Topic: Bitcoin regulations in India ??? - page 2. (Read 945 times)
India adopting crypto will be a huge thing 1.3 bil people!
Have you heard that Indian government has promised to make their draft regulation for the crypto sphere publicly available in July? Though there is still very little clarity regarding the future of cryptos in this country, I believe more details will be known soon.
India is not the only country that is grappling with regulation issues in the crypto industry. Countries such as the US and South Korea have been sending mixed messages to their respectively growing crypto communities in the regulation that they employ. Conversely, Japan made history when it became the first country to declare cryptocurrency as legal tender in April 2017.
In India, bitcoin trade is carried by unregulated digital exchanges that are 11 in number according to Tax Department estimates. People are investing in money expecting huge returns as Bitcoin registered a price increase from just $1000 in January 2017 to $15000 at the end of 2017.
But anytime a burst can happen. In that case, investors will lose their money. As Bitcoin has entered a bubble phase and speculators have shown big interest in several other crypto variants, the RBI and Finance Ministry have come with timely warnings against dealing with crypto currencies.
The RBI as the central Bank issues money/payment related warnings on VCs. Regarding the asset/trading security side, the government and SEBI are giving their own cautions. Similarly, the tax Department is scrutinising the actions by investors to check the tax implications.
But anytime a burst can happen. In that case, investors will lose their money. As Bitcoin has entered a bubble phase and speculators have shown big interest in several other crypto variants, the RBI and Finance Ministry have come with timely warnings against dealing with crypto currencies.
The RBI as the central Bank issues money/payment related warnings on VCs. Regarding the asset/trading security side, the government and SEBI are giving their own cautions. Similarly, the tax Department is scrutinising the actions by investors to check the tax implications.
it is unavailable, that person must have a lot of money, i think the reality with buying bitcoin is the same as buying paper money, dollars for example, so be simple for that
Yes, India they are illegally bitcoin, but I think bitcoin is not bad for the country, it benefits everything, it can help the economy grow more
They are not illegal in India but the government doesnt know how to regulate it. They have made a team and trying to understand the technology but the govts are always slow in learning. 
The committee was set up to take stock of the present status of virtual currencies both in India and globally, examine the existing global regulatory and legal structures governing virtual currencies, suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering and examine any other matter related to virtual currencies that may be relevant.
India forbids cryptocurrency but wants to adopt blockchain but some time ago the government of India officially banned Bitcoin and although it is true it is only temporary
Although the Reserve Bank of India (RBI) advises caution on its use, bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal. So, if it is a legal entity, why is there silence on its regulation? Also, who is responsible for regulating it?
I read in the news that India wants to introduce bitcoin into its financial system. Only they are not sure about the stability of this coin.
I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?
Some of your points are true while the others are false. Bitcoin is not still legalized in India which is true but it is not illegal either.The RBI have cautioned individuals and companies to stop dealing with Cryptocurrencies but they have not made any kind of Ban over it.
We can still deal with cryptocurrencies but since there are many who get scammed using it, the RBI have stated that it will not allow users to trade crypto.
Now it depends on the individual whether he still want to keep using it or not.
If Bitcoin legitimizes, it's good news for it, it's going to grow and be stronger
Although the RBI advises caution on its use, bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal
Income tax department surveyed the major bitcoin exchanges in India. The survey reports said, this was done to collect information about transactions and check whether there was a risk of tax evasion. It was reported that the income tax department is set to issue notices to about 5,00,000 high net worth individuals trading on the exchange across India. This comes at a time when there are still no clear regulations on cryptocurrencies and bitcoin exchanges.
according to sources I read, the Government of India is prohibiting the use of bitcoin as a means of payment. However, the Indian Government will adopt the blockchain technology used in bitcoin to be implemented in their financial systems.
such a good news for them and hopefully in my country i can also have to experience this kind of feeling that bitcoin are can be used as an payment and on my country i can actually used this just like on how india may have to experience now well this is for all about that i have to wish for. a goodluck and best wishes for india.
There is no law that suggests that Bitcoin is illegal. Hence RBI has suggested to use it with caution. There are other countries which might legalize Bitcoins.
https://news.bitcoin.com/switzerland-shows-the-way-bank-first-to-offer-crypto-business-accounts/
https://news.bitcoin.com/switzerland-shows-the-way-bank-first-to-offer-crypto-business-accounts/
"The Indian government does not recognize virtual currency or coins as a legitimate means of payment and will do everything to reduce the use of these crypto assets in the funding of illegal activities or part of the payment system.
The Department of Criminal Investigations of India (CID) published a statement in which he spoke about an angry businessman who took 2,000 bitcoins from the promoters of the fraudulent Bitple crypt project, CCN writes. According to the report, the Indian wing of Bitconnect was located in the state of Gujarat and was managed by three people - Diyash Darzhi, Satish Kumbani and Dhaval Mawani, who worked with project promoters abroad and urged Indian investors to invest in their enterprise. 
according to sources I read, the Government of India is prohibiting the use of bitcoin as a means of payment. However, the Indian Government will adopt the blockchain technology used in bitcoin to be implemented in their financial systems.
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