Topic: Bitcoin regulations in India ??? - page 3. (Read 938 times)
The RBI or the central bank of India have already issued a memorandum to all banks that it is banning cryptocurrency including bitcoin in India
India has an interesting issue ongoing. The government is allowing their citizens to trade and mine cryptocurrencies yet they prohibit establishments and especially banks to accept any cryptocurrency related business transactions. It is like cutting of the limbs of an animal to render it not useful. Yes they can still trade it but they cannot liquidate their money inside their own country via bank transfer, what they can do is of course sell their own cryptocurrencies to a local buyer which is more risky and dangerous for their part.
As I've said on other topic Indian government isnt interested in decreasing of poor citizens in their country. I'm not surprised. Just imagine if they allowed average people use btc! They would stop working at their low-paid jobs.
yes what you say makes sense, maybe if bitcoin in india in legalkan will help people there to earn much higher income, but maybe there is something else that government of india think not to legalize bitcoin or crypto in its country.
The cryptocurrency debate in India has turned on its head.
The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency. I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”
The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency. I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”
if bitcoin has regulation then I think it will not make death because bitcoin already get regulation, but if there is a change of price down it surely it will happen but can go up again.
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?
Investing is legal in India, but they are taking indirect steps to stop it. Like they have asked banks to stop relations with Indian exchanges.
Probably Indian government have better version of vision for the future crypto currency on their land. We don't all know the very reason but I think that will be good for all Indian citizens. We can't stop it even move it because once the government implement the rules it must be followed.
it is true that India will soon implement its own bitcoin rules, but it is not yet clear when the rules will be applied, with regard to the use of virtual currency. After much discussion, the official regulator for cryptocurrency has been established according to one of India's top officials.
The related institutions are currently completing a comprehensive set of rules and policies on cryptocurrency. Representatives of the cryptocurrency community in India are beginning to feel relieved that soon, the ban on virtual currency is predicted to be lifted soon.
The related institutions are currently completing a comprehensive set of rules and policies on cryptocurrency. Representatives of the cryptocurrency community in India are beginning to feel relieved that soon, the ban on virtual currency is predicted to be lifted soon.
I have never heard anything about the rules of regulation of cryptocurrecnies in India. And it seems that the government does not plan for it. They prohibit financial firms from dealing with cryptocurrency. They do not call it a regualtion.
What's happening is like other countries. People can use cryptocurrencies and this is not a crime or what they mean. A cryptocurrency is a bitcoin currency in the country that people enjoy as cryptocurrency.
What's happening is like other countries. People can use cryptocurrencies and this is not a crime or what they mean. A cryptocurrency is a bitcoin currency in the country that people enjoy as cryptocurrency.
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?
Nop bitcoin is legalized in India....And it was never banned in India so dont worry about these...And if bitcoin is also banned then also you can use btc by using virtual private networks..
Bitcoin is not illegal in india. but case going to in court within short of time court will decide its regulation or what.
but not today because in India it's been a bit of Bitcoin and has Exchange Bitcoin with Indian Rupee.
and all it can be checked at https://www.zebpay.com.
so this is the rise of Bitcoin in India and can grow the country's economy.
and all it can be checked at https://www.zebpay.com.
so this is the rise of Bitcoin in India and can grow the country's economy.
I recently read that the Indian government might tax 18 percent on digital currency trades, despite the Reserve Bank of India's ban restricting banks from dealing with any Cryptocurrencies. Sounds to me they don’t really know how to feel about the situation. They are undecided as to whether or not they should tax Crypto or just ban all dealings.
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. This week, 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.
bitcoin regulations in India have not been set yet but India's Ministry of Finance said it does not regard the virtual currency as a legal transaction tool. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.
In India the cryptocurrency exchanges who have moved to the Supreme Court, along with their Shareholders, against the RBI are Coindelta (Bitfair) , Koinex, Throughbit and CoinDCX. They challenge the RBI restriction on Exchanges.
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.
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?
Bitcoin is decentralised in India not illegal . According to the RBI declaration people have to withdraw their money that they are investing into bitcoin in their domestic sites, people have misinterpreted the statement of reserve bank of India because being a citizen of India , I better knows the status of bitcoin in India I am also owning bitcoin here and definitely it’s not illegal because owning a bitcoin is not illegal in India u can buy bitcoin from international exchanges and own bitcoin, its not illegal and RBI has warned people to be careful with bitcoin. 
That's not a clear statement on overall legality, though. You're twisting the meaning of the words.
legal tender:
coins or banknotes that must be accepted if offered in payment of a debt.
Bitcoin isn't "legal tender" anywhere in the world yet as far as I'm aware. There's nothing that mandates a merchant accept it for payment. It's strictly voluntary. That doesn't mean it's illegal to use in most places, though.
As an example of what legal tender might look like, the US State of Arizona Senate passed a bill to allow the state to accept bitcoin for income tax payments, but it doesn't come into effect until 2020, assuming it makes it through the state's House of Representatives. That would be a step closer to bitcoins becoming legal tender. The law would then plainly declare bitcoin must be accepted in that state, although, so far, only for the purposes of income tax.
Then, what really bothered me was; Is there a country that forbids Bitcoin totally and decisively. For example, "Bitcoin Users Will Be Captured". Is there any? because I know all the countries rumored to ban bitcoin is actually just forbid it to be used for sale and purchase transactions. While for such activities as Trading is not prohibited. just encouraged to be careful. It's very important to get a credible reference.
After a clear statement by the Indian finance minister about the government's position on the legality of Bitcoin and other digital currencies in a speech on the annual budget, when he bluntly said that "the government does not recognize crypto currency as legal tender"
That's not a clear statement on overall legality, though. You're twisting the meaning of the words.
legal tender:
coins or banknotes that must be accepted if offered in payment of a debt.
Bitcoin isn't "legal tender" anywhere in the world yet as far as I'm aware. There's nothing that mandates a merchant accept it for payment. It's strictly voluntary. That doesn't mean it's illegal to use in most places, though.
As an example of what legal tender might look like, the US State of Arizona Senate passed a bill to allow the state to accept bitcoin for income tax payments, but it doesn't come into effect until 2020, assuming it makes it through the state's House of Representatives. That would be a step closer to bitcoins becoming legal tender. The law would then plainly declare bitcoin must be accepted in that state, although, so far, only for the purposes of income tax.
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