Topic: Bitcoin finally legal in India - page 12. (Read 9453 times)
steady and really extraordinary if in India already in legal bitcoin we just wait in other countries for legal bitcoinnya ... congratulations for India which is already legal bitcoin
Earlier,indian police caught five youths for using drugs.Unfortunately,they were found to use bitcoins for buying those drugs.Further,adding fuel to the fire,a member of indian parliament termed bitcoin as ponzi scheme and asked government to announce it as illegal.Indian government was also thinking of announcing bitcoin illegal at that time.but,suddenly,it took a U-turn and has finally decided to legalize bitcoin and now has framed a committee to give recommendations to legalize bitcoin.The time frame given to that committee was about six months and we could hope that within two or three months,bitcoin to get legalized.
A ponzi scheme works by using money from new people to pay out returns to early members. Bitcoin doesn't work like this at all.
Wonderful, my congratulations! But I thought that China would be the first to take this step.
India is one of the developing countries that can legalize this bitcoin. later this will be a model for all countries in the world to join this bitcoin legalize. and usually later bitcoin will become a currency in the world.
India can't be a model as it was not the first one to do this.
And they missed the train to be a model in at least one thing cause there are one billion you should not do like India.
Over a million people In India knows about bitcoins and uses it.
Proof about this claim?
There are currently 250k transactions a day in the chain.
If 1 million Indians would make a tx every 4 days thee would not be space left for anyone else in the world.
just imagine, if 100 million of them buy $100 worth of BTC each.. thats some crazy mcap addition to the crypto world 
India is the second most populated country in the world as of to date and is projected to be the most populated country bu 2022. If many of them would buy bitcoin, then what great increase could bitcoin price possibly be! After Japan, I thought that similar more developed countries would follow. Definitely, what India did would pose as an example to uts neighboring countries.Population means nothing.
1 billion people and the entire GDP is barely half of Germany with 80 millions.
just imagine, if 100 million of them buy $100 worth of BTC each.. thats some crazy mcap addition to the crypto world
India is the second most populated country in the world as of to date and is projected to be the most populated country bu 2022. If many of them would buy bitcoin, then what great increase could bitcoin price possibly be! After Japan, I thought that similar more developed countries would follow. Definitely, what India did would pose as an example to uts neighboring countries.
India is one of the developing countries that can legalize this bitcoin. later this will be a model for all countries in the world to join this bitcoin legalize. and usually later bitcoin will become a currency in the world.
A number of developing nations have already legalized Bitcoin. But from what I have heard from some of my Indian friends, the government has remained opposed to the legalization of crypto-currency. They are afraid that the Bitcoins will be used for illegal activities such as the sale of narcotics, tax evasion, hiding of wealth and ransom payments.
finaly good news the cryptocurency revelotion is taking over
Over a million people In India knows about bitcoins and uses it.
Between since India is a democratic country with preety lenient laws there wasn't even a doubt that the situation would have taken another course.
Also it was never illegal to not use bitcoins in India, it was already taxable.
Since the government has decided To make it legal its going to support the bitcoin economy for the long run.
with this maybe new wallets like zebpay could be introduced with increased chances of getting what we really earn because zebpay uses a lot of btc as its fee and thats not right.
Between since India is a democratic country with preety lenient laws there wasn't even a doubt that the situation would have taken another course.
Also it was never illegal to not use bitcoins in India, it was already taxable.
Since the government has decided To make it legal its going to support the bitcoin economy for the long run.
with this maybe new wallets like zebpay could be introduced with increased chances of getting what we really earn because zebpay uses a lot of btc as its fee and thats not right.
India is one of the developing countries that can legalize this bitcoin. later this will be a model for all countries in the world to join this bitcoin legalize. and usually later bitcoin will become a currency in the world.
perhaps a country that legalizes the bitcoin knows there is a lot of beneft from bitcoin and gives the opportunity to introduce bitcoin to the people of that country who have no clue about bitcoin because many countries have legalized bitcoin
i think this is very good news for bitcoin users from india because they can do transactions with ease and there is no fear to violate the law, i hope the government of other countries will quickly legalize bitcoin like in india.
maybe this can be an inspiration to other countries that not dared yet to legalize bitcoin.
maybe this can be an inspiration to other countries that not dared yet to legalize bitcoin.
Legalization is always a good thing. People can open bitcoin related business without fear, and use it so too. Sure, even in an "illegal" situation, no one can really stop you from sending bits to other person nor stop that other person from considering these bits are "money". But the environment influences our decision and a "legal" environment is more friendly for the most people.
Legalization is fine. But if we take as an example China - then, as you can see - there is not all good. I think India will have about the same situation in the future. Do not think that everything will be very simple. 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
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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
Also take into account that there's a lot of grey area between legal and illegal
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
If bitcoin will be fully legal in India than bitcoin price should be at least 10000$! So we all waiting this event!
And also India is super rich country (not only poor). Mumbai have many billionaires!
And also India is super rich country (not only poor). Mumbai have many billionaires!
people don't realise the impact of this. Even if the smallest country in the world would legalize bitcoin it'd be a great step forward, never mind a country like India. Great things ahead!
"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."
Whats interesting about Bitcoin in India is the contrast between it and regular bank notes. If I recall correctly, last year, the central bank puled all big notes (anything worth over $5) out of circulation and swapped out all other notes in banks for new issue. This led to chaos i banks for weeks, with lines in every town, village and city there was a bank.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."
The reason for the move was to improve traceability of transactions, reduce the black market and so on - not things that BTC really helps.
Just saying
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
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