Bitcoin legalization in India....incoming price inflation! - page 2.

RoommateAgreement

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Bazinga!

Quote from: DRaGoN RaNTaRo on June 23, 2017, 08:02:17 AM

Quote from: Vishnu.Reang on June 23, 2017, 05:56:01 AM

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 time

there 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.

DRaGoN RaNTaRo

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Quote from: Vishnu.Reang on June 23, 2017, 05:56:01 AM

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 time

Xester

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

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.

Legalization or adoption of bitcoin by any state will mean that they are allowing the use of bitcoin but the use of it must follow certain rules and policies that is being set by the law. This means that the operation and uses of bitcoin will be limited by the law of the state. But it is not a bad news since it means protection to the holders from scammers.

SimmonenY

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I'm glad to hear that yet another country legalized bitcoin. This means that all the predictions about huge prices by the end of the year might be true. Great news. But the link isn't working.

olushakes

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

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.

The issue if acceptance is a good news for the community but the increase will be icremantal and not just a spike as you have suggested because with a spike, then when we have a challenge the price also falls with a spike too. The regulation I don't see as a an issue because most people only want to be able to carry out their transactions using bitcoin without any feeling of engaging in some illegal among other functions.

Vishnu.Reang

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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.

Netnox

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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.

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Quote from: Kakmakr on June 23, 2017, 12:55:58 AM

The last spike in the Bitcoin price was lead by the announcement that the Japanese government legalized Bitcoin. India has a much bigger population < 1.311 billion (2015) > than Japan, with 127 million (2015) people, but Japan has much lower unemployment and poverty than India. Japan also has the advantage that it's internet infrastructure are more advanced and widespread and this might slow adoption down in India. ^hmmmmmm^

The good thing is, India has the second largest amounts of mobile phones in the world. https://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use

I would be particularly careful with predictions now

Basically, we don't really know how much of the recent price rally from 1,200 dollars and all the way up to 3,000 dollars per coin had been due to the impact of the Japanese government legalizing Bitcoin as opposed to rampant speculation and relentless hype on this "excuse". As to me, the price rose too fast too much to be explained by real adoption of Bitcoin in Japan. Even if we completely discard the controversy about Bitcoin scaling going on right now (which we shouldn't), we could expect a massive rally and then a heavy correction (like it happened in May), all due to hype and hysterics

Periodik

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This news made bitcoin rally for around $200. And then another good news coming in few days this time in Australia. I think we can see segwit coming ahead.

xypos

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

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.

Inflation =/= price increase.

Obviously India has indeed legalized bitcoin, and i think it was a bit of a shock to everyone. But since other world countries such as Australia and Japan did this I think the Indian government has been pressured by requests from the btc industry to come to an agreement.

I'm actually really surprised at how well the industry self-regulated before government officially legalized it. And this legalization is probably directly as a result of the industry being able to be strict on AML and KYC laws, even though they're not required to.

Price seemed to be positively affected indeed as well.

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

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.

Yeah , this is true , and I think I was the first person who posted the thread for the legalisation of the Bitcoin in India in this forum . Since only a indirect news was this so here we need to wait until 6 months to become legal official because this will really take some more time to make rules and regulations for Bitcoin .
But after this news , every people in my local and network in online don't want sell Bitcoin because the main thing is that they are saying Bitcoin is now legal and no risk to buy and hold and they will sell at price 10000$ at the end of the 2020 year .
So I think now in this case the Bitcoin price and value in the future may increase more than what we expect because no one is selling .

qiman

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This is very good news and it will help more people in India also get out of poverty as many people have no jobs. I sincerely hope the Government will encourage blockchain start ups to begin incubators so that also technology sectors can improve as well.

NUFCrichard

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India seems like the perfect sort of country for currency exchange.
Lots of people leave India and move to Europe or America, then send money home using Moneygram or Western Union. They get screwed with exchange rates and fees, as well as having to travel to the office to send money and the receiver having to go and pick it up.

Bitcoin could solve lots of those problems now, and all of them in the future. They would still need to exchange the Bitcoin into Fiat at the moment, but hopefully in the future that wouldn't be necessary.

Kakmakr

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The last spike in the Bitcoin price was lead by the announcement that the Japanese government legalized Bitcoin. India has a much bigger population < 1.311 billion (2015) > than Japan, with 127 million (2015) people, but Japan has much lower unemployment and poverty than India. Japan also has the advantage that it's internet infrastructure are more advanced and widespread and this might slow adoption down in India. ^hmmmmmm^

The good thing is, India has the second largest amounts of mobile phones in the world. https://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use

SingAlong

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Quote from: pooya87 on June 22, 2017, 10:40:32 PM

Quote from: Mandoy on June 22, 2017, 09:41:23 PM

~ 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.

The real concern for some people with regard as coverage of Bitcoin under regulation of the state is the tax that will be put in it. Though I really see this as a good way since it will make it more secure and if somehow someone commit fraud or money laundering then we can bring them in justice with the legal ways and put them behind the bars.

Yakamoto

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

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.

Well, they keep charging forwards and I think it's cool that they're doing that, but I don't know if the population there is really ready for something like Bitcoin if you were to go outside of the major cities. But I don't know India so I might as well just be talking out of my ass for the most part.

Seems like last time the Indians got their hands on Bitcoin they really did a number of the value, might be good to have another influx like that one.

pooya87

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Quote from: Mandoy on June 22, 2017, 09:41:23 PM

~ 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.

Mandoy

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Aurox

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.

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