Bitcoin in India? Not for a LOOOOONG time. - page 2.

szpalata

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Quote from: anavuajna on January 29, 2017, 11:21:49 AM

It seems to me that we should not be skeptical to the development of Bitcoin in India. This is a very promising country. In addition, the government is forcing people to find alternative ways to store and make money. It provides a basis for the development of cryptocurrency in India

I totally agree with you , looking at the high level of IT personnel in India and the enthusiasm with which the Indian people attach to information technology I think it will be great if Bitcoin would be made known on a large scale over there because if India together with China dominates two-thirds of the worlds population and they happen to be Bitcoin enthusiasts then Bitcoin will be accepted by the entire world in no time it's enhancement would be secured.

Dudeperfect

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Quote from: mummybtc on January 30, 2017, 02:00:33 AM

I think Bitcoin is still at adoption stage in India, the main competition to its adoption is Gold and other solid matals, I read that Indians have alot of their investment in solid metals, since people believe in what they can see and hold unlike BTC that is in Digital state

Exactly. The boom in bitcoin transactions after demonetization was mainly by bitcoin traders and tech geeks who already knew about bitcoin but at this moment, the common man is getting aware of bitcoin at a slower rate as compared to that of other countries like china, USA etc. I think in next 5 to 10 years, India will be a major player in terms of userbase and transaction volume of bitcoin.

mummybtc

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I think Bitcoin is still at adoption stage in India, the main competition to its adoption is Gold and other solid matals, I read that Indians have alot of their investment in solid metals, since people believe in what they can see and hold unlike BTC that is in Digital state

MMA

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Quote from: Qunenin on January 27, 2017, 10:31:28 PM

Quote from: Xester on January 27, 2017, 10:25:28 PM

Quote from: absy on January 27, 2017, 01:15:14 PM

Quote from: inoes on January 25, 2017, 10:32:20 AM

i was hear about bitcoin in india Shocked

its bitcoin legal on there ?

Quote

In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

After China, India can be the next big market where you will find bitcoins more popular. If you analysis the root cause of china people investing in bitcoins you will come to know that their local currency is in a crash and people want to invest in something secure and therefor bitcoins they choose. Same is with india currecny and i see more businessman from india will convert their money into bitcoins.

India has a great population so we can expect that the users of bitcoin in India will be good in number. as majority of the people in India belong to poor families therefore it is a good opportunity for them to get benefit from bitcoin by investing a small amount in alt coins and get good profit after some time when the price of bitcoin goes up. bur for this they must have have the facilities of computer and internet, because i am doubting that still most of the people may not be able to afford the expenses of internet there.

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Quote from: HaXX0R1337 on January 29, 2017, 06:21:25 PM

There is no law written regarding bitcoin but that does not make bitcoin illegal which means it is legal Wink

If it is impossible to open a bank account with any public or private bank then how does exchanges like coinsecure and unicoin send fiat money to their customers.

Coinsecure and Unicoin are not doing it 100% legally. Sometimes they are sending out fiat from third-party bank accounts. Recently, they are making transfer using bank accounts registered with dummy companies. Don't know for how long this will go on.

The Sceptical Chymist

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Quote from: LimLims on January 29, 2017, 05:04:36 PM

Quote from: Clement Kaliyar on January 29, 2017, 04:16:56 PM

Quote from: anavuajna on January 29, 2017, 11:21:49 AM

It seems to me that we should not be skeptical to the development of Bitcoin in India. This is a very promising country. In addition, the government is forcing people to find alternative ways to store and make money. It provides a basis for the development of cryptocurrency in India

It is true that the government is forcing people to store money in alternative ways and people are finding bitcoin as the new source of investment as evident with the price of bitcoin in India. Demonetisation has changed the concept of people and it will be hard for people to trust in saving their funds in banks with the events that happened a couple of months ago.

Exactly, after demonetisation people have started to hate banks as they were not satisfied with their services and their behavior and most of them switched to debit/credit card payments and if at this stage if they are made aware about bitcoins then I am sure they will stop using banks anymore.

Yeah, this is going to happen worldwide, in my opinion. We're definitely moving toward a cashless world, and that scares me a little--but I still like bitcoin, which is about as cashless as it gets. India definitely needs it. But we're all going to need it or something like it if governments keep obliterating actual money (paper & coins).

Can you believe countries still crank out coins with copper and nickel in them? It's kinda crazy.

HaXX0R1337

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Quote from: Sithara007 on January 29, 2017, 09:31:06 AM

Quote from: Xester on January 27, 2017, 10:25:28 PM

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

Bitcoin usage in India is neither legal, nor illegal. The government hasn't introduced any legislation targeting its usage. And for the local Bitcoin-based ventures such as Exchanges and Online shops, it is impossible to open a bank account with any public or private bank.

There is no law written regarding bitcoin but that does not make bitcoin illegal which means it is legal Wink

If it is impossible to open a bank account with any public or private bank then how does exchanges like coinsecure and unicoin send fiat money to their customers.

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Quote from: Clement Kaliyar on January 29, 2017, 04:16:56 PM

Quote from: anavuajna on January 29, 2017, 11:21:49 AM

It seems to me that we should not be skeptical to the development of Bitcoin in India. This is a very promising country. In addition, the government is forcing people to find alternative ways to store and make money. It provides a basis for the development of cryptocurrency in India

It is true that the government is forcing people to store money in alternative ways and people are finding bitcoin as the new source of investment as evident with the price of bitcoin in India. Demonetisation has changed the concept of people and it will be hard for people to trust in saving their funds in banks with the events that happened a couple of months ago.

Exactly, after demonetisation people have started to hate banks as they were not satisfied with their services and their behavior and most of them switched to debit/credit card payments and if at this stage if they are made aware about bitcoins then I am sure they will stop using banks anymore.

Clement Kaliyar

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Quote from: anavuajna on January 29, 2017, 11:21:49 AM

It seems to me that we should not be skeptical to the development of Bitcoin in India. This is a very promising country. In addition, the government is forcing people to find alternative ways to store and make money. It provides a basis for the development of cryptocurrency in India

It is true that the government is forcing people to store money in alternative ways and people are finding bitcoin as the new source of investment as evident with the price of bitcoin in India. Demonetisation has changed the concept of people and it will be hard for people to trust in saving their funds in banks with the events that happened a couple of months ago.

anavuajna

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It seems to me that we should not be skeptical to the development of Bitcoin in India. This is a very promising country. In addition, the government is forcing people to find alternative ways to store and make money. It provides a basis for the development of cryptocurrency in India

equator

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Quote from: Sithara007 on January 29, 2017, 09:31:06 AM

Quote from: Xester on January 27, 2017, 10:25:28 PM

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

Bitcoin usage in India is neither legal, nor illegal. The government hasn't introduced any legislation targeting its usage. And for the local Bitcoin-based ventures such as Exchanges and Online shops, it is impossible to open a bank account with any public or private bank.

The last governor of India have been interested in Bitcoin and its Blockchain Technology and have said that until the user dont use bitcoin for any illegal activities or money laundering the trades are legal. But still the most of the merchants are not ready to use bitcoin as payment option.

Sithara007

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Quote from: Xester on January 27, 2017, 10:25:28 PM

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

Bitcoin usage in India is neither legal, nor illegal. The government hasn't introduced any legislation targeting its usage. And for the local Bitcoin-based ventures such as Exchanges and Online shops, it is impossible to open a bank account with any public or private bank.

Qunenin

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Quote from: Xester on January 27, 2017, 10:25:28 PM

Quote from: absy on January 27, 2017, 01:15:14 PM

Quote from: inoes on January 25, 2017, 10:32:20 AM

i was hear about bitcoin in india Shocked

its bitcoin legal on there ?

Quote

In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

After China, India can be the next big market where you will find bitcoins more popular. If you analysis the root cause of china people investing in bitcoins you will come to know that their local currency is in a crash and people want to invest in something secure and therefor bitcoins they choose. Same is with india currecny and i see more businessman from india will convert their money into bitcoins.

Xester

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Quote from: absy on January 27, 2017, 01:15:14 PM

Quote from: inoes on January 25, 2017, 10:32:20 AM

i was hear about bitcoin in india Shocked

its bitcoin legal on there ?

Quote

In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.

pinkpanther03

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Quote from: OROBTC on December 05, 2015, 10:06:35 PM

...

We are back from a long trip to India and Nepal. If wanted I can share pics with those interested.

I see that "not much" that I can see has happened in "Bitcoinistan" since I left.

I will mention that NO ONE has heard of Bitcoin save ONE person in our tour group (18 of us total).

Bitcoin may be BIG in China, but not in India (certainly not Nepal, now under a fuel embargo by India -- complicated).

India IS progressing faster than I woulod have guessed, they have seen the light re infrastructure (and other things to advance, you know, things like economic freedom, etc.) and of course a relatively tranquil democracy. But, BTC ain't ready for primetime there. Pity.

We shouldn't justify the things which we did not seeing yet happen. Besides it very normal for a starting something its not that easy at all. Who knows one day or next week people in India will become bitcoin enthusiast. Just be patience unto it.

equator

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Quote from: neochiny on January 27, 2017, 06:28:22 PM

Quote from: RussiaIsBest on January 27, 2017, 05:36:34 PM

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.

What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.

Apart from the fiat currency 500 and 1000 rupee note demonetization reason of people getting bitcoin, but their are so many users who are in bitcion and other crypto currency, their are so many indian exchanges where you can see lot of trade is going on daily.

OROBTC

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Quote from: neochiny on January 27, 2017, 06:28:22 PM

Quote from: RussiaIsBest on January 27, 2017, 05:36:34 PM

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.

What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.

Yes, lots has changed since late 2015. We had just come back from an extended tour of India as tourists.

The .gov of India said they were going to issue NEW banknotes (R2000 I believe) at some point, but with their charcteristic .gov bumbling they have not yet done so as far as I have heard.

* * *

Just today, EUROPE may have upped the stakes in the Worldwide War on Cash (almost 100,000 views so far):

http://www.zerohedge.com/news/2017-01-27/europe-proposes-restrictions-payments-cash

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Quote from: RussiaIsBest on January 27, 2017, 05:36:34 PM

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.

What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.

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Quote from: RussiaIsBest on January 27, 2017, 05:36:34 PM

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.

Not popular? I think more people are using bitcoin in india and i heard news in india affected because of bitcoin before..i think about banks..
And if you can seen here most of the users here are india and bangladesh.. this is what i just seen and even on myu skype almost my friends and contact are from india even i am just from philppines..

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Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.

Topic: Bitcoin in India? Not for a LOOOOONG time. - page 2. (Read 14727 times)