Here you will find our extensive collection of cryptocurrency FAQs. If you can’t find the answer here, then you can submit your own question(s) and answer(s) at the bottom of this page. Or you can simply write a comment regarding any of our existing cryptocurrency FAQs.
In many cases, such as questions about taxation and regulation, the detailed answer is country or state-specific so we are unable to give you the full answer in one little faq, but we will try to point this out.
Other questions, such as those regarding cryptocurrency safety and security, often depend on how the cryptocurrency is being used.
Other answers depend on the exact cryptocurrency coin in question. For example, what may be true for bitcoin may not also be true for Ethereum.
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In early 2018 India’s central bank, RBI, declared a ban on the sale or purchase of cryptocurrency via a bank account. The bank also stated that cryptocurrencies are not to be considered legal tender – so that means it is illegal to buy, sell or even use cryptocurrencies in India. This was announced in April of 2018 and went into effect in July 2018. But even given that, Unocoin exchange’s ATM machines in India are operational and get around the law by only accepting cash deposits and withdrawals. They are working on the theory that the RBI ban only applies to entities governed by RBI, since as brick-and-mortar banks. You can’t link your bank account to these ATMs. Note that, as with every country, these types of regulations are often in flux and India could relax or eliminate their ban in the future.
Latest news on cryptocurrency regulation can be found here.
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