Are NFTs Legal in India ?

Seven years after its launch, Non-fungible tokens ( NFTs) have finally become the latest rage in India with several Bollywood celebrities and cricketers now cashing in on the growing interest for such digital assets.

What is an NFT An NFT is a digital assests that exists on a blockchain.It represents realworld objects like art , music, in-game items and videos. They are bought and sold online mostly with crypto currency and they are generally encoded with the same softwares as many other cryptos

Is NFT Legal in India ? NFT's are only traded in crypto currencies and in India all platforms that have launched trading in NFTs till date are crypto currency by default. So the problem in India is , at this point of time crypto is neither legal nor ill-legal. Indian government has yet not clarified anything on rules & regulations on crypto currencies however as per recent reports, Indian governemnt is going to present bill in parliment about crypto currencies so lets wait for that and dont specualate about its future

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