Bitcoin
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Information about Bitcoin
The legal framework regarding crypto-currencies is yet to be laid down. RBI has not given any licence/authorization to any entity/company to deal with any virtual currency
In the absence of a legal framework, it is not advisable for citizens to deal with virtual currencies such as Bitcoins.
These currencies are normally used by criminals operating on the dark web or the hidden web. Legal, bonafide businesses do not normally use Bitcoins. Therefore any request for business transaction in Bitcoins should raise suspicious and should be avoided.