In this report, we aim to provide a round-up of the legal and regulatory status of bitcoins in India and contrast this with the status in various other jurisdictions around the world. Specifically, bitcoins and businesses dealing with them are examined in light of the following laws and regulations:

• The Foreign Exchange Management Act, 1999
• The Reserve Bank of India Act, 1934 and further RBI guidelines
• The SEBI Act, 1992 and SEBI guidelines
• The Securities Contracts (Regulation) Act, 1956
• Prevention of Money Laundering Act, 2002
• The Sale of Goods Act, 1930
• The Payment and Settlement Systems Act, 2007
• The Indian Contract Act, 1872

Taxation is yet another angle which is analysed in the context of both direct and indirect taxes. Goods and Services Tax, the new entrant in the indirect tax regime has also been dealt with in this report.

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