Bitcoin finally legal in India - page 14.

agentx44

sr. member

Activity: 756

Merit: 268

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."

I never think that india would make bitcoin legal in their country and i am very happy about it. I wish that in my country here in the Philippines that bitcoin will be legalize and can be accepted as a payment in every stores. Good for india that they they legalize bitcoin, hope bitcoin will help them more.

Denies

full member

Activity: 532

Merit: 170

Yes, if India wants to change the economy of its people. lump them on the crypto. I think it is positive and good for the development of life for Indian society that follow bitcoin.

emezh10

hero member

Activity: 826

Merit: 501

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.

Singbatak

full member

Activity: 434

Merit: 100

well this is a good news. Because the countries that support Bitcoins will increase. And it will have contributions to bitcoins. So we expect the rise of bitcoins over the next few years. So now you can buy bitcoins as much as you can. Because you might not be able to afford it when it comes time. And you might reproach later. Many people have repented and do not want to add it

Btcvilla

sr. member

Activity: 1078

Merit: 270

this is good for india country, i think india need a real breakthrough for their economy.
India is one of the economically lesser countries. I think bitcoin will help in the lives of those who want to be involved in it.

Vannie12

full member

Activity: 630

Merit: 130

Apparently, banning bitcoins in China was very crucial to many of the users especially those who have invested when prices are high. But news like legalizing bitcoins in a country is backing that loss. We all know how China influences bitcoins and what they contribute to it. We seeing events like this makes us more secure that different countries are equally contributing to this industry.
Bitcoin's price should not depend on countries with huge investments and be devastated when they are baning bitcoins.

kucritt

full member

Activity: 616

Merit: 100

wow its amazing by this news, i hope bitcoin becoming more popular and get some fans from another country, and from this news i hope other country can follow india to make bitcoin legal in their country, with this news i think bitcoin price will increased than before

BTCSAMIUL

newbie

Activity: 56

Merit: 0

India has recognized bitcoin already as a legal form of payment.All banking transactions pass through the Central Bank and can be monitored. I think people are paying too much attention to legalization.

maxel2017

full member

Activity: 448

Merit: 102

I am interesting to discussion each orther

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

kpcian

hero member

Activity: 826

Merit: 529

Still, a lot of things should be done regarding this issue. The Indian government is still in a pensive mood in terms of allowing Bitcoin as a legal currency, they are very aware of their capital market because they have a rising economy. they are taking a regular task on this issue. Hopefully, they will give a positive signal very soon regarding Bitcoin.

Fasdartin

sr. member

Activity: 618

Merit: 250

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."

its a great thing that the bitcoin is now legal in the india because the reputation of bitcoin will go up again . and at the same time if the bitcoin is become popular and recognizable im sure that the value of bitcoin might rise again but it can fall down too because in the many of demand.

setupbounds

hero member

Activity: 910

Merit: 509

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.

rodel caling

full member

Activity: 952

Merit: 104

Quote from: pitiflin on September 23, 2017, 11:41:20 AM

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."

Yes,bitcoin may be legal in India but there is something else that you might need to know:
Somaiya is not the only person,from what I heard,Reserve Bank of India aka Central bank of India is not happy bitcoin ,so they are planning to have a crypto-currency of their own,which also will be regualted so that there will proof of source ,which bitcoin disables. And the Prime Minister of India,Narendra Modi stated that he wants to make India a cashless economy,where everyone will use crypto-currency of the government,debit/credit cards and PayTM which is like a Payment Gateway for payment for the goods and services renderred by the public. But don't worry you can use bitcoin and altcoins,its just that the government wants to focus more on their regulated crypto-currency.

thats true sorry i'm late about this news legalization of bitcoin in india this nice i heards this the sign any want destroy bitcoin as currency are no chance to success destroying bitcoin in the world of cryptocurrency, this is the sign bitcoin goes to be famous and nothing can stop bitcoin as currency.

Osarman

hero member

Activity: 952

Merit: 503

Quote from: ?? on ??

soon every country will accept bitcoin one by one

I don’t believe that all countries will be accepting bitcoins because bitcoins have capability to make either strong or a weak economy of the country. Like China has banned bitcoins because it was affecting their economy while India legalized it as bitcoins makes their economy strong, so there will always some countries which legalize it and some will ban it.

John Wick

full member

Activity: 232

Merit: 100

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."

Well, too much time passed after this rumor and nobody confirmed this news. I first thought it could be real and gave it some time, yet there is nothing related to this news as a result. Unfortunately.

Zuilhsa

full member

Activity: 296

Merit: 100

If bitcoin is legalised in India it is a great thing, the first part of this is more number of people will be aware of it, as most of the people in India don't know what it is bitcoin. The next is people can confidently involve in bitcoin payments if government officially legalize it.

pitiflin

hero member

Activity: 980

Merit: 507

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."

Yes,bitcoin may be legal in India but there is something else that you might need to know:
Somaiya is not the only person,from what I heard,Reserve Bank of India aka Central bank of India is not happy bitcoin ,so they are planning to have a crypto-currency of their own,which also will be regualted so that there will proof of source ,which bitcoin disables. And the Prime Minister of India,Narendra Modi stated that he wants to make India a cashless economy,where everyone will use crypto-currency of the government,debit/credit cards and PayTM which is like a Payment Gateway for payment for the goods and services renderred by the public. But don't worry you can use bitcoin and altcoins,its just that the government wants to focus more on their regulated crypto-currency.

sidmlm

newbie

Activity: 44

Merit: 0

However, in spite of all the curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India.

endlasuresh

full member

Activity: 756

Merit: 103

Quote from: ?? on ??

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.

These type of guys exists everywhere specially in some major high cities and they utilize to buy illegal things. For this reason sake our Govt may stopped, but I don't know at all.
Drugs are banned in my city and if anywhere we find about Drug racket the police will pay 1 lac INR for information.
I am hoping our govt will dont do same things what they did with Paypal.

coynedterm

hero member

Activity: 882

Merit: 500

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."

I think here government of India is himself confused whether what to make with the bitcoin because here i myself can't think that they can ban but still they are not making legal offically which is contradiction to my thinking .
But here all types of rumros are going on which are telling directly that government can't ban but still they are making a big and strict rules to use bitcoin .
And also a new news indicating directly that what the government wants , the government of India is looking to launch own coin named Laxmi coin which is directly telling that what will happen in India with the Cryptocurrency future .

I am here thinking that government of India is thinking that the money flow from India is going speedly with the bitcoin and they want flow back by launching own coin by forigen people and counterbalance the flow of money .

Topic: Bitcoin finally legal in India - page 14. (Read 9531 times)