Bitcoin finally legal in India - page 22.

investinator

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Quote from: shone08 on July 20, 2017, 04:48:02 AM

I have a doubt that this is a fake news I also read the article that OP provide and look its fake rumors because the government of India not officially announced that Bitcoin is legal. But in other point its good if Bitcoin are officially legal in India we all know the potential of Bitcoin more and more country now a day are adopting Bitcoin because of its high price and bring a bright future to all of us.

The title is also misleading, it is already legal to use bitcoin in India it is just not recognized as a means of payment or currency.

Another thing people misunderstand is that countries legalizing or recognizing bitcoin doesn't mean shops will magically start accepting it as a form of payment. That will depend on user adoption and customer demand in shops.

spadormie

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Wow this is a great news for all. Every people are now experiencing the practice of the next world. If bitcoin would be legal in the whole world then everything will go smooth. The transaction of payment would be so much easier for someone, i mean for everybody. Only if this thing, this precious thing would be legalized.

Rebisco

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Quote from: IdVerification on July 15, 2017, 12:17:56 AM

"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."

It is really good news because there is another country who legalize the bitcoin and become their daily payment.

shone08

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I have a doubt that this is a fake news I also read the article that OP provide and look its fake rumors because the government of India not officially announced that Bitcoin is legal. But in other point its good if Bitcoin are officially legal in India we all know the potential of Bitcoin more and more country now a day are adopting Bitcoin because of its high price and bring a bright future to all of us.

cafucafucafu

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Quote from: IdVerification on July 15, 2017, 12:17:56 AM

"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."

Just seems to be fake rumours, I still haven't seen concrete evidence that India has actually officially legalised bitcoin. I do think that if India entered the Crypto world, it would be good news and bad news mostly due to a couple of things that I have listed down below:

Pros
-India is a giant and if the entered the crypto world, I could see a lot of countries that India has good relations to also entering with them, and more countries entering means a higher price since demand would be rising.
- India is specially known for a cheap workforce and that could possible lower transaction fees.
- India is quite technically advanced and they could make good additions to the crypto-world.

Cons
- Since the electricity in India is so cheap, we will be seeing a lot of new miners and that may raise fees and make mining anywhere else impossible.

johnlofar

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Oh is it its very good news indian government accepted the bitcoin is nice to hear in future all countries will accept because bitcoin is decentralized cryptocurrency,good investment and acts as currency also.

onrise

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Quote from: roadbits on July 18, 2017, 06:22:45 AM

Quote from: Lampaster on July 18, 2017, 05:41:10 AM

I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

It's just all fake rumours bro. No governament officially announced that Bitcoin is legal in their country. But Japan and Austrailia made this legal except these two countries I never heard any other country adopt this Bitcoin. Suppose If it becomes legal it's a big loss for us that people are not understanding.

Could you say how does becoming legal will impact the country. Because I think making it legal will actually attract much more numbers in any country as govt is backing such currency and they do not have to worry about the irregularity if it happens etc.

n691309

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Quote from: akuser on July 15, 2017, 09:14:08 PM

Quote from: satishmoun on July 15, 2017, 01:28:42 AM

Quote from: xbiv2 on July 15, 2017, 01:24:21 AM

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

Right that both are different things because gold is a metal which may be used for many purposes but it should not be ignored that gold is a physical asset too while bitcoin is a digital currency which is the great achievement of technology regarding fast transactions. So both are different respect to status/value for masses and in all over the world treated separately.

bitllionaire

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Quote from: akuser on July 15, 2017, 09:14:08 PM

Quote from: satishmoun on July 15, 2017, 01:28:42 AM

Quote from: xbiv2 on July 15, 2017, 01:24:21 AM

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

i think both gold and bitcoin has its own value i think we cannot deny the importance of both gold and bitcoin. gold is present for a long long time while bitcoin is related to the new technological era. which is now becoming more important for everyone.

loading...

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Quote from: gabbie2010 on July 15, 2017, 03:46:02 AM

This a good development in cryptocurrencies world for indian adoption of bitcoin taking into consideration the population of india and being a country where technology is getting rooted and progressing in leaps and bound I think this will opened up adoption of bitcoin in more asian countries.

India adopting bitcoin is a great news and now bitcoin is legalized in their country. You see bitcoin being legalized in a country is an achievement in the world of digital currency. It just tells us how it is continuing to grow and to develop. Which leads to more power in the future. Looking forward for bitcoin to be legalized in many more countries.

roadbits

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Quote from: Lampaster on July 18, 2017, 05:41:10 AM

I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

It's just all fake rumours bro. No governament officially announced that Bitcoin is legal in their country. But Japan and Austrailia made this legal except these two countries I never heard any other country adopt this Bitcoin. Suppose If it becomes legal it's a big loss for us that people are not understanding.

Lampaster

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I want to ask what has changed after this decision? I heard that Germany also declared bitcoin a means of payment, but still in Germany I have not found a store which would accept bitcoin. I think people are paying too much attention to legalization.

Bosx1ne

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Quote from: IdVerification on July 15, 2017, 12:17:56 AM

"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."

The bitcoin is now becoming popular all over the world.

ipanks

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it was a great news because india as third country with big populations want to make bitcoin legal, i am sure that people from india soon will know about bitcoin and they want to used bitcoin daily. i am sure that other country will follow what india do so bitcoin will grow more in another country. soon blockchain will be full of transaction from all over the world because from now on, many people is interested with bitcoin and they will use bitcoin for their purpose and they will buy bitcoin too like us.

Dudeperfect

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That's really a great news and I am sure that the user base in India will grow at a massive speed and India will be in the top 3 Bitcoin user countries in the world. There are several factors such as digital India, go cashless movement and technology friendly government etc. which is creating a super potential ground for the usage of crypto currencies. On the other hand, people will still use fiat along with the bitcoin.

GeniusAko

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Quote from: IdVerification on July 15, 2017, 12:17:56 AM

"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."

It is good news for those people in India who uses bitcoin.

IamAltcoinfan

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homt.net

I think this credit has to go for big indian bitcoin exchanges ( Not crypto Exchanges) like coin secure, zebpay , and unocoin because of their strict KYC submission and other strict rules so it made some how thinking positive about bitcoin in india.

princesultan1

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Bitcoin is legal in india is great news,During the parliamentary session, sources say quite a few officials had a positive outlook towards bitcoin while some disliked the cryptocurrency entirely. However, the beneficial attributes of bitcoin seemed to have swayed some members of the committee and lawmakers enough for them to consider amending the Reserve Bank of India (RBI) Act. Furthermore, the committee also discussed the possibility of taxation methods towards virtual currencies.india is great and big country legalized the bitcoin finally.

avikz

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Quote from: IdVerification on July 15, 2017, 12:17:56 AM

"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 really doubt the truthfulness of this news because I haven't yet heard anything about it. If an exchange is made legitimate that doesn't mean that bitcoin is legal in India. It is very much possible that government is gathering data of the reach of bitcoin in the country and after their analysis, they will probably roll-out a proper policy on bitcoin.

I believe, there is no proper policy on bitcoin has yet been rolled-out. Also our politicians are old and unable to understand the technical logic of bitcoin. So they may be opposing the bitcoin's legal status. But a lot depends on them because they have the power. However, it will be great if the Indian government rolls-out a proper policy on bitcoin favoring the users.

chocolah29

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If this is true this is another milestone for bitcoin and it would greatly affect the bitcoin's price. India is a big country and if more people uses bitcoin for their regular transaction it will means more increase in the demand and the value will also increase. If it's not yet legal now for sure it will be in the upcoming months.

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