The Cryptocurrency | Wanna bet on uneven battle with State - FAQ

How to make investments in cryptocurrency?
Investment can be made directly in India via the exchanges that exist and provide services. This exchange acts as a Custodian of the cryptocurrency and holds them on behalf.These exchanges are operating from the ruling given by Supreme Court, which is again challenged by RBI in the Supreme Court of India.

Investing directly in India would cost the trust, if you are going to make an investment in India via the exchanges that are acting as custodian, it costs a lot in case of any eventuality like a a fraud or a deceit. If you willing to take that risk and your investing a small part then, can go ahead and continue to invest in those exchanges.

Why not invest through Liberalised Remittance Scheme directly in another country?
As per the FAQ released by the RBI, the payments that are made to the exchanges are prohibited from the LRS Scheme, since the investments made are in speculative nature.


What does Supreme Court judgement mean?
Supreme Court allowed activities related to blockchain and that doesn't necessarily mean virtual currencies can be legal tender or soon going to be. We need to be aware that Indian Government's position is quite strong on this issue and continue to put on efforts to curb and control the virtual currencies. News across the channels is popping that Indian Government is going to bring a legislation to curb the trade of virtual currencies in India.

How to address this issue and hold cryptocurrency ?
A body corporate can be incorporated to hold the cryptocurrency in the country in which it is legal such as Japan or Switzerland. Remittances from India would be like investment in a foreign company, and the income such as dividend or interest has to be remitted back to India if investment is made from LRS and can't be reinvested.If a prior permission is obtained thereby can continue to invest via a body corporate of another country. This would prove to be the best solution in case of investment is substantial and wanted to be secure about the same.

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