Congratulation for India
But what will be in 1 August O.o
Ahhhh
That's hard time coming for our community
Otherwise who really cares about BTU?
I love BTC BTCBTC
Topic: Bitcoin finally legal in India - page 25. (Read 9503 times)
Sounds like good news, I knew well that most users come from Asia, who come from India/Pakistan.
This could result in a huge economic increase of India which is already a poor country. Good luck.
This could result in a huge economic increase of India which is already a poor country. Good luck.
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.
Indeed it won't matter if Indian finance ministry applies any kind of regulations unless its illegal use is amended in the law. I don't think by any chance they will do that because bitcoin is very valuable paradigm of this era and India is already taking giant leaps through economic development. Plus India is biggest populated country which gives bigger support to the economics market and forms the back bond for it.
"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."
Don't randomly fall for articles. These are just based on speculations and predictions. Legalisation in India is big game to go. Currently government in India is trying hard to eradicate corruption and black money out of system. Bitcoin and cryptocurrencies are big role in this game. Everyone needs to be patient and wait for Indian Government's decision.
India is a developped country and it is improving technically very well. So one of the caracteristics of improvement is to be aligned and to use the lastest technogy.
I think that Bitcoin will facilitate many stuffs in India.
You are right mate, bitcoin is always facilitate stuffs when we talk about shops, restaurants etc..I think that Bitcoin will facilitate many stuffs in India.
So, it's is amazing to heard that a country with a high number of populations, start to use bitcoin like legal currency,It is very good for bitcoin itself. because the use of bitcoin will be increase and automatically bitcoin price will increase too, so it will be more powerful.
I hope one day, my country start to accept bitcoin like a legal currency and we can use it everywhere.
India is a developped country and it is improving technically very well. So one of the caracteristics of improvement is to be aligned and to use the lastest technogy.
I think that Bitcoin will facilitate many stuffs in India.
I think that Bitcoin will facilitate many stuffs in India.
This is good improvement
it will be possible in the next 1 year, some countries will also act the same.
Then whether this will affect the market price as well?
it will be possible in the next 1 year, some countries will also act the same.
Then whether this will affect the market price as well?
I think it might not have any significance upon the price. Sometimes its better to be a bad kid in the block to gain the popularity. And the bad press was already done. Maybe the effect will be long term, as the smear campaign need to be overcomed first.
Either way the India IT developement is very poor so its not a target market like the China was.
Either way the India IT developement is very poor so its not a target market like the China was.
"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."
For the Indians this is actually a good news bit for me and every outer persons around the world might not find this a great news at this time considering the fact that the effect is not felt on the price of bitcoin at the moment which means other factors pulling the price down are really more powerful but we are hopeful that after the time, this tlnews might turn out to be great after all. 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."
Considering the legalization of bitcoin in India means that the government have the right and they will regulate it. For sure there will be laws on how they can use it and probably there would be tax. Maybe the government of India saw the potential of bitcoin thus, they are legalizing it. Is bitcoin illegal that they have to legalize it?
It mean GOLD is over.
If you mean in india gold is over , then you are wrong, In india gold will never and ever over or dead. Bitcoin or any other currency will not take over the gold in india or in indian families. It's good new if really Bitcoin was legalized in india.
"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."
I think this topic was posted before and the link says it will be legal and the title says it's already legal, we'll it's good to see another Asian country taking a postive step and getting Bitcoins on the board but question is how to do they intent to do it. This is a problematic issue for a vast country for India, I do hope this news arrests the slide of Bitcoin price, it's surging down madly, wish this news acts as a catalyst and saves it. But as for my talk with Indian friends no legal Bitcoins yet.
India has recognized bitcoin already as a legal form of payment. However, the sad thing is that, just like gold, the Indian government is also imposing tax on it. The government of India has really likened bitcoin as an asset whose value will be rising constantly.
How the government will control the asset as bitcoin? All banking transactions pass through the Central Bank and can be monitored. But due to the large number of transactions the government can't even track 100% of transfers in Fiat. Monitor transactions in bitcoins do not really.
India has some weight in international relations, so I guess that will speed up a lot the process for other countries to officially recognise Bitcoin.
India has recognized bitcoin already as a legal form of payment. However, the sad thing is that, just like gold, the Indian government is also imposing tax on it. The government of India has really likened bitcoin as an asset whose value will be rising constantly.
Okay I guess that's fair enough let's wait for other developing countries to accept bitcoin and give their right people who are already doing business using bitcoin can be considered legal
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.
Well countries legalising countries is always a plus since it gives bitcoin more chance to rise and grow off this. Bitcoin should receive a fair amount of media attention off this and a lot of attention in India, this may or may not be a good thing, but I will expect a bunch more miners from India especially off this legalisation. The price of electricity in India is almost free, so it would surprise me if people didn’t take advantage of this and starting mining bitcoin. Good to see a new country legalising bitcoin, gives it heaps of room to grow. Maybe the floodgates have opened.
It mean GOLD is over.
If you mean in india gold is over , then you are wrong, In india gold will never and ever over or dead. Bitcoin or any other currency will not take over the gold in india or in indian families. It's good new if really Bitcoin was legalized in india.
"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 June 20 article from Cointelegraph is a classic example of clickbait. Bitcoin isn't illegal in India, but it is still not officially legal. The government is planning to regulate bitcoin, but working on the legal framework and bitcoin would come under goods and services tax.
Quote
The fate of bitcoin and other virtual currencies may hang in the balance for some more time as the government appointed panel is unlikely to formulate regulations around it.
But in what may be come as a relief to bitcoin-watchers, a government official privy to the development told Moneycontrol that bitcoin and other virtual currencies are unlikely to be declared illegal in India.
But in what may be come as a relief to bitcoin-watchers, a government official privy to the development told Moneycontrol that bitcoin and other virtual currencies are unlikely to be declared illegal in India.
http://www.moneycontrol.com/news/business/economy/exclusive-bitcoin-unlikely-to-be-declared-illegal-in-india-regulatory-ownership-not-decided-yet-2326247.html
Unlike the old article with no factual content, this one does make sense, https://cointelegraph.com/news/bitcoin-to-be-taxed-like-gold-in-india
Jump to: