Topic: Bitcoin is legal in India (Read 1281 times)

For what I have watched and red they already said and clarified that in India bitcoin was not illegal nor banned, they are just after the money of people that is why they were saying to their people to invest their money wisely and to think well before entering into it.

The debate is still going in government of india to become a legal one.Still now they are lot of investors and traders are in India.The country in which huge people involves in bitcoin is China,India,South Korea,United Kingdom.Due to the investment of this country the price of bitcoin is stable now and not reduce to low value.

Well there are many countries left that not accepting bitcoin or still illegal so in india I heard some news that it's not actually ban or implemented or not yet legal though but not banned to be specific , the government is still working on it , debating it , they spread awareness to be careful on investing bitcoin. Well we can't blame the government that criticize the bitcoin, sooner or later bitcoin will implemented on the world hoping and looking forward.

I do some basic search about it and it said that in india bitcoin is illegal , but I read some to that it was a fake news. And still china been implementing the icos in 2018 , and hoping that bitcoin will be legal around the world.

This is true, For capital gains they were collecting tax to the users who are earning through trading in exhanges. Even the details of their crypto holdings were asked.

I think its because among of these investors are prominent people. Although government didnt outlawed bitcoin they labeled it as ponzi schemes however that doesnt stop the indian users to use cryptocurrency.

They have already sent tax notices to 100,000+ users. Unfortunately, in a country of 1.3 billion people, the voice of a few hundred thousand doesn't matter much. Especially if the political parties are dependent on 99% of the population, who happens to be welfare rats.

Since when did the governments started to take decisions according to the will of their citizens? I didn't see that coming at all! never.
A government won't stop if they want to ban bitcoin within the country. As a excuse for their citizens, they would probably say that it is harmful for our people because of its nature of volatility and they can lose money if they invest in it blah blah.
About India, I don't think it is totally legalized yet there. Maybe it is not illegal, but we cannot call it 'legal' in that case.

If it's true ,well. In my country, it doesn't say. More like the government doesnt care, yet.
And I personally think, banning something such as cryptocurrencies in a country creates so much of an uproar that it gets so much attention, thus, another form of advertisement.
The banning of bitcoin in China, intrigued me more when I was undecided to create an account. XD

Because now many people are using it, the government will not take such a stupid decision, contrary to the will of most citizens.

In India, in just like many other contries, using crypto-currency is restricted. This can be considered as a positive factor for the future possible acception of Bitcoin .So more and more people in India from using credit cards are turning to the use of mobile wallets . While Bitcoin is currently not accepted in India, the Reserve The Bank of India (RBI) has already shown mixed signals about the position on Bitcoin. At the end of 2014, the chairman of the Central Bank  called Bitcoin "exciting project" and said that "in the future, we will move to the direction of a reducing cash in everyday life, and we will use some currencies like this will be used daily."

Yeah even i read about declaring bitcoin as illegal in India , but yeah it was not true. But according to Zebpay official website it claims that government was thinking of banning bitcoin in India and launching its own cryptocurrency. But Zebpay itself is trying to negotiate with government against the banning of bitcoin.

This is very clear that the MP wants to protect his people from getting into some potential disaster . But this clearly indicates that the sources from where the MP came to know about bitcoin were totally irrelevant and ignorant towards bitcoin . Maybe some associates from the Central Bank were insisting him to make such announcements . There are many ponzi schemes trying to hunt down people with scams .
For a country like India , where there is still a lot of room for improvement and development "bitcoin" may turn out to be a hall mark for them . But this can only be possible if people really initiate learning "bitcoin" . With all the job crisis goin on , bitcoin can turn out to be a life saver for country like India .



This is totally agreeable . Bitcoin will open gates for so many opportunities for people and they will be introduced with the world of e-commerce . Not only there is a very bright chance of geeing money out of it , they will also be able to economically stabilize their family conditions . I hope the government does not take a very bad decision in hustle and haste against bitcoin by totally illegalizing it .
I've heard Zebpay ( Indian bitcoin exchange platform) is taking some applauded measures in order to make the government realize the big need of bitcoin in their country . I hope they succeed in doing so.

Get down on the ground. Do you believe that the government is interested in what citizens think? Lol. Their is no interested. They have other interests. Do you know what percentage of people in India are using bitcoin? I'm sure it's less than 1%. Minuscule. The government is easily exchanged such a law on some not the big loan from America.

 Bitcoin is not yet legal in any country and no new information has been given about this from RBI in India.

I don't think that Indian government will ban bitcoin now at this stage. Because now many have started  using it and government wont take such a stupid decision to go against the will of  majority of citizens. Many people have took loans to invest in bitcoin, hoping that in long run it will give profits. The government will do something that wont hurt the feelings and emotions of the citizens like imposing tax for every exchange or something like that but definitely they wont ban bitcoins.

Most countries has their own intent on how to regulate the use of Bitcoin some totally banned it but are planning to create their own crypto currency. What we can only do is keep our trust to bitcoin and hope that price will continue growing in the next years.

This is false information. And this applies not only to India. I don't know of any country in which a fully legalized the use of cryptocurrencies. There are States which have expressed the intention to legalize the market, but no real action in this direction there. Many users heard another such statement is wishful thinking.

Bitcoin is neither legal, nor regulated in India. The Reserve Bank of India (RBI) have been talking about regulating the crypto-currency for sometime now, but they haven't taken any concrete steps in that regard. The local Bitcoin exchanges which are based in India, operate with general finance institution licenses, as the separate licenses for crypto-exchanges are not available.

As we can see more countries now are accepting bitcoin and this moves by India will surely have a good impact on the price of bitcoin. I do hope that china will finally accept bitcoin because this technology is the future. Bitcoin should be accepted by everybody, this is a great technology after all.

China has not banned the owning or trading of BTC. It has only banned online BTC exchanges.
Having said that, there is indeed a vibe from chinese govt trying to suppress btc in the country.

There may be other options to over come the ban but using twitter and facebook to find users to buy and sell bitcoin is the riskiest method you could advice anyone,ether you need to have an escrow in order to have a safe transaction if not it is not that easy to find trustful users in social media sites when there are ton of scams going on online.

Hope you have forgotten about China 

Where did you heard this that it has being regulated in India? SC has given its guidelines to govt that either regulate it or ban it. If govt cannot regulate and does not find it easy to do it they will be banning it. So still there is uncertainty whether it will be banned or regulate.

yes now bitcoin is regulated in india

It is very pleasing to get such a news that bitcoin is legalized by one of the most populated country of the world, there is  much poverty and unemployment in india, they are trying hard to eliminate these two factors but the resources are limited, bitcoin will help them to a great extent in order to subtract these two factors from society and raise the standard of livng of the citizens

I can see the reason why people try to switch into BCH at the moment.
India consider as the most populated in the world and I'm sure there are many people also interest on bitcoin and it will affect on bitcoin's value globally.
After they purchase BCH, bitcoin will continue with bigger uptrend than before.

Banning isn't right if you have to analyze it so well, because this digital currency that we have right now is  a decentralized type and government has no direct control over it. The impression it has through internet network has nothing to do about it with the local exchange transactions like of using it to buy goods at local area. Maybe it isn't used to purchase some goods but not the idea of banning and that's what make people hesitant because there's no proper support of other countries government. If India legalizes bitcoin as one of their currency to be used for specific purpose, then I conclude that their government has given them full democracy on how they think for their own comfort as well as making profit for their own future, and I believe that can help improve the economy of India.

Bitcoin is not breaking any ban in any countries though and it is only regulated by some other countries in the world not fully ban. The China issue in regulating cryptocurrencies affects the price of Bitcoin last 2 months but it bounce back because it's only a FUD that has been spread by the fraudsters of the community that also bite by some people that resulted of some panic sell.

No matter what happens to this 'banning issues' to different countries if the people or an individual really want to use Bitcoin or any other cryptocurrency they will still find a way to use it so I think banning is not an option instead regulating such laws in it is much better for Governments.

DJ-Crypto - Bitcoin should made legal in India, since India has big population so If govt makes it legal mass adaptation will happen, these days so many companies are targeting Indian customers because at end of the day mass adaptation brings huge customer base and awareness & popularity.

As many have stated there are indeed many ways to bypass bitcoin ban. Something on internet and available globally is certainly out of any government's control.

But the point is will India ban Bitcoin?

I think it won't. Bitcoin or cryptocurrencies in general are gaining importance in financial landscape. Some world's superpowers have already started integrating Bitcoin in their system. Right now banning an emerging global phenomenon in financial landscape would be a stupid move by any country. The major concerns regarding Bitcoin for any country is its potential use in illegal activities. But is that reason enough to let go an emerging currency where there are tons of ways to carry out illegal activities even in the absence of cryptocurrencies.

Right, and even if bitcoin is ban, there are a lot of ways to continue to do your trading or exchanging of your bitcoin. Just like the above posters said. Even China can't stop the flow of bitcoin OTC. But as far as India banning it, I'm at lost because there is no official word coming from the government and all we can see is pure speculation. But I believed that there are a lot of anti bitcoin proponents and lawmakers in India, the question is why. I think before making any decision to ban it, they should put further study the advantage and positive things that bitcoin could bring in their nation. Even right now a lot of Indian are treating bitcoin signature campaigns are jobs now and its even paying them better if they work in their country.

Yes, it's does look really right like that, Bitcoin now has more power than ever before and I'm sure Bitcoin will increasingly be accepted in various countries by all its benefits that can be obtained from bitcoin itself. As time goes on I am sure.. we will be more apart from any restrictions that still saying illegal on bitcoin. And surely the country will looks more advanced if has been legalize bitcoin.

That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

I understand what you mean by that. With good intention, that lawmaker is just expressing some concerns which most probably also relayed by other people to him regarding Bitcoin. Bitcoin is something that is still relatively new and so if someone heard of a ponzi program that is using Bitcoin, the conclusion can be that Bitcoin is also a ponzi. It is because Bitcoin is not yet clearly defined as a currency or a store of value that anyone (good or bad) can use to further his/her own interest. Now, I am sure there had been many scams that used rupee as the medium of exchange and I am sure that nobody in his/her right mind would accused rupee as also a scam just because of that simple association. This analogy has to be clearly explained to lawmakers so that they can avoid making any remarks that can be one-sided.

Indeed, lately there had been some mixed news on the question of legality of Bitcoin in the big India. The whole Bitcoin community is all wishing and hoping that soon India can be one of the biggest market for Bitcoin and cryptocurrency...something that can pushed the price of Bitcoin further and can promote stability for the whole digital currency movement. When India can be fully opened (when the regulatory framework is already working), we don't need China to come back to the Bitcoin table anymore (though the more the merrier, as they say).

we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin

Recently, there have been a few media reports that bitcoin has been declared illegal by the Indian government.
No, that is not true. Nothing has changed regarding bitcoin’s legal status in India this week. In our opinion, bitcoin is not illegal. Bitcoin is legal under all existing laws. It’s business as usual at all Indian bitcoin exchanges, including Zebpay.
But there’s no smoke without fire
Many new technologies stroke fear especially among regulators as it is their responsibility to protect us. And the same is with bitcoins. We appreciate genuine concerns of our regulators and politicians.
A respectable MP raised the issue that bitcoin is a ponzi scheme. Certain sections of the media reported this as if bitcoin has been declared illegal.
So is bitcoin a ponzi scheme
No.
Ponzi schemes are unfortunately common. They use different modes to accept and make payments. Sahara’s chit fund was a ponzi scheme. It used Indian Rupees for payments.
Unfortunately, there are a few ponzi schemes which use bitcoin as the payment method. Just like Rupee is not a ponzi, neither is bitcoin. In fact for a few months now, we have been regularly warning our users to beware of such ponzi schemes on our website, Facebook and Twitter accounts.
The well meaning MP wants to do is his job of protecting the people of becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.

What is bitcoin
Bitcoin is a decentralized payment network of money, just like the Internet is a decentralized network for information and media.
So why shouldn’t it be declared illegal
Just for the same reasons that the Internet, the smartphone or a taxi hailing app should not be declared illegal when used for illegal activity. Because it makes far more economic sense to go after bad actors (ponzi schemes) rather than shutting down the entire technology.
What are the economic benefits
Some immediate ones are the potential of bitcoins in remittances and banking the unbanked. India could potentially save 7 billion US Dollars in remittance fees paid to US companies for allowing hard working Indians to send money home to their poor families. Compare this to the 2 billion US Dollar budget of the Indian government to feed millions of poor kids under the Mid Day Meal Scheme.
Bitcoin allows people who cannot easily open bank accounts to open bitcoin accounts and get the power of modern financial services on their mobile phones. If that happens, they can help fuel ecommerce. It can also help India build a futuristic and secure payment network by skipping the inefficient and insecure plastic card / centralized infrastructure of the western world. Just like we built modern telecom infrastructure by skipping the landline generation.
Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain this technology and address their genuine concerns.
Update 27th March, 2017: As per media reports, inter-ministerial committee has been setup to study the legality of bitcoins. They will give a response on 20th April 2017. All stakeholders will be called to represent
article refrence  :http://thefinancialdiet.us/bitcoin-is-legal-in-india/