Tag Archives: Bitcoins

ILN Today Post

Virtual Currencies – An Enigma for Indian Authorities

In the present times, where trading and dealing in virtual currencies (“VCs”) such as Bitcoins, is surging at an extraordinary rate with astonishing highs and lows, the question of recognition and regulation of VCs under the Indian laws still looms in a cloud of confusion. After several advisories of the Reserve Bank of India (“RBI”), which has till date stood short of declaring VCs as illegal, and subsequent raids reportedly conducted by the Enforcement Directorate against operators of trading platforms of VCs in India (as already discussed in our previous updates1), the Income Tax (“IT”) department and the Securities Exchange Board of India (“SEBI”) are now considering to crack down the unregulated reign of Bitcoins. 

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