1.
IS
CRYPTOCURRE
NCY LEGAL IN
INDIA ?
CRYPTO
NEWS

2.
WHY CRYPTOCURRENCY IS SO POPULAR ?
Bitcoin or Cryptocurrency is a topic that has
sparked our curiosity. Indeed, today many a people
want to invest in cryptocurrency Bitcoin and with
the rise of home-based stock trading via different
mobile apps, many will be unable to resist the
seduction of various cryptocurrencies. We heard
that many elite communities in India have already
invested in Bitcoin in order to expand their
investment.
https://www.youtube.com/watch?v=qQPz5SoYJgw

3.
RISK IN CRYPTO
RISK IN BITCOIN
CRYPTO SCAM COINS
CRYPTO NEWS TODAY
CRYPTO NEWS IN INDIA
To buy bitcoin in India, one can use various mobile
applications available online. Few days ago, one guy in
one part of West Bengal was cheated up to Rs. 60,000
while using those applications to purchase Bitcoin. In
this scenario, because there is no legal recourse, it is
strongly recommended that you proceed by viewing,
learning, and knowing before investing in Bitcoin or any
other currencies. Very recently, Crypto scam to the
tune of nearly Rs. 2800 cr. was heard in the forming
evasion of tax where some Chinese people are involved.
Even, one person has been arrested for using bitcoin in
purchasing drugs.
https://www.youtube.com/watch?v=-CDCwe9o_LI&t=88s

4.
RISK IN CRYPTO
RISK IN BITCOIN
The price of a bitcoin peaked around Rs. 42
lakhs in early May 2021, but dropped below
Rs. 25 lakhs, a few days later after the
publishing of news on the worldwide
market. Now the question is, since Bitcoin
is a digital currency or asset that does not
follow the centralized currency system, so
there is no government agency to oversee
the fluctuations and mobility of Bitcoin or
other cryptocurrencies and its outcome.
https://www.soolegal.com/roar/crypto-news-india-is-
cryptocurrency-legal-in-india-in-bengali--2

5.
INNOVATION OF BITCOIN
– SATOSHI NAKAMOTO WHITE PAPER
– SATOSHI NAKAMOTO IDENTITY
If we go back a little bit, we can see that there
was an economic recession all over the world from
2007 to 2009, and about the same time in 2009, a
white-paper titled "Bitcoin: A Peer-to-Peer
Electronic Cash System" was released on the
bitcoin.org website. In the front page of such
nine-page white paper written by Satoshi
Nakamoto, he says Bitcoin is “A purely peer-to-
peer version of electronic cash would allow online
payments to be sent directly from one party to
another without going through a financial
institution.”

6.
Although this nine-page white paper is quite
complex, Satoshi Nakamoto describes on
the second page, “We define an electronic
coin as a chain digital signature.”
In the eighth page under heading
“Conclusion”, he wrote “We have proposed
a system for electronic transactions without
relying on trust”.

7.
WHAT ARE CRYPTOCURRENCIES ?
Remember that Bitcoin is the oldest and
popular cryptocurrency system, and there are
many more cryptocurrencies such as
Dogecoin, Ethereum, Safe Moon coin and
others. The cryptocurrency Bitcoin is not a
Fiat currency, meaning it is not guaranteed at
a price like gold.
https://www.soolegal.com/roar/crypto-news-india-is-
cryptocurrency-legal-in-india-

8.
As per RBI “Every banknote issued by
Reserve Bank of India ……. unless withdrawn
from circulation, shall be legal tender at any
place in India in payment or on account for
the amount expressed therein, and shall be
guaranteed by the Central Government.”
In conventional money, the Governor of the
Reserve Bank of India guarantees the
payment of equal sum, implying that there is
always credibility, which Bitcoin or
cryptocurrency will never have.
https://bivas-chatterjee.medium.com/crypto-news-india-is-
cryptocurrency-legal-in-india-supreme-court-on-cryptocurrency-
in-india-a33c613bd55

9.
It is nothing but the proof of originality of some pictures, videos etc. written by the
original owner which means the NFTs holder will have the original token.
https://www.linkedin.com/pulse/crypto-news-india-cryptocurrency-legal-supreme-court-bivas-chatterjee/
Another digital
asset which has
recently become
very famous is
NFTs (i.e. non-
fungible tokens)

10.
BITCOIN PRICE PREDICTION – BITCOIN PRICE FACTOR :
Bitcoin, however, is the most widely used by investors.
The Bitcoin is algorithmed in such a way that after the
year 2140, no bitcoins can be mined further and that is
why the crypto supporters advocate the fact that
Cryptocurrency will not experience inflation like any legal
tender money. As per the supporters of Bitcoin, it is safe
and legal tender money is fossilized concept. But there
are lot of concerns and one of them, since Bitcoin is not
governed by any country's laws or supervised by any
authority, it is impossible to know how the price of
Bitcoin swings or who rises or decreases it.
https://www.facebook.com/AwarenessAgainstCyberCrimes/vi
deos/288105123040327

11.
Now in many cases we see that
the price of GPUs i.e. graphical
processors unit that are used in
mining is skyrocketing.
In this case, even huge
electrical energy is also
big issue.

12.
HOW THE LAW ENFORCEMENT AGENCY INVESTIGATE BITCOIN ?
- WHY HACKERS USE BITCOIN ?
Another aspect to consider is how the
investigating officials can gather money trail
when the crime has been committed using
Bitcoin. In a nutshell, Bitcoin incorporates
features that use encryption and digital
signatures to protect the Bitcoin network's
security, thus it is a part of the virtual world
but has nothing to do with its physical
existence and due to which it cannot be
traced out.
We have seen the use of
bitcoin in many heinous
types of crimes starting
from narcotic drugs sale to
large-scale ransomware.

13.
IS IT LEGAL TO INVEST IN BITCOIN OR CRYPTOCURRENCY IN INDIA ?
This is a question that occurred in many people's
minds nowadays. Let's take a look at the scenario.
After the invention of Bitcoin, several countries
around the world outright banned it; nevertheless,
certain countries have a liberal outlook.
There are even countries who have
come with laws defining
Cryptocurrencies, namely –
Japan, Malta, Canada, Bahamas,
Estonia, Latvia, Israel, Mexico,
Austria, Czech Republic, Germany,
Luxembourg, Slovakia, European
Union and United Kingdom.

14.
On 24th December, 2013 –
The Reserve Bank of India has issued
a warning to users, holders, and
traders of "Decentralised Digital
Currency" or "Virtual Currency," such
as Bitcoins, regarding the potential
financial, operational, legal, customer
protection, and security risks they are
taking.
WHETHER BITCOIN IS LEGAL IN INDIA ?
- RBI CIRCULAR ON CRYPTOCURRENCY
- RBI ON CRYPTOCURRENCY
https://anchor.fm/cyber-chatterjee/episodes/Is-Cryptocurrency-Legal-In-
India--Crypto-News-in-India-In-Bengali-e132q9e

15.
On 1st February, 2017 –
The Reserve Bank of India has not
granted any business or firm a licence or
authorization to operate or deal in
Bitcoin or any other virtual currency. As
a result, anyone interacting with Virtual
Currencies, whether as a user, holder,
investor, trader, or otherwise, does so
at their own risk.
https://www.cyberchatterjee.com/2021/06/cryptocurre
ncy-news-india-is.html

16.
On 5th April, 2018 –
Consumer protection, market integrity,
and money laundering are among the
problems raised by virtual currencies,
often known as crypto-currency and
crypto assets.

17.
On the 6th April, 2018 -
The RBI's regulated firms like
Commercial Payment Banks, Small
Finance Banks, NBFCs are prohibited
from dealing in virtual currencies or
providing services to assist anyone in
dealing with or settling virtual
currencies. Regulated entities that
already supply such services must end
the arrangement within three months
of this circular's publication.

18.
HON’BLE SUPREME COURT OF INDIA
ON CRYPTOCURRENCY
In the year 2018 –
a case was then filed in the Hon’ble Supreme Court
challenging the Circular known as
Internet and Mobile Association of India
v.
Reserve Bank of India,
Writ Petition (Civil) No. 528 of 2018,
in which the Hon’ble Supreme Court of India, on 20th
March, 2020, set aside the aforementioned RBI
circular dated 6th April, 2018.
But the Hon’ble Court keep open the observation of
press release dated 5th April, 2018 by the RBI.

19.
On 31st May, 2021 –
The Reserve bank of India informed that, in
view of the order of the Hon’ble Supreme
Court of India, the prohibition circular dated
6th April, 2018 over Virtual Currencies is no
longer effective from the date of the
judgement passed by Hon’ble Supreme Court.
Banks, as well as other entities may, however,
continue to carry out customer due diligence
processes in line with regulations governing
standards.

20.
In the present circumstances, to put it another way, Bitcoin
and other cryptocurrencies are neither illegal nor legal in
India at the present, therefore individuals who trade in
Bitcoin do so at their own risk. In any event, if your hard-
earned money is wasted, no one will be held accountable.
CAN WE INVEST IN BITCOIN ?
Or
CAN WE TRADE IN BITCOIN IN INDIA ?
Many people believe that Bitcoin is a digital
asset and some people are of the view that it is
nothing but Ponzi scheme to cheat the common
people. We also heard that to control the
activities of crypto currencies, the Government
has come with a Bill. We are eagerly waiting for
the law on Cryptocurrency.

21.
THANKS FOR PAYING ATTENTION TO
MR. BIVAS CHATTERJEE
Special P.P.
Cyber Crime and Electronics Evidence
related cases
GOVERNMENT OF WEST BENGAL