Topic: Bitcoin in India? Not for a LOOOOONG time. - page 3. (Read 14727 times)
I have heard that India is number three by number of people who use bitcoin. And I also heard about situation with their paper money and gold. I am afraid government may put hands on bitcoin too.
i was hear about bitcoin in india 
its bitcoin legal on there ?
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.
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.
Here it is necessary to act according to the principle - that is not forbidden is allowed. But I think the local authorities simply have not yet decided the fate of Bitcoin and therefore it is difficult to guess they would be punished for using Bitcoin or not
Slowly but steadily India is also catching up with the pace that is required . Will certainly take time but people are now more inclined towards virtual currency
i was hear about bitcoin in india
its bitcoin legal on there ?
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.
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.
i was hear about bitcoin in india
its bitcoin legal on there ?
its bitcoin legal on there ?
It is neither legal, nor illegal. The Indian government has issued no directives targeting the Bitcoin usage. The tax authorities don't even know whether to consider the Bitcoin as a currency, or as an investment asset.
Government of India has its own laws only encourages his people to use Bitcoins. Every citizen of this country will find a way to save their money, and Bitcoin is a very good option for this
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
If once in awhile I need to run to the bank and exchange my notes before they become banned, then I need to find a replace for the currency, and bitcoin is the obvious choice.
As a tourist in India, if I know I might get up in the morning when the local money I hold is worthless, I'll be happy if more business in the country will accept bitcoin.
i was hear about bitcoin in india
its bitcoin legal on there ?
its bitcoin legal on there ?
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.
In India, very few people are willing to use a payment gateway, which is not regulated or taxed by the government. That is one of the major roadblocks for expanding the popularity of Bitcoins in India.
Indian economy is cash-oriented. Govt is trying their level hard to get it under control and increase payment gateways more. Biggest hurdle is payment gateway fees. Nobody in india like to pay charges, especially when someone is spending his own money. Thus Govt must remove charges on online transaction / gateway payments then and then only there would "some" improvement.
* Next biggest issue is online transactions are traceable, and most of them regularly under-declare their income.
Looking at this situation cash is considered as safest way for tax evasion.
Digital currency / Bitcoin in India is at beginner level. There are quite long way to go. Many people are getting into it just because of sheer misinformation that somehow one could launder black money.
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.
In India, very few people are willing to use a payment gateway, which is not regulated or taxed by the government. That is one of the major roadblocks for expanding the popularity of Bitcoins in India.
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.
then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin
The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
As per the latest stats, there are some 20 million credit cards in use, in India. This is a very small number, as the total Indian population is close to 1,300 million. But the annual increase is huge, in percentage terms.
Majority of people in india dont know about bitcoins. Most people dont have credit card and so it will take long time for indians to adapt themselves to the digital currency Bitcoin. But when indians start using bitcoins, it would create a tremendous increase in demand for bitcoins globally.
As per the latest stats, there are some 20 million credit cards in use, in India. This is a very small number, as the total Indian population is close to 1,300 million. But the annual increase is huge, in percentage terms.
Majority of people in india dont know about bitcoins. Most people dont have credit card and so it will take long time for indians to adapt themselves to the digital currency Bitcoin. But when indians start using bitcoins, it would create a tremendous increase in demand for bitcoins globally.
Well whut is they usin' fo money over there? Cash? Y'all mean ta tell me that every punjabbi onna planet be usin' paper money an' dey don' have credit cards? That seem a bit ree-diculous to me, but I can't verify my doubts from where I'm presently seated. This one time ONLY, Imma hafta take yo word on thissa matter. 
Majority of people in india dont know about bitcoins. Most people dont have credit card and so it will take long time for indians to adapt themselves to the digital currency Bitcoin. But when indians start using bitcoins, it would create a tremendous increase in demand for bitcoins globally.
After the ban of 500 rs and 1000 rs notes the use of paytm ( Wallet ) increased drastically . I hope in future the same thing happen with BTC.
The government has launched its own online mobile payment gateway, called BHIM. It has the potential to steal users away from PayTM. But PayTM is not going to concede. They will attempt to retain their users by giving promotional offers and freebies.
I heard that Indian government are providing some new politic. Banknotes of large denomination declared a outlaw. And now they are creating same kind politic to the gold. With such way they are get and to bitcoin soon. They call this kind of politic as necessary in the struggle against corruption. But I think such methods will just rise the level if corruption in that country.
This is done keeping the following things in mind1. To stop corruption
2. To bring the Black money out .
3. To increase the use of Mobile wallets / online wallets .
After the ban of 500 rs and 1000 rs notes the use of paytm ( Wallet ) increased drastically . I hope in future the same thing happen with BTC.
India is a very promising country for Bitcoins. But, unfortunately, the mentality of people is not yet ready to accept Bitcoin as payment.
In India, the people are more wary about the security aspects, and also about the exchange rates. Even the government approved online payment methods have failed to get a good number of users.
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