It is not illegal to buy and sell bitcoins in India. There is no law in India which declares it illegal. In India, the cusp of a digital revolution is yet to recognize the cryptocurrency officially. The Reserve bank of India(RBI), which regulates Indian rupee, had earlier cautioned users, holders and traders of Virtual currencies including Bitcoins.
Any central bank or monetary authority do not authorize the creation, trading or usage of Bitcoins as a medium for payment. There are no regulatory approvals, registration or authorization is stated to have been obtained by the entities concerned for carrying on such activities. However, the central bank has not unequivocally banned Bitcoins in the country.
As of my last knowledge update in January 2022, the legal status of buying and selling Bitcoin in India has been subject to change, and it’s important to note that regulations may have evolved since then. As of my last update, there was no outright ban on buying or selling Bitcoin in India.
India has shown a dynamic approach to cryptocurrency regulations, and there have been periods of uncertainty. The regulatory landscape can be influenced by government policies and central bank directives.
To obtain the most accurate and up-to-date information on the legality of buying and selling Bitcoin in India, it is advisable to consult official government sources, regulatory bodies, or legal experts who are familiar with the current status of cryptocurrency regulations in the country as of 2024.