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End of the Road for Private Cryptocurrencies in India – the Proposed Ban

With more and more investors being attracted to invest in virtual currencies with their astonishing highs and painful lows, the
cloud of confusion with regard to recognition and regulation of such currencies under Indian laws loomed. The nuances and
legal status of virtual currencies under Indian laws including various directions issued by the Reserve Bank of India (“RBI”)
on virtual currencies have been extensively discussed in our previous articles1,2.

Lex8219-4.pdf