The government of India does not recognize cryptocurrencies as legal tender.
However, it has stated its desire to promote blockchain in payment systems.
In April 2018 India’s central bank, the Reserve Bank of India (RBI) announced that it had placed a ban on the sale or purchase of cryptocurrencies. This ban is effective on all entities that are regulated by RBI.
Additionally, the government of India has taken steps in banning cryptocurrencies that are not issued by sovereign entities.
It reiterated this position with a negative response to Facebook’s project of launching its own cryptocurrency, Libra.
