crypto transactions

 In India, cryptocurrency transactions between two parties take place through decentralized networks that operate on blockchain technology. Blockchain technology is a digital ledger system that records every transaction made in the network in a secure and transparent manner.

However, it is important to note that cryptocurrency transactions are not currently regulated in India, and the Reserve Bank of India (RBI) has issued several warnings to users regarding the potential risks of investing in cryptocurrencies.

That being said, in March 2020, the Supreme Court of India struck down a circular issued by the RBI that banned banks from dealing with cryptocurrency exchanges. This ruling provided some clarity and legitimacy to the use of cryptocurrencies in India.

As of now, the Indian government is considering introducing a bill that would prohibit all private cryptocurrencies in the country and pave the way for a central bank digital currency (CBDC). However, the bill is yet to be passed, and the use of cryptocurrencies remains largely unregulated