In early 2018 India’s central bank, RBI, declared a ban on the sale or purchase of cryptocurrency via a bank account. The bank also stated that cryptocurrencies are not to be considered legal tender – so that means it is illegal to buy, sell or even use cryptocurrencies in India. This was announced in April of 2018 and went into effect in July 2018. But even given that, Unocoin exchange’s ATM machines in India are operational and get around the law by only accepting cash deposits and withdrawals. They are working on the theory that the RBI ban only applies to entities governed by RBI, since as brick-and-mortar banks. You can’t link your bank account to these ATMs. Note that, as with every country, these types of regulations are often in flux and India could relax or eliminate their ban in the future.
Latest news on cryptocurrency regulation can be found here.
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