Topic: Bitcoin finally legal in India - page 24. (Read 9531 times)
Ponzi scheme lol i bet they won't be seeing anything good for them. Bitcoin getting legalized won't effect theprice as many claim that bitcoin will keep failing till august 1. But there are still some drawbacks legalizing bitcoin in india as one can get a fake identity for like $20 - $30 or something. If the government is able to eliminate all these issues bitcoin can change india for the good.
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.
Indeed. Legalization is nice idea and legalizing of bitcoin in India is great news. In addition to that, many people in India will use bitcoin and I think they will earn a lot of income. By using bitcoin will help you to make a good income. Lastly, I hope in the future bitcoin will legalize in my country and it will consider as real money.I heard that Bitcoin usage is not legal in India, but Bitcoin trading is legal. I saw this news in one local exchange website. But I think in India still the governament not announced this news to the public. If they announced and people are started to use Bitcoin in real life means this news will spread in this forum. And many people open a new thread for related topics.
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.
Indeed. Legalization is nice idea and legalizing of bitcoin in India is great news. In addition to that, many people in India will use bitcoin and I think they will earn a lot of income. By using bitcoin will help you to make a good income. Lastly, I hope in the future bitcoin will legalize in my country and it will consider as real money. Did they finalize things,i just hear rumors that so and so will be implemented and the final news i heard is that they are planning to charge a tax for bitcoin like they do with gold and if that is the case the government will benefit but there wont be much benefit for the bitcoin users.
That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.
Bitcoin is cryptocurrency, the Government of India could finally be moving towards compliance.As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.
Great news, with the big population of India getting to use Bitcoin legaly this will spread the word even more about Bitcoin and allow more people to learn about it and start dealing with it and with crypto currencies in general.
This is understandable, btc is becoming more and more accepted and popular all over the world. Each btc legitimate country is one step ahead of btc becoming a global currency.
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.
it's not like you use their own exchange which i never heard about, i mena india don't even have an exchange, and they can not certainly stop a foreign exchange like kraken, so even if it was illegal i would just sell abroad and receive on my bank account the money
but perhaps you mean that they would close your bank account if they find this kind of activity, which is another story, still you can use another foreign debit card and get the money anyway
It mean GOLD is over.
No Gold rates are more stable than Bitcoin.Gold has been able to withstand the test of time and so isn't risky for people to invest into it compared to Bitcoin which has been in existence barely 10 years ago. No doubt gold isn't as volatile as Bitcoin but they are both not useless at all and I'm glad India with all their population are going to support it now that it's been legalized over there.
It mean GOLD is over.
No Gold rates are more stable than Bitcoin."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."
The title is misleading. I have read the article days ago and I thought that it is "finally legal" and yet the article states that the Indian Government are still in the process of legalizing Bitcoin. The title gives false idea for the readers so if possible, kindly change it. This topic was discussed days ago before, I think before July, making India next in line with South Korea.
Did they finalize things,i just hear rumors that so and so will be implemented and the final news i heard is that they are planning to charge a tax for bitcoin like they do with gold and if that is the case the government will benefit but there wont be much benefit for the bitcoin users.
That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.
It's an awesome news for Indian citizen. But, Unfortunately BTC in not valid in our country. But I hope someday BTC will be valid in our country.
Yes you're right.That would be great for India.At last they can make transactions with bitcoin in their daily activities although i heard that the government will be implementing a tax on it.But it's already a big step for bitcoin.And i hope bitcoin will be legalize too in our country soon.
Did they finalize things,i just hear rumors that so and so will be implemented and the final news i heard is that they are planning to charge a tax for bitcoin like they do with gold and if that is the case the government will benefit but there wont be much benefit for the bitcoin users.
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.
One thing you have to understand is that it becomes difficult for you buy and sell bitcoin if the government bans it and all the exchanges in India will close down,so there is a problem if they ban bitcoin,if they ban it they will implement money laundering case against the users.
It's an awesome news for Indian citizen. But, Unfortunately BTC in not valid in our country. But I hope someday BTC will be valid in our country.
"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."
Lucky because there are still many countries that have not admit and do not even understand
"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."
That is good news, but I think it is sad news as to why it is so tightly controlled. Does it lose the essence of Bitcoin? Please answer this question for me, thank you!
"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."
Exactly Bitcoin has been accepted in India. This makes the Bitcoin community feel excited. Investors from India started pouring into the Bitcoin market. But everything becomes meaningless when Bitcoin is so tightly controlled. That lost the essence of Bitcoin and made it look like every regular currency. But anyway, that is a good sign for Bitcoin when it comes to big nations...
It mean GOLD is over.
I don't think gold will be over because the gold is common instrument of investment around the world include in India, but at least bitcoins be considered as new digital gold, there is chance for bitcoins to replace the gold in India because bitcoins is not good to be currency because of the fees of transaction especially for small amount of transaction, in my opinions gold will be over after all of peoples around the considered bitcoins is new gold and invest in it. Jump to: