryptocurrencies and informing them about best industry practices for businesses.

Authorities are now taking mining technology seriously. We have been trying to get their attention for years now. At Coinsecure, we are seeing a massive increase in the number of users and cryptocurrency.