Bitcoin tolerating, offering, exchanging or mining is not illicit by any current law in India, still, it is not yet recognised in India. The Reserve bank of India (RBI), had prior advised clients, holders and brokers of Virtual currencies (VCs), including Bitcoins.
The national bank had proclaimed that the exchanging or utilizations of virtual money, including bitcoins are not endorsed by any national bank or fiscal specialist.
It can’t utilized as a medium for installment.
RBI Deputy Governor R Gandhi cautioned against digital forms of money, for example, Bitcoin. He educated as the Bitcoins have potential budgetary, legitimate, client insurance and security-related dangers. Installments by Bitcoins are on peer to peer premise and there is no settled system for plan of action to client issues, debate, and so on. There is no legitimate status for Bitcoins.
In the meantime Bitcoins are not restricted in the nation by the national bank. In any case, not approved by the national bank of India.