Topic: Bitcoin Legality in India (Read 1574 times)
Current status is some positive steps are taken from higher authorities towards bitcoin,that day is not far when bitcoin will get a legal status in India.Very soon Indian government may recognize & regulate bitcoin transactions and even levy tax on bitcoins.
In India there is no explicit framework to regulate or ban the use of Bitcoin in India. But India's central bank has issued a policy that mentions money laundering and security issues in the use of bitcoin following India's largest Bitcoin trading platform that was forced to shut down.
Will bitcoins be recognized by the Indian Government ?
Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.
Of course the country is moving towards digitization and cashless but that does not simply imply country has accepted bitcoin or whatever.
But it seems to me that it is legal and illegal at the same time in this country now, isn't it?
There is nothing like that. Actually the status of the crypto currencies in the country will become clear nut with the advent of better policy framework in the country. the policy makers are yet not clear with what to do or what not to do. The scenario is ambiguous and therefore people are making such kind of comments.
But it seems to me that it is legal and illegal at the same time in this country now, isn't it?
let's wait, will India allow bitcoin, but if we look at bitcoin development nowadays it's very fast and fast growth, let alone blockchain technology is needed for the future, it could be bitcoin will be allowed in india
Will bitcoins be recognized by the Indian Government ?
Bitcoin is not yet declared legal currency in India because the government is still assessing the possibility of legalization by regulating the bitcoin and other digital currencies to ensure that it will not be used in illegal activities such as scams, laundering and smuggling therefore you still can enjoy the benefits of engaging bitcoin without tax because bitcoin is not legal but not ban in the country.
Indian Finance Minister arun jetly has declared that bitcoin. they said if you want buy bitcoin so it is your own risk is not a legal tender in INDIA and they are working on its regulation will soon come with a firm decision on its legal status.
bitcoin its a future of india
Go fix your banks' system first.
There is nothing to fix. Banks are doing what they are supposed to do, which is firmly dictating and limiting people's financial freedom. The banking system is nothing more than a tool for the government to maintain control.From there I wouldn't expect any change. Instead, people should try to follow their own route to freedom, and now with how thriving crypto is, there are no excuses for anyone to fall back on.
People stop converting Bitcoin to fiat is a first and important step. In most cases regulations are all about how governments don't want to stimulate fiat versus crypto trades, then buy in initially, and never go back.
If there is enough local demand for stores to accept Bitcoin, they will. It's all incentive they lack because of how people aren't spending their coins.
India has many smart people, but also many dumb ones. Legalizing bitcoin is one step to a glorious economy system because they surely are going to impose taxes which will be beneficial for them. Added to that, many unemployed people will find hope. However, the legality of bitcoin has not been put into action. They think that it will be a huge threat to their economy system and people will stop relying on banks. Go fix your banks' system first.
Will bitcoins be recognized by the Indian Government ?
if India's current trading volume has grown rapidly, India's largest Bitcoin market has finally begun to take seriously to Bitcoin and consider regulating the market. For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.
Receive bitcoin from where ? 
Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.
With the level of governance they are showcasing they wont be in power during the next electionThis one article summarized everything what is happening in India.
There is a team appointed to look after the possibility of legalizing bitcoin in India. Hope every exchange support this and bring a good result. The citizens are really far beyond than the leaders ruling the country. There must be educated personalities as leaders who can really understand the current generation and adapt what’s required.
They have appointed the team long back and still they could not come up with anything, hopefully the judicial system will help in over turning the RBI circulation. Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.
I can see that the thread was created in December 2017 hoping India accepts bitcoin legally. The recent news from RBI seems to be disappointing. There is a team appointed to look after the possibility of legalizing bitcoin in India. Hope every exchange support this and bring a good result. The citizens are really far beyond than the leaders ruling the country. There must be educated personalities as leaders who can really understand the current generation and adapt what’s required. Hope soon India plus other countries who are yet to accept crypto currencies, should soon accept and adapt bitcoin for their wellness.
Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.
For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.
In India bitcoin is neither legal nor ilegal, the reserve bank of India just ask the banks to close the account of the person who use the transaction using bitcoin. And it gives three months time to banks. This is the situation in India. But officially no announcement declared that bitcoin is banned in India. But there is a serious discussion is going on about bitcoin legality. And governmnet keeps on watching the bitcoin useage by people in India. We just wait and see what is going to happens in India. There are so many countries accept cryptocurrency at present. It is a good decision, lets hope this will happen in India also soon.
For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.
For now the Indian government has not acknowledged bitcoin, but I think by the time bitcoin will be acknowledged by the Indian government, it will have a good impact on the people of India and the world.
Will bitcoins be recognized by the Indian Government ?
Bitcoin is legal in India. I mean, although they have not declared it legal but they have also not made it illegal. You can still invest in or buy Bitcoin. Only the banks in India are prohibited to deal in cryptocurrencies. This was, in fact, quite expected as banks have never shown a positive attitude regarding cryptocurrencies. But this does not mean that it is illegal in India.
The Indian Government May Be Prepared to Legalize and Organize Bitcoin, Indian government officials are in the process of possibly giving legal status to bitcoin. Recently an inter-ministerial committee of parliament of India held its first meeting to discuss the use of bitcoin and virtual currency in the country. The authorities have noticed the volume of bitcoin that many Indians have traded recently. everything will be set by the sparrows.
We will see. Now indian government is busy creating strange restrictions and making noise out of nothing. But I think, that things will change soon, right after creating regulations
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