Bitcoin finally legal in India - page 13.

Maddinson100

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Quote from: eXpl0sive on September 20, 2017, 12:16:52 PM

Quote from: eXpl0sive on September 20, 2017, 06:41:26 AM

I see a lot of fake buzz about Bitcoin being legal in India when the reality is completely different.

[col or=red][siz e=15pt]The Reserve Bank is "uncomfortable" with non-fiat cryptocurrencies like Bitcoin[/size][/color]

http://www.thehindu.com/business/Industry/rbi-is-not-comfortable-with-bitcoins-says-sen/article19677964.ece

How about that?

This news is viral on everywhere if it is true then it is a good step by the Indians and there will be more room in crypto. They are quite sensible to accept it and know about its profit rate and its benefits and by seeing India many other counties will step into it.

Wexnident

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Quote from: IdVerification on July 14, 2017, 11:17:56 PM

"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."

That's good to hear. It also means that Bitcoin will be used by people to buy things or in daily basis which will make the market demand of Bitcoin since it will be used by more people now that it is Legal to India. It is an advantage to Bitcoin when the demand continues to increase because surely, it will make Bitcoin's value more expensive and our profits bigger.

House_stark

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Actually there is no regulation on Buying/Selling of Bitcoins.If Bitcoin is Legalized, there would be many consequences.Consequences of Legalizing Bitcoin in India.If Bitcoins are legalized in India, the following consequences might happen,Bitcoins will fall under the notion of RBI’s 1934 Act.Bitcoin investors will be taxed.RBI will have to issue guidelines regarding investment and purchase of Bitcoins.If any foreign payments are to be made through Bitcoins, it would fall under the notion of FEMA Act.Returns from investment in Bitcoins will be taxed.

no0dlepunk

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Quote from: RoommateAgreement on July 15, 2017, 12:02:12 AM

Quote from: jekjekman on July 14, 2017, 11:33:48 PM

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.

any law regarding bitcoin (legal or illegal) is always about businesses. they can never force individuals to use or not use bitcoin.
so they place laws regarding:
- trading bitcoin in exchanges (exchanges are centralized place, like a business)
- accepting bitcoin (again a physical shop or an online one is known)

if they make it illegal, the exchanges close and the shops stop accepting bitcoin.
and if they make it legal exchanges open or continue and same with shops.

Now that makes a lot of sense. Anyway, John Mcafee (my childhood idol) is backing up the development of cryptocurrency in India and it sounds good for me in the name of Bitcoins. India is adopting Bitcoin enthusiastically for nearly 10 percent of global cryptocurrency trades in May 2017 says thequint.com. 1 out of 6 people in this planet is an Indian, if China plays hard-to-get then let the Indians rule it. Now I'm starting to love Indians (but I still hate my boss from my previous company, his name is Sandeep, and he still sucks)

KingdomHearts

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Quote from: emezh10 on September 26, 2017, 09:44:15 AM

Quote from: jekjekman on July 14, 2017, 11:33:48 PM

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.

If we would used Bitcoin in terms of transaction and investments it is true that it is much easier to used compare to fiat because it has the capability to deal with transaction and it could be used in different form just like in investments that could give people a profit without dealing with tax. It is a good thing becasue it can be used by all forms of people regardless of their identity or transaction reason.

This is the sensible decision by Indians and this will bring business to their region and they will feel proud on this decision in future although they want to have check balance on the transaction and conversion and they will do so but this will bring more investor to the lane and more investor mean more business.

Sithara007

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Quote from: Falgorn on September 27, 2017, 09:10:52 PM

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.

Falgorn

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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.

Carmen01

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Quote from: IdVerification on July 14, 2017, 11:17:56 PM

"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."

theres so many conveniece that bitcoin brings if you know bitcoin or if its legal in your country so if other country didnt like or no information in bitcoin thats a not good for there country because think the transaction here not like other bank its so fast and secure in your hard wallet,the only problem is volatile price of bitcoin but its more safe than bank,so for the country of india its so helpful for them to know bitcoin knowledge and to other country also,the more country that use bitcoin the more chance of getting high price also of bitcoin so let share this knowledge of bitcoin in different country

FrictionlessCoin

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This is good news, anyway a country can not banish the bitcoin, which is good is that the bitcoin is accessible to everyone, unless the country decides to ban the internet to its inhabitants, but I do not think that this can happen, all this to say that instead of forbidding the bitcoin, one must learn to monitor and master

Simple_Man

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Quote from: IdVerification on July 14, 2017, 11:17:56 PM

"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."

That news has nothing to do with the legalisation of bitcoin in India. That's probably the first baby step. If the exchanges operating from the Indian soil are maintaining strict kyc guidelines, then it is for the government to audit. If the government officials found all satisfactory, then probably government will take further steps.

However, most of the ministers of India are non educated and don't have basic understanding of finance and related matters. They are just power hungry people and simply don't want the people to find a different route for income. I doubt they will ever be able to understand the structural features of bitcoin and push for legalisation.

reingard

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Quote from: bitcoindusts on September 27, 2017, 04:02:07 PM

Quote from: TahuDiniHari on September 27, 2017, 03:59:15 PM

Congratulations to India, you are a developed country for the world of cryptocurrency. May other Asian countries also do the same. Cheesy

It is a great thing to know that India legalized and accept Bitcoin. But after that I believe the Indian Government will do the same thing as Chinese government did with those illegal exchanges. Legalization is followed by weeding out illegal activities. So probably there will be a major shutdown of non compliant exchanges in India. Then Bitcoin will be regualated. I wonder if the government will confiscate Bitcoin if a person holds too many just what they did with gold.

China is famous for trying to fully control everything. There is a huge difference between the government from India and China. Maybe a regulation, but not a ban or any "illegal" exchanges

bitcoindusts

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Quote from: TahuDiniHari on September 27, 2017, 03:59:15 PM

Congratulations to India, you are a developed country for the world of cryptocurrency. May other Asian countries also do the same. Cheesy

It is a great thing to know that India legalized and accept Bitcoin. But after that I believe the Indian Government will do the same thing as Chinese government did with those illegal exchanges. Legalization is followed by weeding out illegal activities. So probably there will be a major shutdown of non compliant exchanges in India. Then Bitcoin will be regualated. I wonder if the government will confiscate Bitcoin if a person holds too many just what they did with gold.

TahuDiniHari

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Congratulations to India, you are a developed country for the world of cryptocurrency. May other Asian countries also do the same. Cheesy

YellowRiver

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Quote from: setupbounds on September 26, 2017, 06:24:33 AM

Quote from: CrypticMira on September 19, 2017, 09:07:57 AM

That is actually strange, after the overnight-seizing-of-money by the corrupt Modi I expected India to try very hard to oppose crypto currencies. Well, I guess they figuered hey would be better off just monitoring the exchanges and the people using them instead.

As it has entered India it shows that it is regaining its values and this is the sensible decision made by Indians because they know the advantage of it and also know the scope of bitcoins in future. And as they have seen all around the world seeking benefits and growing their money. Indian will also secure enough from it and they will promote it better and will give it boost easily.

Few days ago, some of the Asian countries that are considered to be well developed in the world of technology gave statements against bitcoins and other digital currencies. Moreover, banning was also done but all this drama was never meant to destroy crypto world. It rather pushed the real investors to buy further and we all knew sooner or later, these countries will be back. Legalization of BTCs in India was always expected by me so I am not surprised.

mozillaspez

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Quote from: maxel2017 on September 26, 2017, 07:01:56 AM

woow..the bitcoin will be up higher...if this information is truly Wink

As the current market looking bitcoin once again goes high because look at the price means the steam root is once again on peak because it is quite giving sweet food once again in simple words getting profit once again. So be happy and be with bitcoin.

dipok07

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It is a good news. Bitcoin is going to start new. Bitcoin validity in India will actually take the economy a long way. India is not bad for the proper market management. Bitcoin will play a great role in creating new markets.

henmark

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Quote from: Anonaneadone on September 17, 2017, 02:51:17 AM

Quote from: AiWanChu on July 15, 2017, 12:36:14 AM

just imagine, if 100 million of them buy $100 worth of BTC each.. thats some crazy mcap addition to the crypto world Grin

And this is be the good news for us bitcoin community, not exact the value but there is a replacement for what the china do in banning the bitcoin

Yes of course it is good news for all the investors and traders of bitcoin. As I am not an Indian but I still appreciate this action from the government for India, because I will be able to buy anything in India and will pay through my blockchain wallet easily and comfortably.

And this is also a bridge for other people to pass through this bridge and reach to legalization and regularization of bitcoin in their respective countries.

ohlawdy

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It will be interesting to see what will happen in the future . This is good news for sure.

allthingsluxury

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This is very interesting, and we shall see how this affects the markets in the coming months. Hopefully people in India will adopt the use of BTC and altcoins more and more now, moving into the future.

Taskford

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This is just the start of bitcoin for being legalized in different countries, We are starting to be legalized in small to big countries and after at least 2 years, we can witness a fully legalized bitcoin in big countries like USA, Europe and other major continents and i hope china will end their ICO ban because it is a real pain in our bitcoin works because it lessen the possible high price that we can get.

Topic: Bitcoin finally legal in India - page 13. (Read 9531 times)