[2017-04-30]India’s Government May Be Preparing to Legalize and Regulate Bitcoin

veleten

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Quote from: Carlton Banks on May 14, 2017, 12:14:03 PM

How will it be regulated effectively? I'm failing to see it.

Maybe someone can tell me how Bitcoin transactions can be controlled, but is that not the problem that Satoshi set out to solve when creating Bitcoin, to create cash for the internet, digital gold that cannot be interfered with? Is that not what gives Bitcoin it's entire value proposition, that it gives every human being more power than the governments or the banks have to control their own money?

yeah,they cannot control transactions or fees but they can control bitcoin-fiat exchanges chain
try to remove or tax the institutions that deal with bitcoins
thats why adoption is important,this will allow to sell for bitcoins,buy goods,services etc.

ivanpoldark

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After Indian authorities will legalized bitcoin, its value can grow to 4000-5000$ very fast. Of course this figures taken from the ceiling, but even if not India but every large country legalize bitcoin, it will strengthen every time. When countries authorities started to discuss bitcoin on ministry level, it unequivocally tells that they began to reckon with bitcoin.

lilit

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Quote from: Carlton Banks on May 14, 2017, 12:14:03 PM

How will it be regulated effectively? I'm failing to see it.

Maybe someone can tell me how Bitcoin transactions can be controlled, but is that not the problem that Satoshi set out to solve when creating Bitcoin, to create cash for the internet, digital gold that cannot be interfered with? Is that not what gives Bitcoin it's entire value proposition, that it gives every human being more power than the governments or the banks have to control their own money?

Just Bitcoin users should choose what is best for them or legalize Bitcoin with the loss of some on the property or permanently be outlawed. But on the other hand, even India is already moving in step with the times and this I consider positive moments.

Carlton Banks

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How will it be regulated effectively? I'm failing to see it.

Maybe someone can tell me how Bitcoin transactions can be controlled, but is that not the problem that Satoshi set out to solve when creating Bitcoin, to create cash for the internet, digital gold that cannot be interfered with? Is that not what gives Bitcoin it's entire value proposition, that it gives every human being more power than the governments or the banks have to control their own money?

minizi99

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Quote from: veleten on May 14, 2017, 09:57:06 AM

Quote from: Carlton Banks on May 12, 2017, 12:55:32 PM

Quote from: arpon11 on May 12, 2017, 02:10:26 AM

Quote from: Carlton Banks on April 30, 2017, 10:12:39 AM

They may as well say they are planning to legalize people scratching their nose

Fuck off governments, we don't need you or your smiley official bullying

we need them to legalised bitcoin and others crytocurrency so that bitcoin will realise it full potential. You can see what happens to bitcoin price after Japanese government legalised it. India has a very big potential and they adoption is a plus to bitcoin and not minus.

Governments don't like legalising things they can't control, and when they can't control it, they desperately think of ideas about how they can control the uncontrollable.

People in some US states get fined for not cutting their grass, or collecting "illegal water" from the rain. Say hello to the forthcoming United Nations sponsored "breathing tax" if you don't get it yet.

thats why "legalise" means "control" in their argo,or as they put it-"regulate"
you can be sure that legalistaion is going to happen sooner or later,after all bitcoin is a phenomenon that
can't be just ignored or overlooked,my only fear is that they will make it overburdened with taxes,rules that they will control exchanges and so on

I agree with you. We must be afraid of legalizing bitcoins. And the government of every country dreams of getting full control over the bitcoins

veleten

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Quote from: Carlton Banks on May 12, 2017, 12:55:32 PM

Quote from: arpon11 on May 12, 2017, 02:10:26 AM

Quote from: Carlton Banks on April 30, 2017, 10:12:39 AM

They may as well say they are planning to legalize people scratching their nose

Fuck off governments, we don't need you or your smiley official bullying

we need them to legalised bitcoin and others crytocurrency so that bitcoin will realise it full potential. You can see what happens to bitcoin price after Japanese government legalised it. India has a very big potential and they adoption is a plus to bitcoin and not minus.

Governments don't like legalising things they can't control, and when they can't control it, they desperately think of ideas about how they can control the uncontrollable.

People in some US states get fined for not cutting their grass, or collecting "illegal water" from the rain. Say hello to the forthcoming United Nations sponsored "breathing tax" if you don't get it yet.

thats why "legalise" means "control" in their argo,or as they put it-"regulate"
you can be sure that legalistaion is going to happen sooner or later,after all bitcoin is a phenomenon that
can't be just ignored or overlooked,my only fear is that they will make it overburdened with taxes,rules that they will control exchanges and so on

WallSinger

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I think it's a very good news ! I hope that Venezuela, for example, will can follow

Carlton Banks

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Quote from: arpon11 on May 12, 2017, 02:10:26 AM

Quote from: Carlton Banks on April 30, 2017, 10:12:39 AM

They may as well say they are planning to legalize people scratching their nose

Fuck off governments, we don't need you or your smiley official bullying

we need them to legalised bitcoin and others crytocurrency so that bitcoin will realise it full potential. You can see what happens to bitcoin price after Japanese government legalised it. India has a very big potential and they adoption is a plus to bitcoin and not minus.

Governments don't like legalising things they can't control, and when they can't control it, they desperately think of ideas about how they can control the uncontrollable.

People in some US states get fined for not cutting their grass, or collecting "illegal water" from the rain. Say hello to the forthcoming United Nations sponsored "breathing tax" if you don't get it yet.

arpon11

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Quote from: Carlton Banks on April 30, 2017, 10:12:39 AM

They may as well say they are planning to legalize people scratching their nose

Fuck off governments, we don't need you or your smiley official bullying

we need them to legalised bitcoin and others crytocurrency so that bitcoin will realise it full potential. You can see what happens to bitcoin price after Japanese government legalised it. India has a very big potential and they adoption is a plus to bitcoin and not minus.

Kemarit

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Quote from: pyata4ok on May 09, 2017, 04:56:55 PM

Quote from: Esphere.in on May 09, 2017, 11:21:26 AM

If India and China adapt bitcoin and if the government legalize bitcoin then the price would rally and the amount of investment coming into it will be really huge as India have more billionaire than the rest of the world and the population is really huge and they have close to two hundred million phone internet users which is really a prime place to legalize bitcoin.

I'm just surprised that other countries and their government are finding positive moments in the field of crypto currency for themselves and the state, why others have this problem.

But I doubt China will adopt bitcoin. PBOC has already put a tighter regulations on Chinese top exchanges because they suspect that something is fishy with their transaction volumes. But for India, its different. If they are open for bitcoin adoption in the future, then this will be another step for bitcoin to be fully mass adopted. I don't know what else the other country will think not to adopt bitcoin technology, if the most populous or second populous nation of earth embraces bitcoin.

pyata4ok

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Quote from: Esphere.in on May 09, 2017, 11:21:26 AM

If India and China adapt bitcoin and if the government legalize bitcoin then the price would rally and the amount of investment coming into it will be really huge as India have more billionaire than the rest of the world and the population is really huge and they have close to two hundred million phone internet users which is really a prime place to legalize bitcoin.

I'm just surprised that other countries and their government are finding positive moments in the field of crypto currency for themselves and the state, why others have this problem.

crypto.classroom

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They may want to regulate it but those who hold bitcoin and do not want to be regulated will be able to avoid those regs altogether

Esphere.in

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If India and China adapt bitcoin and if the government legalize bitcoin then the price would rally and the amount of investment coming into it will be really huge as India have more billionaire than the rest of the world and the population is really huge and they have close to two hundred million phone internet users which is really a prime place to legalize bitcoin.

veleten

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Quote from: Kemarit on April 30, 2017, 07:06:01 AM

What happened to the anti-bitcoin politician (forgot his name), seems he is very vocal about his stance against bitcoin and went as far as saying is bitcoin is used for Ponzi scheme?

Maybe India's U-turn is another good news for bitcoin users their specially the general public. We all know that their is demonetization in India right now and I don't know when the government will end it, so adopting bitcoin will be a good alternative as a store of value for our Indian enthusiast.
It's truly amazing how bitcoin is changing the financial landscape of a lot of nation globally. And maybe this is another step for bitcoin to be truly recognizes around the world.

his name is Kirit Somaiya, a member of parliament and a politician from the BJP, India’s ruling party at the center
he has insinuated that bitcoin is a “pyramid ponzi scheme”
if India with its 1 bil population legalises bitcoins it is going to be massive,way bigger than Japan
there are so many problems with fiat currencies in India and the inherent suspicion to any form of money that can't be put under a matrass (joking,here no offence intended)
indian people are less likely to store money in banks than any other developped country
India can't boast big wages so there will be microtransactions,loans,businesses using bitcoins en masse
bitcoin could serve as a parallel currency and create huge economic boom for India as a result as well as increase world's adoption and transaction numbers tenfold

BitDane

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This is quite surprising for a country that confiscated their citizen gold, disabled the two highest paper money of their country. But definitely, this is a great mover for Bitcoin in India. I hope this will be approved and legalized so that people in there will have freedom over their money. I would accept if I have to pay taxes for them in exchange for full control of my money.

Slow death

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Quote from: Bitwah on May 06, 2017, 12:52:22 PM

We are from India and government has formed a committee to analyse cryptocurreny and suggest with future steps. They will be submitting report in 3 months.

Is this report beneficial to bitcoin?

I saw some videos on youtube, it was a report from an indian tv channel that was associating bitcoin with the crime, in my opinion they were spreading lies about bitcoin.

Bitwah

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We are from India and government has formed a committee to analyse cryptocurreny and suggest with future steps. They will be submitting report in 3 months.

richardsNY

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Quote from: Kprawn on May 03, 2017, 01:07:59 PM

How can we not want them to accept Bitcoin? Wink

There is a huge difference when it comes to people here willing India to welcome Bitcoin with open arms, and the reality that may not be in every Bitcoin fan's favor. India isn't Japan when it comes to how they look at Bitcoin. That's why I don't expect much from this. I rather put all my focus on Japan as they have set a very important step with legalizing Bitcoin. Expect a lot growth to come towards us from there -- it will greatly reflect in the price in the coming years.

Kprawn

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The second most populated country in the world with over 1.2 billion people..... Now that is something to take seriously. Grin

The Indian economy in 2017 is nominally worth US$2.454 trillion, it is the 6th-largest economy and is, at US$9.489 trillion, the third-largest by

purchasing power parity, or PPP.

India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11,and after the first

quarter of 2013, India surpassed Japan to become the third largest smartphone market in the world after China and the US. How can we not want

them to accept Bitcoin? Wink

DocGTR

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Quote from: 1Referee on May 02, 2017, 04:08:37 AM

Quote from: tripplewarz on May 01, 2017, 04:45:16 PM

Since Bitcoin is anonymous, no government will be able to get the user and present him any claims or claims. Only in case of legalization in my opinion all this bravado benefits will end.

It all depends. People tend to take Bitcoin's 'anonymous' nature a bit too serious. Nowadays, most exchanges require their users to fully verify themselves in order to keep using that exchange, where some exchanges even tend to freeze all your funds till you have done so. Every coin you withdraw from such exchange will have your information tied to it, and from there the exchange can basically follow everything you do. It might not sound like it is a big problem at first glance, but it will be when governments force exchanges to hand them over all user details. Everything at that point can, and will be used against you. Especially if becomes clear that you haven't been paying any tax, that you have spent your coins on illegal goods, etc. That's why I always advice people that if they happen to withdraw coins from an exchange, to run them through a mixer. It of course won't guarantee you 100% privacy, but it greatly contributes towards something close to that.

Yes, if you set a goal, you can clearly identify who and when the bitcoins sent. Especially if a person converts bitcoin into a national currency.
But I can not believe that India will legalize bitcoin. They are not yet ready for this technologically

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