Bitcoin is seven years old now, and although the cryptocurrency has gained broader acceptance and grew a large userbase, the laws and regulations around it are still a grey area. However, when compared to its initial years, there has also been a softening of stance towards the cryptocurrency from governments. Authorities are beginning to tolerate it more as they continue to track it vigilantly. Rather, they are looking for the best regulations for it, rather than trying to shun it. The scare is over. One such example of changing perceptions can be found in India.
It was in June 2013 when the Reserve Bank of India (RBI) formally touched upon the topic of virtual currencies in a report related to the regulations and infrastructure of the financial sector. The report mentioned about the use of online and mobile technologies (virtual banks, virtual currencies) and said, “…these developments pose challenges in the form of regulatory, legal and operational risks.” It further said, “The regulators are studying the impact of online payment options and virtual currencies to determine potential risks associated with them.” The stance of the apex bank only got more rigid with time and it issued an advisory titled as, “RBI cautions users of