"Bitcoin annonced as illegal in india" not TRUE - page 8.

Flexystar

full member

Activity: 1092

Merit: 227

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

This is total crap.

Indian government has just released the official budget plan for the year 2018 which specified one point about the crypto currency. It just mentioned that their prime minister might think upon the crypto currency to be discontinued from the India but they also mentioned through their Finance Minister that they will take interest in the Blockchain Technology and will see if there is anything that can be done for the nation through that technology. This is all because Indian prime minister is having goals to make India digital.

That’s not negative news at all. God lord, I am tired telling everyone that the news is actually positive than negative. Have fun with it.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: Neuron76 on February 01, 2018, 04:29:29 AM

Quote

Finance minister Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India.
He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.

Hmm

Well, it is not very good, but I don't think the indian crypto community is big anyway. And encouraging blockchain is kind of a good thing. Yet even if finance minister did say that bitcoin's use is not recognized, that still doesn't mean they'll ban it. In my country the main National Bank provided an official statement that cryptocurrencies are not recognized as means of payment and what is not recognized is considered illegal. However, there are lots of exchanges here, nobody is doing a thing about it and there was even the project of the law which would make btc fully legal.

nioctiB#1

full member

Activity: 308

Merit: 100

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

I wont believe you unless you give a link of your source. because as far as i know there are still no law or rules that government of india makes bitcoin illegal to trade in their country. but if this is true there is no reason to sell because bitcoin can be traded without using centralized exchange. indians can just do what chinese investors do, trading through over the counter. it is a peer to peer trade so no one will know that you have a transaction using cryptocurrency.

havok1998

member

Activity: 102

Merit: 14

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

Its mentioned no where that cryptocurrencies have been banned in india. Its just said that its not a legal tender and government does not promote or encourage it. there is difference between the two. India is still on the same position as it was before about the cryptos no new thing has been said. moreover it has been declared that india will study blockchain and use it. so if you see overall, its still good news for cryptocurrency holders in india as india is making progress with blockchain. its neither legal nor illegal . it is just not being regulated in india. quote if you guys things the same or oppose

CuteBaby123

jr. member

Activity: 196

Merit: 3

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

Please be reliable on your claim that Indian government already banned bitcoin by providing us credible link about that. This may lead to misinformation and mislead people from India by panicing or by giving up all their coins. Please be sensitive enough to others especially when it deals about the investments of Indian people to Bitcoin. Again, I need a reliable link on this.

eugenefonts

member

Activity: 364

Merit: 18

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

I think its a fake news causing FUD on people you should post the link about that news so that we can confirm that. Lets say if its true maybe the cause of it is theres many indian scamers and they have a lots of program or investment platform that scam people. Maybe there government found out that they do have lots of victim of scam because of crypto/bitcoin. But honestly no one could stop CRYPTO there will be comming more investor and mass addoption. China ban crypto, Korea too but they did not stop bitcoin.

thepo1m

hero member

Activity: 658

Merit: 500

If you guys are familiar with Indoa you will know that scams are very rampant in that country, remember MMM and TBC they are two high profile scam carried out in the country and alot of people lot their money, to me seen facebook and Instagram taking actions just shows how bad all these bad they have done for the space

linkybit

full member

Activity: 560

Merit: 107

Keep Working

I think it is too early for Indian GOVT to understand cryptocurrencies. If bitcoin is illegal in India then what about developers working on bitcoin projects?

gin113

member

Activity: 140

Merit: 14

foolish gov will miss out on tech and will come back later just to regret it

rajeswari_BTC

newbie

Activity: 15

Merit: 0

sources of information about the blockchain continue to decline or indeed the government unfortunate, and somewhat hypocritical for a country !!

otundebis

full member

Activity: 630

Merit: 100

All these FUD storm that is been concorted and dish out to the public is not accurate. I am sure cryptocurrency enthusiast will not be moved by these deliberate attempt to discredit bitcoin and the technology behind it.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

It is because the India government are too "broad" regarding Bitcoin and altcoin scams without digging deeper and understand how everything works. It is why they classify cryptocurrencies as an illegal way of investing assets. However, if they should research more and understand about Bitcoin and other cryptocurrencies, they would likely consider them again.

Just like South Korea, they initially ban cryptocurrency trading and were against ICOs. But look at them now, they have no plans to ban cryptocurrencies anymore, but they only put an end to anonymous trading.

Give them some time to finally understand, I'm sure they're just misinformed and India may treat cryptocurrencies as legal later on.

loaddebitcard

hero member

Activity: 672

Merit: 500

If you have the opportunity to invest in the crypto I think that you can create many ways how to avoid punishment by law. I do not think that someone from the an officers of the law will give up one Bitcoin. If you know, what I mean.

JetSet11

member

Activity: 112

Merit: 23

"Get Paid to Play your Media on Current"

Quote from: scabbers on February 01, 2018, 04:59:13 AM

I think the actual statement differs greatly from the what is being reported here. They will not consider bitcoin legal tender and want to crack down on illegal activities with bitcoin. I dont think that is any different to any other country currently.

Even if they do 'BAN' people from holding crypto, it is inherently difficult to prove since you can hold/sign up with just an email address (no need for ID unless you transfer to FIAT).

In my view, it is knee jerk reactions like this, that will ensure that crypto will survive and also succeed.

You're right. Great insight. There haven't been talks of an explicit ban on cryptocurrencies, and I do suppose that the language resembles that of countries that currently legalize it, such as The US.

RondoAnyar

full member

Activity: 651

Merit: 101

$CYBERCASH METAVERSE

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

I think even though Indian state forbids bitcoin and makes illegal bitcoin but coin owner from india can use courage by not selling bitcoin first and save it. someone can sell bitcoin in another country that still receives bitcoin. so do not get exposed to panic sell and sell all assets in a cheap price.

scabbers

newbie

Activity: 7

Merit: 0

I think the actual statement differs greatly from the what is being reported here. They will not consider bitcoin legal tender and want to crack down on illegal activities with bitcoin. I dont think that is any different to any other country currently.

Even if they do 'BAN' people from holding crypto, it is inherently difficult to prove since you can hold/sign up with just an email address (no need for ID unless you transfer to FIAT).

In my view, it is knee jerk reactions like this, that will ensure that crypto will survive and also succeed.

ORiN

sr. member

Activity: 532

Merit: 250

Quote from: Mudit47 on February 01, 2018, 04:18:13 AM

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?

I'm subscribed to the main sources of information about the blockchain world and cryptocurrencies. Never saw such a loud news? Where did you get it?
It's important to get reliable information from reliable sources!!

nuggetbram

full member

Activity: 326

Merit: 100

I suppose these articles may help >>> https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

https://timesofindia.indiatimes.com/business/india-business/trading-in-bitcoin-ethereum-other-cryptocurrencies-illegal-says-arun-jaitley/articleshow/62339092.cms

JetSet11

member

Activity: 112

Merit: 23

"Get Paid to Play your Media on Current"

Quote from: cryptohunter on February 01, 2018, 04:50:10 AM

they have internets now in india too?

C'mon dude, grow up. Stop being racist.

cilgindansci

member

Activity: 504

Merit: 10

umachit.fund

Many countries are doing contradictory statements about Bitcoin. I'm sure they will think again.
We should wait for their next announcements.

Topic: "Bitcoin annonced as illegal in india" not TRUE - page 8. (Read 1976 times)