Topic: Bitcoin finally legal in India - page 11. (Read 9453 times)
Wow ... this is good news if the government of India has given legality for bitcoin now, but does everything about bitcoin be approved? I hope... because bitcoin has a very large network where the government participates in it. and I hope other countries will follow this statement.
I really don't know how they legalize or i-legalize such thing as bitcoin because you are using it with your own internet and computer hardware maybe they just not supporting it before but every citizen of India can use it no matter what happens unless their government issue a criminal liabilities in using bitcoin.
I think if they legalized the bitcoin will become more popular in their country and I guess they will use it as real money where they can exchange it in many valuable things. Furthermore, I think it has positive effect on bitcoin industry, bitcoin community and in their country. 
It is good to know that India has joined the list of countries legalizing the ease of use of Bitcoin; accepting fully the blockchain technology. The country itself with its large population is awesome to find them embracing technology and seeing the citizens up and doing on the internet; especially the social media and now the Crypto world. I do hope other countries, especially in same category with India will take time out and learn so as to improve on their mode of operations in the country system. The use of the blockchain technology is quite versatile, I say yes to change and newness in technology!
India is far sighted ah, China is closed 
Bitcoin has obtained legal status in many countries. Until 2013, Bitcoin wasn’t very popular in India.
Now, customer base is growing with good pace as well as investor confidence is also rising with its rising price.
Many operators like Zebpay,Unocin, Coinsecure have started bitcoin exchanges in india.
Government of india and RBI both have not cleared their positions yet about the legal status of bitcoin.
They have not restricted operations of these exchanges but RBI have issued a caution notice to its citizens against use and investments in cryptocurrencies.
Future of bitoins in india is seems promising, trading exchanges are expecting from Government a framework to operate within.
Now, customer base is growing with good pace as well as investor confidence is also rising with its rising price.
Many operators like Zebpay,Unocin, Coinsecure have started bitcoin exchanges in india.
Government of india and RBI both have not cleared their positions yet about the legal status of bitcoin.
They have not restricted operations of these exchanges but RBI have issued a caution notice to its citizens against use and investments in cryptocurrencies.
Future of bitoins in india is seems promising, trading exchanges are expecting from Government a framework to operate within.
"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.
Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.
Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."
if in india already legalize bitcoin, i hope in my country also legalize bitcoin so i can buy something with bitcoin.
According to a recent report, IT ministry officials, Finance ministry officials, Reserve Bank officials, and NITI Aayog officials committee will legalize the virtual currencies in India soon.
The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.
Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –
The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.
According to him, India has been ranked fourth in trading the Bitcoin in the market.
The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.
Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –
The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.
According to him, India has been ranked fourth in trading the Bitcoin in the market.
I really think that this ia great because bitcoin market is reaching other countries and reachimg a lot of potential invetors. It will help bitcoin price to grow even higher.
According to a recent report, IT ministry officials, Finance ministry officials, Reserve Bank officials, and NITI Aayog officials committee will legalize the virtual currencies in India soon.
The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.
Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –
The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.
According to him, India has been ranked fourth in trading the Bitcoin in the market.
The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.
Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –
The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.
According to him, India has been ranked fourth in trading the Bitcoin in the market.
"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.
Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.
Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."
I now really think india is slowly increasing an advantage in IT industry and I wouldn't be surprised if their country continue to develop since they focus on their education and was able to adapt to new changes such as cryptocurrencies like bitcoin.
Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.
Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.
back to the topic 'bitcoin legal in india'. for sure the big 3 india 's exchanger biitcoin (Zebpay, Coinsecure and Unocoin) will support it. due to they are operating their trading platform with their own rules as called "know your customer' (cyk) that it is support anti money laundering, that have big chance to legalized by india government. so bitcoin will not give negative affect anyone include India government and nation
.
India has bitcoin already as a legal form of payment, the focus of the the Indian Goverment is promoting digital money.
India has recognized bitcoin already as a legal form of payment. However, the sad thing is that, just like gold, the Indian government is also imposing tax on it. The government of India has really likened bitcoin as an asset whose value will be rising constantly.
How the government will control the asset as bitcoin? All banking transactions pass through the Central Bank and can be monitored. But due to the large number of transactions the government can't even track 100% of transfers in Fiat. Monitor transactions in bitcoins do not really.This is the welcome development of indian people and the government as well because bitcoin will also help in improving the economy.
Countries where bitcoin is illegal should copy the style of India. Bitcoin for sure the currency of the future and there is no doubt about it.
Bitcoin is peer-to-peer digital currency that is fast, secure, decentralized, cheaper transactions, and acceptable worldwide.
This is an old information, but it's good. Besides Pakistan, China, Hongkong, Japan, Taiwan, South Korea,...Which India accepts BTC will help more and more investors feel more confident in Bitcoin.
This is good news for our community I hope more country will legalize bitcoin so that it will be more popular and more people will be interested in investing and using bitcoin.
wow .... I'm happy to hear it. So with this bitcoin show its existence, hopefully more and more countries will receive bitcoin, to make it easier for bitcoin farmers.
Can somebody send me links to largest Indian exchanges? Is there any arbitrage opportunity?
Adoption of bitcoin by india is a welcome development going the population of india this will further boast the global acceptability of bitcoin.
India is a democratic country with its light and preety laws,
Because his government has decided to legalize Bitcoin,
We also hope that Indonesia will legalize Bitcoin.
Because his government has decided to legalize Bitcoin,
We also hope that Indonesia will legalize Bitcoin.
How it happened when when goverment accept bitcoin as a legal. I mean does govermen issue special document or law?
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