Is Bitcoin Legal?
As far as the legality of Bitcoin is concerned then it seems to be quite controversial. There are certain countries such as Japan that have passed a bill where they have given legal recognition to Bitcoin.But when it comes to China then they have imposed regulatory restriction towards Bitcoin.In certain states of USA, Bitcoin is not treated as money whereas in some it is accepted in the form of payment.
In India, It is actually dependent on the government whether to treat Bitcoin as a currency or not. According to the Indian Laws, the government only has the power to issue currency. Rest as far the residuary power is concerned then it is totally in the hand of Reserve Bank of India to decide whether to treat Bitcoin as the currency or not.
After demonetization in India, the demand for Bitcoins has increased gradually. Thus stating that it is not at all illegal to buy, sell. Trade or mine Bitcoin in India.The Indian government is totally against initiating this cause as they believe that the black money headers might have invested in this.
Thus it can be concluded that although Bitcoin cannot replace the original currency, still in the time period of demonetization, there has been a phenomenal growth in its usage. Although the investors are finding it reluctant enough to invest in it due to high risk associated with it but the other population have no issues in accepting it in the form of cryptocurrency around the world. Thus it is quite difficult to state whether Bitcoin is legal or not.