Topic: Bitcoin finally legal in India - page 8. (Read 9453 times)
I am not sure if they are really going to legalize bitcoin, with the current situation where customs dont allow import of miners and all... I don't see legalization happening without first having concrete laws and regulation set up...
It was a very good news for india tha the governments over there are allowing bitcoins to circulate on their country and because of that, More and more contributors at the market will exist then it also means that the value will increase further because of the new contributor.
The income tax authority just paid a visit to 9 Bitcoin exchanges in India yesterday.
http://www.livemint.com/Money/ubKaynMm1JKkoJUa0voi3M/Income-tax-department-conducts-surveys-at-Bitcoin-exchanges.html
http://www.livemint.com/Money/ubKaynMm1JKkoJUa0voi3M/Income-tax-department-conducts-surveys-at-Bitcoin-exchanges.html
That's a very promising news and i am happy for Indian people right there. Maybe their government had realized how bitcoin plays a significant role in boosting ones economy.
Do you even realize that Bitcoins are now even legal in India? Just two days back the Reserve Bank of India (RBI) warned the Indian users about Bitcoin usage. They are also devising plans to tax profits from Bitcoins, and from what I have heard they are collecting user data from various Indian exchanges including Bitxoxo and Zebpay.
this is the awesome news. the more country legalizing this coin the more its value will grow up.
the more people will interest. this is will be more country care and take attention with this coin.
the more people will interest. this is will be more country care and take attention with this coin.
That's a very promising news and i am happy for Indian people right there. Maybe their government had realized how bitcoin plays a significant role in boosting ones economy.
I truly don't know how they sanction or I-authorize such thing as bitcoin in light of the fact that you are utilizing it with your own web and PC equipment perhaps they just not supporting it earlier but rather every subject of India can utilize it regardless of what happens unless their officially sanctioned a criminal liabilities in utilizing bitcoin
I dont think any country will legalize bitcoin this early, most of the news are rumors as there is no official statement from the government. They may try to regularize the currency in the future or try to add it to their taxation schemes.
what about japan a good example for supporting bitcoin
they start official to exchange bitcoin legally
"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."
This is great news especially to those who are leaving in India as they would not suffer the same fate as those who are in china. IT is also important to note that with this other countires kight be influenced in also letting bitcoin be legal in their country
Very good news. A big step in the development of the crypto currency. I think this will serve as an example for other large countries, and some will make you think about the advantages of bitcoin.
If it is true I think this the greatest news I have ever heard because India is a big country . So many people are waiting there for legalised bitcoin. In future bitcoin should legal in whole world . This is badly needed to legal bitcoin in all countries because so many waiting for this news.
I think it is the success of the travel of some countries that are struggling to get a feasible so the country of India has got it.
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.
I see, so somehow here in Philippines, bitcoin is also legal. Since we have one known website where we can deposit a money and where we can buy bitcoin on it. Also it is connected to some shops and banks.
I dont think any country will legalize bitcoin this early, most of the news are rumors as there is no official statement from the government. They may try to regularize the currency in the future or try to add it to their taxation schemes.
i dont know if ha good for bitcoin or not but any way its good idea and good for us
Bitcoin is legal in india,in in india they had kyc verification.this is good for know about the customers,scammers and fake people can identify.
Where you seen this KYC verification? I think it is with exchangers, but you can exchange without KYC documents also able to spend in Hotels without Taxes. Our Govt Telangana already made some arrangements to use Digital currency with own tokenized system, but they are afraid in maintaining taxes.I'm not from India, but if this is real, this is good for bitcoin legalization and adoption in mass measures. After Japan we need more countries to accept bitcoin.
It is quite normal for adventurous people to start trading bitcoin in exchanges or accepting bitcoin once bitcoin becomes legal in any country. However, they must not forget that it is completely upon the discretion of the legal authorities of the country to maintain the legal notions supporting the business. One fine day, if they make it “illegal” again, then the consequences binding the person to the business will become a liability for the rest of his/life.
However, I sincerely support the growth of the business in India. The depreciating GDP in India needs this sort of a business to be successfully available in every home in India.
However, I sincerely support the growth of the business in India. The depreciating GDP in India needs this sort of a business to be successfully available in every home in India.
Good for them I suppose. It's showing that the age of gold is slowly coming to an end, maybe more countries will follow suit. I just hope they don't plan on taking the decision back, because it may cause a bit of bad PR for bitcoin and other cryptocurrencies, and we all know how the public media likes to spread unchecked facts and rumors.
I don't believe in such statements. Regularly on the forum there are reports of different countries, but any changes we see. I think that people perceive the attempts of governments to take taxes from turnover cryptocurrency for legalization. This is a mistake.
I hope there won`t be any difference for bitcoin. Because it`s aim is to be decentralized and if it continues its road by not letting regulations it would be fantastic otherwise if governments try to sneak into cryptos for licences and other things it would be another place for the `1%
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