Topic: [2017-06-21] Bitcoin could possibly become official in India as soon as next wee (Read 6336 times)

This is a good thing if it becomes officially part of Indian currency. However, the Indian government is planning to regulate Bitcoin and this is not good as it implies tax implementation and restrictions. But let us wait and see what the result of the examination will be. They said it would be released in July.

Now here are the following tasks that the interdisciplinary committee were given to do:

• Taking stock of the present status of Virtual Currencies both in India and globally;
• Examining the existing global regulatory and legal structures governing Virtual Currencies
• Suggest measures for dealing with such Virtual Currencies including issues relating to consumer protection, money laundering, etc; and
• Examine any other matter related to Virtual Currencies which may be relevant.

Further details about it can be read in the following articles:

Bitcoin in India: Ban Unlikely, Regulation Possible, Govt. Report in July by Samburaj Das

Bitcoin in India: Govt. Forms Committee to Study Virtual Currency Framework by Samburaj Das

Bitcoin, virtual currencies under scanner of Indian regulators to curb money laundering by Raj Kumar Ray

Suddenly, Bitcoin to Be Officially Legal in India by Joseph Young

I guess Japanese had steel balls to get in Bitcoin officially as a first mover, just like there is a competition in mining I think and I hope to

See a competition in adoption, could you imagine the price only if 10 million Indian try to have/buy 1 single Bitcoin? this is a very good news

For Bitcoin whales because once the demand starts to increase by an exponential rate only whales stand to benefit the most in this market.

At least I will hold on to 3 BTC no matter what.

Well I'm also seeing a lot of news coming from India regarding regulating bitcoin but I haven't seen any official announcement coming from the government. So we will have to wait and see and not just believing everything we see in the news. But if this is true then another positive impact will be felt by the bitcoin ecosystem. I'm sure a lot of bitcoin enthusiast coming from that country will be very excited once its become official and I'm pretty sure India will compete with the current Asia's big 3 (Japan, South Korea and China) in terms of trading volume.

statistically,India has almost 3.5 times more population than the US,almost same population as China(while growing much faster)
it is nothing extraordinary that in a country that is famous for its programmers and skilled computer engineers
there would be lots of scammers too,just look at the numbers
add to that the quality of life and the wages level,200-300$ a month is considered an ok wage in India

regulating bitcoin in India,I think i heard it before,like 100 times already
let them pass the laws "in a week" and we shall see

It is this kind of regulation that makes the value of the bitcoinv to climb.
I hope this will materialize, the demand for the bitcoin will increase.

India possesses enormous economic potential. It would be perfect for all of bitcoin community when india`s autorities judge to recognize bitcoin as legal currency.

I'm not discriminating against Indian people, I'm just going to give my opinion.

In this forum we have seen many scammers who are from India, I am not saying that all of India are scammers, but many scammers from India stole many bitcoin, with this I think over time the authorities will regulate bitcoin in India

At least to reduce the action of the scammers

As the global virtual currency market continues to heat up, the adoption of these cryptocurrencies continues to climb in India as well. The populace of the country seems to have figured the potential opportunities of investments in the same. It has caused such an impact that even government authorities have been pushed to reconsider its stance towards regulations dictating its exchange and security.

And from what the rumor mill suggests, the authorities are said to be reclining more in favor of the regulation of cryptocurrencies, especially the widely known Bitcoin.

If you’re unaware, the country’s Ministry of Finance had established a high-level interdisciplinary committee to examine the existing Bitcoin framework earlier in April of this very year. The committee comprised of a cohort of top-level officials from the Department of Economic Affairs, financial services, revenue (CBDT), the Ministry of Home Affairs, the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, NITI Aayog, and even the State Bank of India.

The primary task of this high-level committee is to study the circulation, as well as current state of cryptocurrencies in the country and across the globe. They’re potentially done with their extensive studies, discussions, and debates, and now are expected to release a report of their findings by the end of July.

Now, there are several contrasting reports making rounds of the internet at this instant. Some reports bluntly deliberate that Bitcoin will not gain any legal status right now, nor anytime soon enough. Other reports, who cite prominent Bitcoin exchanges in India, suggest that the Indian government committee has ruled in favor of regulating Bitcoin.

full: https://thetechportal.com/2017/06/21/bitcoin-bags-legal-status-india-soon/