In this increased globalized world, digital currency has become one of the most valuable tools for exchanging of money and doing any sort of business. Historically, the stance of the Indian Government and the Reserve Bank of India (RBI) has been negative towards implementing and governing cryptocurrency in India mainly because it would not be regulated by the RBI. However, it has become difficult to completely shut out VDAs and cryptocurrency because of the new global trends. Hence, instead of putting a blanket ban on them, the government has issued a notification dated 07th March, 2023 wherein the trading, handling, management, holding, of cryptocurrency and VDAs has been brought under the scope of the Prevention of Money Laundering Act, 2005. This can be seen as a positive step by the Indian Government starting to officially recognize VDAs and cryptocurrency as a valid and legal form of assets and currency in India.
