Bitcoins are an area of immense interest and curiosity. I feel it falls in a typically 'gray area'.
While on one hand it is a decentralised currency and can be mined in India (thus clearing it of the ambit of foreign currency), on the other hand buying and selling of a currency (as well as loading an electronic wallet) are directly regulated by RBI and such transactions need to take place through RBI approved banks/ channels. "... Only banks which have been permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based prepaid payment instruments (mobile wallets & mobile accounts).''
A brief research online also will reveal many manners in which this regulation can be circumvented (the legal outlook of the government on such transactions is still to be seen). The situation is thus quite ambiguous.
Definitely something lot of risk-takers and others shall be watching over carefully.
P.S.- The intent of this post, as always, is to only provide an opinion. We do not subscribe, ascribe or promote (directly or indirectly) any advice or suggestions.
26th November 2017 From India , Delhi