Topic: Bitcoin legalization in India....incoming price inflation! (Read 1314 times)
This is BIG for bitcoin, considering how PayPal tried for years to get legalized to conduct transactions between indians and the reminder of the world which they will never capable of, considering India's growth potential and number of citizens, a HUGE step for bitcoin.
idk why does it matter, as people from anywhere can buy and sell bitcoins., making it legal means they are going to tax it.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
after cointele published it, the price of BTC weren't pulled up still. my patel friends knew bitcoin but swear won't buy btc. they would rather want to earn btc by providing services in exchange. i have few indian friends and they're good at online marketing and webdesigns, they were aware of btc but not interested on earning. maybe some indians who are into it.
idk why does it matter, as people from anywhere can buy and sell bitcoins., making it legal means they are going to tax it.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
after cointele published it, the price of BTC weren't pulled up still. my patel friends knew bitcoin but swear won't buy btc. they would rather want to earn btc by providing services in exchange. i have few indian friends and they're good at online marketing and webdesigns, they were aware of btc but not interested on earning. maybe some indians who are into it.
idk why does it matter, as people from anywhere can buy and sell bitcoins., making it legal means they are going to tax it.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.
This is indeed another great achievement for bitcoin considering that India is the 2nd most populous country in the world. I know there are so many rich people in India as well as private companies. This will significantly increase the demand of bitcoin causing the price to gain more. It is rather sad, however, that the great majority of Indians are poor. These are the people to whom bitcoin might prove hard to reach.
There is a difference between something being illegal or unregulated. Just because something is unregulated doesn't mean it's illegal. Also just because something is regulated doesn't mean it's legal. In fact, something can only be illegal if it's regulated. Otherwise, how would you know it's illegal?
In the case of India Bitcoin is not illegal att all. It's simply not regulated. Regulating Bitcoin can be good and bad... Not just good.
People can use Bitcoin in India and always could. I'm not sure what this thread is suggesting.
In the case of India Bitcoin is not illegal att all. It's simply not regulated. Regulating Bitcoin can be good and bad... Not just good.
People can use Bitcoin in India and always could. I'm not sure what this thread is suggesting.
Great news that India accepted bitcoins after Japan...
now waiting for some more details on how will be taxes on it
now waiting for some more details on how will be taxes on it
India accepting BTC will be a dream, because the government is not so supportive towards the crypto currencies. People still think it as a Ponzi scheme to launder the money. If this happens then it will be a huge boost to BTC as India is 2nd highest populated country and people are turning towards digital transactions.
That indeed is one positive move. So as it is, only few permitted exchanges will be on ground which would be regulated. I'm still trying to curb my head around how that is going to work though (know all your customers). Well, with the statement by coinsecure regarding the increase in number of bitcoin users in the country, I can imagine the effect it would have on the market. I hope the news is genuine anyway.
~ But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
fiat is regulated and it is accepted everywhere without any problems!
regulation of bitcoin will only mean easier usage. more merchants will be willing to accept bitcoin payment, more regular users will be willing to buy and spend bitcoin. more investors will be willing to invest in it.
India is already trading with premium rates for bitcoins, regulating might guide rest of world to follow into new level of premium prices.
The news from Coin Telegraph is wrong. I have enquired about it, and my Indian friends have told me that the government is yet to make a decision on legalizing the Bitcoins. In general they were skeptical, given the hostile nature of the Reserve Bank of India towards the crypto-currencies.
Coin telegraph news will not post that kind of topic if they know that the news that they will place is not exact since it will affect their credibility if they will publish wrong information. But we must also not take some considerations on the possibility that your friends comment about the status of bitcoin in India. But anyway if they will accept it we can expect increase in bitcoins value but if they will not legalize it then we will wait for the adoption of Australia and the UASF segwit activation. In the end, even with or without Indias acceptance or legalizing of bitcoin, the value will still spike.
You will have to double check before accepting news like this. Apart from Cointelegraph, no other media house has reported this. I think Cointelegraph jumped the gun here.
I am already researching for some news about India and bitcoins. I been scouting other bitcoin news website to check if there are news related to that and has a different views compared to cointelegraph. And upon searching I came to visit this site that tells about the current debate of lagalizing the use of cryptocurrency in India. But this article was older than what cointelegraph had posted since this was posted last April while cointelegraph posted their article last earlier this june. (see http://www.zerohedge.com/news/2017-06-20/bitcoin-surges-back-above-2700-india-legalizes-cryptocurrency) .
I will be updating this topic again if I find some article falsifying the articles being posted by cointelegraph but in my own opinion cryptocurrency including bitcoin will be legalized and be regulated in India soon.
the link you posted has a date of 20 June meaning about 7 days ago.
but you are right cointelegraph is not to be trusted when it comes to news like this, they read something somewhere and the write an article about it without caring if it has any truth to it.
about India we should look in Indian news for real deal, maybe even the Indian board can help. but as far as i know they have been working on legalizing bitcoin for a while. i've heard it first earlier this year around Jan i think. so maybe they have finally came to a conclusion and decided to do as other countries did and legalize it.
The news from Coin Telegraph is wrong. I have enquired about it, and my Indian friends have told me that the government is yet to make a decision on legalizing the Bitcoins. In general they were skeptical, given the hostile nature of the Reserve Bank of India towards the crypto-currencies.
Coin telegraph news will not post that kind of topic if they know that the news that they will place is not exact since it will affect their credibility if they will publish wrong information. But we must also not take some considerations on the possibility that your friends comment about the status of bitcoin in India. But anyway if they will accept it we can expect increase in bitcoins value but if they will not legalize it then we will wait for the adoption of Australia and the UASF segwit activation. In the end, even with or without Indias acceptance or legalizing of bitcoin, the value will still spike.
You will have to double check before accepting news like this. Apart from Cointelegraph, no other media house has reported this. I think Cointelegraph jumped the gun here.
I am already researching for some news about India and bitcoins. I been scouting other bitcoin news website to check if there are news related to that and has a different views compared to cointelegraph. And upon searching I came to visit this site that tells about the current debate of lagalizing the use of cryptocurrency in India. But this article was older than what cointelegraph had posted since this was posted last April while cointelegraph posted their article last earlier this june. (see http://www.zerohedge.com/news/2017-06-20/bitcoin-surges-back-above-2700-india-legalizes-cryptocurrency) .
I will be updating this topic again if I find some article falsifying the articles being posted by cointelegraph but in my own opinion cryptocurrency including bitcoin will be legalized and be regulated in India soon.
Great news that India accepted bitcoins after Japan...
now waiting for some more details on how will be taxes on it
now waiting for some more details on how will be taxes on it
The news from Coin Telegraph is wrong. I have enquired about it, and my Indian friends have told me that the government is yet to make a decision on legalizing the Bitcoins. In general they were skeptical, given the hostile nature of the Reserve Bank of India towards the crypto-currencies.
Coin telegraph news will not post that kind of topic if they know that the news that they will place is not exact since it will affect their credibility if they will publish wrong information. But we must also not take some considerations on the possibility that your friends comment about the status of bitcoin in India. But anyway if they will accept it we can expect increase in bitcoins value but if they will not legalize it then we will wait for the adoption of Australia and the UASF segwit activation. In the end, even with or without Indias acceptance or legalizing of bitcoin, the value will still spike.
You will have to double check before accepting news like this. Apart from Cointelegraph, no other media house has reported this. I think Cointelegraph jumped the gun here.
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
The government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
It is great news that india already legalizes it . It will be a big help for india that they will legalize it. I hope that they will teach the citizens too om how do they earn bitcoin so that people there will have an extra income and they will not be poor anymore. Proper education might help them so much. The government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
Maybe...maybe not. Don't get your hope up too high about the price hike. Most of India's population is undereducated about Bitcoin and its advantages. I would presume that they would continue to use fiat for a while before Bitcoin becomes adopted by the population itself. Moreover, the fact that only a select few of the population are rich enough to buy Bitcoin, it becomes unlikely that people would use Bitcoin for payment. Only time will tell.
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india
The government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
It is a good statement by India to legalize bitcoin.Indian people are known as for computer.So it is the state of large number of people.So if they are came more familiar then more people will invest from India.Which can lead bitcoin as well and also as well as India economy. The government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
The news from Coin Telegraph is wrong. I have enquired about it, and my Indian friends have told me that the government is yet to make a decision on legalizing the Bitcoins. In general they were skeptical, given the hostile nature of the Reserve Bank of India towards the crypto-currencies.
Coin telegraph news will not post that kind of topic if they know that the news that they will place is not exact since it will affect their credibility if they will publish wrong information. But we must also not take some considerations on the possibility that your friends comment about the status of bitcoin in India. But anyway if they will accept it we can expect increase in bitcoins value but if they will not legalize it then we will wait for the adoption of Australia and the UASF segwit activation. In the end, even with or without Indias acceptance or legalizing of bitcoin, the value will still spike.
~ But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.
fiat is regulated and it is accepted everywhere without any problems!
regulation of bitcoin will only mean easier usage. more merchants will be willing to accept bitcoin payment, more regular users will be willing to buy and spend bitcoin. more investors will be willing to invest in it.
How does this sound:
"MSN is regulated and it is accepted everywhere without any problems!
regulation of online media will only mean easier usage. more vendors will be willing to sell those contents, more regular users will be willing to watch and share the contents. more investors will be willing to invest in them.
"
Honestly, I am not sold on the idea. Those who really wanted BTC in India, probably already have it, legal or not. Over time, we MAY see an effect of the currency use (as opposed to just hold) spread, but that is only if they can fix the blockchain congestion.
Is it possible to confirm this news from reliable sources? I am a resident of India and I don't think that the government will legalize Bitcoin that easily. Tax evasion is a big issue here, and the government authorities view Bitcoin as a medium which can be used for this purpose.
How can you evade tax with bitcoin,you either have to run a elaborate illegal exchange where you give out bitcoin without any proper KYC documents,other than that it is not easy as you think to use bitcoin as a way to invade tax,first you need to hold bitcoin,how are you going to achieve that without using a banking system to send money for the coins,if you can bypass that then it might be possible,but that wont be the case most of the timethere are always ways to evade taxes but using bitcoin doesn't mean it will become easier. it actually is much harder to evade taxes using bitcoin because the first thing to do while performing a successful tax evasion is to not show how much money you own and forge documents, ...
with bitcoin all your transactions are public knowledge on the blockchain and with enough chain analysis the source and destinations can easily be found
As they say, your mileage may vary
First, you can securely transact off-chain (just like with cash), and no fingertips will be left on the blockchain at all. Further, if you possess massive amounts of bitcoins that would justify tax evasion, you will most certainly try to hide your steps and cover your ass. And while it is still possible to track Bitcoin transactions using sophisticated tools and some arcane analysis, it may just be prohibitively expensive. In other words, if you are not the next Ross Ulbricht, no one may actually care that you didn't pay a few thousand dollars of taxes (at least, until they decide to go after someone and make an example of him)
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