The structure of blockchain technology that is used in bitcoins makes sure that the parties involved remain anonymous as the system offers randomly generated name and key. However, Union Finance Minister Arun Jaitley admitted that bitcoins are not legal tenders in India as yet. “Recommendations are being worked at. The government’s position is clear, we don’t recognise this as legal currency as of now,” he was quoted as saying. The Reserve Bank of India (RBI) had once warned the public against the use of virtual currencies by releasing a statement that those who are trading in bitcoins are doing so at their own risk. This happened after the banking regulator noticed a growing interest in virtual currencies, which was seen as risky, since it is prone to theft and is seen as an asset with no underlying value. Can you buy bitcoins in India? Yes, you can buy the bitcoins via bitcoin wallets. Read more here…

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