Published on : 07 Nov 2025, 3:15 pm 6 min read

India’s cryptocurrency regime embodies one of the most striking contradictions in contemporary financial law: Taxing the digital assets yet refusing to recognise them legally. This dualism raises further questions regarding fiscal legitimacy, regulatory coherence and constitutional rationality.

From the Reserve Bank of India's (RBI) initial advisory in 2013 to Finance Minister Nirmala Sitharaman's 2025 statement on stablecoins , India's virtual digital asset (VDA) strategy has evolved from caution and prohibition to judicial correction and now includes selective taxation.

This article traces the evolution from RBI’s initial warnings and the 2018 banking ban to the Supreme Court’s intervention in Internet and Mobile Association

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