🇮🇳 Cryptocurrency Regulation in India After the 2016 demonetization, cryptocurrency gained popularity in India, sparking interest in digital payment systems. The RBI cautioned against their use and advocated for a ban. ⚖️ Regulatory Landscape: India lacks specific legislation for virtual currencies, but the Income Tax Department amended laws to tax Virtual Digital Assets (VDAs). Cryptocurrencies are not legal tender, and money laundering laws cover virtual assets. 💼 Cryptocurrency Regulation Bill, 2021: Under review, this bill aims to establish a framework for RBI-issued digital currency. If passed, a six-month grace period would allow penalty-free liquidation of crypto holdings. India would be the first major economy to ban crypto possession. 📊 The National Strategy on Blockchain: The updated strategy, released in December 2021, focuses on developing a nationwide blockchain infrastructure and leveraging its potential in various sectors. Click here to read the full article and gain insights into India's cryptocurrency regulations.