There is actually no country in the world currently where some cryptocurrency is considered as a legal tender. They are mostly left undefined or are treated in the same way stocks are. So don't worry. The problem with cryptos currently is their volatility. Would you really like to have a currency that unstable?
I presume you can use cryptocurrencies normally as tokens and that nobody is forbidding that?
Topic: Bitcoin in India. - page 2. (Read 2065 times)
i have heard about bitcoin and how the condition of bitcoin member in India country, I am so sad to heard about how the situation of India country of bitcoin. the India government have take one bad action to stop and banned the bitcoin exchange market in their counrty, will be more sad for investment and trade of bitcoin in India now, we dont know how to withdraw our money to bank by using exchange bitcoin, because it was closed.
Every government's voice is a kind of protection for itself, and so is the India government. As the trading of bitcoin has become more and more active in recent years, we have seen some governments have begun to worry about the special currency market, because they are not getting the benefits from the bitcoin trade, and there is no way to control these transactions well.
As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
it depends on which country, in india's case, they are not all out support for bitcoin because bitcoin is not widely recognozed by people, we all know that inda is a third world country, many people has no access on internet and maybe there are no merchants that accept bitcoin payments so it will not be possible for them to adapt cryptocurrencies.
How do you declare that India is a third world country, today they are the main exporter and importer of the world products. Other country are just thriving to do business with India. Until you dont get legal status of bitcoin in any country how will you expect the merchants to start accepting bitcoin.
What you are replying is totally baseless research you have about Indians status on Bitcoin. Today the price of Bitcoin in Indian exchange is more then 10 to 20% high. Still their are so many traders who are trading in bitcoin in India.
As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
it depends on which country, in india's case, they are not all out support for bitcoin because bitcoin is not widely recognozed by people, we all know that inda is a third world country, many people has no access on internet and maybe there are no merchants that accept bitcoin payments so it will not be possible for them to adapt cryptocurrencies.
In fact, India has issued a ban on Bitcoin. I think that the government of the country with a lot of technological development should reconsider this issue. They choose technology as one of the strengths of economic development, so why reject the Cryptocurrency market as well as Bitcoin. I am guessing that the government is considering completing the legal framework for Bitcoin, and in the future, the ban will be lifted.
India have not declared ban on bitcoin but it have issued warning through RBI to all banks to close down the accounts trading in crypto currency but still if anyone is using bitcoin then it is on its own risk. As some exchanges have gone to legal fight against the notice of RBI to close down the cryptocurrency accounts. Still waiting for their responses.
In fact, India has issued a ban on Bitcoin. I think that the government of the country with a lot of technological development should reconsider this issue. They choose technology as one of the strengths of economic development, so why reject the Cryptocurrency market as well as Bitcoin. I am guessing that the government is considering completing the legal framework for Bitcoin, and in the future, the ban will be lifted.
Indian government will reconsider / should reconsider its decision, but I also believe that the government in India will act pretty slowly depending on how other governments around the world react to the crypto space..
A government cannot be against cryptos when every other government around the world will become crypto friendly - from a regulation perspective..
A government cannot be against cryptos when every other government around the world will become crypto friendly - from a regulation perspective..
It is so bad in my opinion, that a bunch of people who even didnt deeply understanding how crypto operates, would decide for everybody in country what to do.
If that's the case then it's really bad for Indians as a whole, and if the government should decide to ban it, then the people should make sure that they vote out any anti-cryptocurrency government in the future. India is still on the middle, they haven't put a hammer ban at the same doesn't recognized bitcoin as legal tender. So they are still in the neutral side.
I really don't think that India will fully adopt on crypto, even though people are wanting to be a part of it but I don't see any assurance that their government will put some attention on it. It is getting useless also if there is no used of bitcoin in their country, and hopefully their government will see the goodness of crypto development.
It is so bad in my opinion, that a bunch of people who even didnt deeply understanding how crypto operates, would decide for everybody in country what to do.
India is still on the middle, they haven't put a hammer ban at the same doesn't recognized bitcoin as legal tender. So they are still in the neutral side.
There are countries who are yet to make this legal in their countries soon.
Yes this is not a reason for banning crypto currency they said it is just not legalized by the government till now so hope they will consider crypto currency as a good development of money and recognize it.
Bitcoin / cryptos wil be huge in inida... as the popiulation is too huge and more populations means more mobile devices (money making machines)
Thirst for Bitcoin is greater in India than in other countries and besides it there are a lot of crypto coins designed in India called as Laxmicoin and many more because this is the interest of people in the crypto market. Due to this thirst the people are looking for Bitcoin as it is the most profitable and advantageous currency in the market. The demand for it has increased there and it will more increase when the illiterate people get awareness about the coin.
Bitcoin according to the government is decentralisation and hence they want to ban it.
There are countries who are yet to make this legal in their countries soon.
India is a important market area for cryptocurrencies. İt is a secınd biggest country in the world and they are growing up everyday. Big volumes are important to increase our marcetcap.
It's not an important market at this stage due to how the government there works against everything that helps people obtain a small bit of freedom an allows their economy to develop itself.India is less paranoid per ratio than China, but what's that worth? China is extremely paranoid and unwilling to work out any midway solutions, where India is just paranoid and unwilling to look at things from an unbiased position.
India could have had a major boost from allowing crypto to develop, but its hostile stance towards everything new and emerging is destructive and makes sure that this country will never progress optimally.
It's again a clear sign that the elite doesn't want the average person to develop further. Poverty is a horrible way to keep people in check, and they have no problem using it to get what they want. That's evil.
Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced.
Without any official news from the authorities, we should not conclude, already many of friends are paying taxes on Bitcoin exchanges. We have to get clearance from the government whether how much money we have to pay in the form of taxes while trading the cryptocurrency.
India is a important market area for cryptocurrencies. İt is a secınd biggest country in the world and they are growing up everyday. Big volumes are important to increase our marcetcap.
Government will not ban this completely and it is also not possible.
What I know is that it had been lately banned in India but I don’t know about the current situation of the state. No doubt, it is not easy for the government to eradicate virtual currencies from the country permanently because it is becoming a fruitful source of making money for the ones who were begging others for their financial needs. Government should take wise step and make it legal for better economy. Jump to: