Great news for the people of India who work in the crypto currency. The Government of India has termed Bitcoin legal. Now Indians can trade in crypto currency Now they can buy and sell Bitcoin through the bank. They will no longer have to face another problem.
It is a good new for the investors and traders but the term the government has legalized BTCitcoin is not the right statement, there is no regulation as per the government, the RBI restricted the BTCitcoin exchanges from having a bank account which basically forced them to shut their business and it took over two years to have it overturned with the help of supreme court. At present the exchanges have resumed their business but there is still no clarity regarding the legality from the government. 
Topic: Bitcoin is now legal in india. - page 2. (Read 1046 times)
Great news for the people of India who work in the crypto currency. The Government of India has termed Bitcoin legal. Now Indians can trade in crypto currency Now they can buy and sell Bitcoin through the bank. They will no longer have to face another problem.
When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and change it a little every now and then or even make something up just to stay relevant in the crypto news industry.
I hope that this decision will prove that digital currency in India will be smooth sailing because this will cause turmoil in people who are in favor of using cryptocurrency. Rough wave of ban lifting and unlifting makes cracks in peoples decision making in making cryptocurrency as a means of transaction or a staple goods in the market.
At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and change it a little every now and then or even make something up just to stay relevant in the crypto news industry.
The similar thing has happened in China before. Banning blockchains, then approving them. It's not as easy as just giving the greenlight because those authorities sure as hell want another gold mine of customer data.
Maybe this particular decision will stand but we've seen what the Indian government is willing to do to its people in the name of driving them towards their economic goals. Bitcoin does not align with those goals so if I were Indian I'd be buying with the expectation of future meddling.
No argument there, but it's at least clear now that the RBI and India's executive branch do not have unchecked power to stop Bitcoin and VASPs with blanket bans. They can craft regulations within the existing legal paradigm, but effective meddling like the RBI ban will probably require the passage of new laws by the Indian Parliament.
I don't know how likely the passage of a bill like this is, but that's my biggest concern now.
When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and change it a little every now and then or even make something up just to stay relevant in the crypto news industry.
agreed . now that cryptos are on the limelight , many crypto news site suddenly pops up like a mushroom but of course there are those pioneers that already gain a reputation because they provide only accurate and relevant news . we can only visit them and get infos on them instead of beieving on the random sh8t that we see from time to time .
i also agree on you that if the news is legit we can then feel its effect later on but there could be also other reason on why the effect have occured and its not mainly because of the news that you see or believe .
Good luck to the RBI in getting the decision overturned. The legal team on the exchange side seems very confident the victory will stand.
Maybe this particular decision will stand but we've seen what the Indian government is willing to do to its people in the name of driving them towards their economic goals. Bitcoin does not align with those goals so if I were Indian I'd be buying with the expectation of future meddling.
When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and change it a little every now and then or even make something up just to stay relevant in the crypto news industry.
Good.
If I were Indian, I would not trust the banks, nor the government. BTC is a safer bet.
If I were Indian, I would not trust the banks, nor the government. BTC is a safer bet.
I don't know how accurate is this website when it comes to their own news but from what I have know for the past couple of years there problem isn't about crypto trading being illegal but it is about crypto not being recognized as a legal tender for the country as well as issues with commercial banks having a blanket ban against crypto related businesses which prevent them on having any kind of transactions. The latter issue I have mentioned is where the Indian government has lacked some developments and even basing it on the news you have provided it seems like their Supreme Court has not mentioned any relation towards the blanket ban. So even if crypto trading is legal without these businesses having a convenient way for its users to cash out their earnings it would not simply matter at all.
Banks are now allowed to partner with exchanges again.
The question is - will they want to?
Banks give accounts entirely at their discretion. Just because this has been lifted doesn't mean the regulation is any clearer.
The regulatory situation doesn't seem ambiguous:
For the sake of crypto fans in India I hope a bank does look into it but it may not happen and the government is appealing it - https://www.coindesk.com/indias-central-bank-plans-to-fight-supreme-court-crypto-ruling
Would you serve a few thousand customers or ignore them to avoid pissing off the RBI?
Would you serve a few thousand customers or ignore them to avoid pissing off the RBI?
This is just a judicial review of technicalities, filed before the same bench of judges that already decided the case. Good luck to the RBI in getting the decision overturned. The legal team on the exchange side seems very confident the victory will stand.
Banks are now allowed to partner with exchanges again.
The question is - will they want to?
Banks give accounts entirely at their discretion. Just because this has been lifted doesn't mean the regulation is any clearer.
For the sake of crypto fans in India I hope a bank does look into it but it may not happen and the government is appealing it - https://www.coindesk.com/indias-central-bank-plans-to-fight-supreme-court-crypto-ruling
Would you serve a few thousand customers or ignore them to avoid pissing off the RBI?
When will this drama end? The debate on this matter has continued for several times.
Isn't it over now? The RBI ban was appealed to the Supreme Court, who finally struck it down. There are no longer any prohibitions on dealing with Bitcoin exchanges, so several like Unocoin and ZebPay have just re-launched.
Lack of clarity is a bigger problem than the ban.
That's debatable. The ban made it much more difficult for people to buy bitcoins. Now they can easily link their bank accounts to exchanges again.
There is one draft bill apparently still hanging out there. Lawmakers neglected to introduce it in the last session though, so it may already be dead:
Quote
With the court delivering its verdict on the landmark RBI case, the legal and regulatory climate for cryptocurrencies in India now appears to face one last hurdle. In fall 2019, the Indian government opted to delay the introduction of a draft bill on a potential cryptocurrency ban to parliament in the 2019 winter session.
The bill — entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” — reportedly aimed not only to impose a complete ban on the use of crypto in India but also to establish the foundations for a state-backed “Digital Rupee” issued by the Reserve Bank of India.
The bill — entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” — reportedly aimed not only to impose a complete ban on the use of crypto in India but also to establish the foundations for a state-backed “Digital Rupee” issued by the Reserve Bank of India.
When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.
It has been legal , RBI proposed to make it illegal ( even holding any cryptocurrency ) but they didn't ( although they directed regulated entities not to participate in it ) and told they will be monitoring it for now and if any Indian lose their money , its the individuals money and also RBI couldn't ban it as community interfered and our Honorable Finance Minister told they will discuss it up , then it went to SC which squashed it . It surely is a great news as people like me were reluctant to buy huge amount .
It's only RBI that looks to bitcoin as illegal but thanks to the court, India has been free from this issue. The issue brought fear to the people there to buy huge amounts and even trade.I hope the decision is final because sometimes there is a motion for reconsideration but if it is enbanc then the decision is final and the Indian community, will now have a good opportunity to buy and trade Bitcoin and other Cryptocurrency and remember some of the best coders and developers comes from India.
They have the rights to file for reconsideration but let's hope for the best to our Indian brothers that this should be the final verdict. 
Some great news: https://economictimes.indiatimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/articleshow/74470078.cms?utm
It has been legal , RBI proposed to make it illegal ( even holding any cryptocurrency ) but they didn't ( although they directed regulated entities not to participate in it ) and told they will be monitoring it for now and if any Indian lose their money , its the individuals money and also RBI couldn't ban it as community interfered and our Honorable Finance Minister told they will discuss it up , then it went to SC which squashed it . It surely is a great news as people like me were reluctant to buy huge amount .I hope the decision is final because sometimes there is a motion for reconsideration but if it is enbanc then the decision is final and the Indian community, will now have a good opportunity to buy and trade Bitcoin and other Cryptocurrency and remember some of the best coders and developers comes from India.
It has been legal , RBI proposed to make it illegal ( even holding any cryptocurrency ) but they didn't ( although they directed regulated entities not to participate in it ) and told they will be monitoring it for now and if any Indian lose their money , its the individuals money and also RBI couldn't ban it as community interfered and our Honorable Finance Minister told they will discuss it up , then it went to SC which squashed it . It surely is a great news as people like me were reluctant to buy huge amount .
Yes Indians for great day. Indian Government is allow to trading. SC allows trade in cryptocurrency, quashes RBI.
It's been legal for ages?
Sort of. India's central bank implemented a ban on digital currencies in 2018, barring any regulated entity (bank) from serving cryptocurrency businesses. This effectively killed centralized cryptocurrency exchanges in the country. It was never illegal to use or trade bitcoins, though.
Coindcx has been publicly functioning for a good couple of months and released news today they're partnering up with an Indian Bank....
That's because the Supreme Court just struck down the RBI's ban. Banks are now allowed to partner with exchanges again.
And it was the centralised cryptocurrency exchanges who lead the charge to the highest court of India.
The case was dragged for two years, many postponements, adjournments, but it was worth all the hardship as India's Supreme Court decided in favour of the petitioner, thus striking out the circular RBI released in April 2018.
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