Bitcoin is not illegal as per existing laws. As per media reports, a parliamentary committee is set up to look into the future legality of bitcoins and cryptocurrencies.
Cryptocurrencies offer India opportunities for innovation and development.
Blockchain: It has been accepted worldwide that blockchain technology will be the future for financial institutions. Blockchain cannot work without allowing all parts of the industry – mining, and trading of blockchain tokens, that is cryptocurrencies.
Remittance: Potential for India to save US$ 7 billion by using cryptocurrencies for inward remittances. Compare this to US$ 2 billion budget of the Mid Day Meal scheme to feed 120 million poor children.
Financial inclusion: Cryptocurrencies can provide modern financial services to the poorest Indians at far lower costs.
Stop bad actors, not the technology: With infrastructure technologies like the Internet, the smartphone and cryptocurrencies, it makes far more economic sense to chase the bad actors rather than shutting down the technology.