Bitcoin regulations in India ??? - page 4.

rajuahmed330

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

Indian government and court doesn't legalize bitcoin. Its now illegal in india.
Reserve Bank of India also not support cryptocurrency. Its means there are no controller, no management and its so risky.

yojodojo21

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Yes That is true and that is one of the reason why few months ago bitcoin and other crypto currencies price fluctuates into downfall and the market got really on the red surge, but after that, there are many news that in some part of First world countries there are facilities where build in connection to adapt the idea of cryptocurrency. if you have crypto's and you are from india i suggest you to cash out peer to peer from other country.

kingsters

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I was quet but i was not blind

Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

i think its now not added to india i show the most ico's start in india bitcoin is not illegal a world sorry for my english

Kriptomen_51

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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", the authorities are preparing to settle the dramatic situation at the crypto currency market.

SindiRokRok

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The last news I hear is that in fact the Indian government does not ban bitcoin, it's just that there is never a harmonious relationship between banks in India and cryptocurrency.

stayeduptolate

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

RBI has never banned bitcoin from India and moreover reserve bank of India could not ban it , the only thing that RBI can do is to stop people to use bitcoin on domestic site and that’s what RBI did, but your second news is entirely correct that RBI also caution people for the use of bitcoin and moreover they even declared that they are not responsible for any kind of loses regarding bitcoin, so India there is no proper regulations for bitcoin in indi because in India bitcoin is still a decentralised crypto currency.

stely41

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Quote from: Tigorss on May 04, 2018, 08:47:21 AM

a new regulation that forbids bitcoin is used in India, as it is seen in the market the highest value is in India. If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.

Government and India’s central bank have made it amply clear they aren’t comfortable with virtual currencies. The recent spike in bitcoin’s value, which attracted hordes of investors, has only made the government more vociferous in its criticism.

Tigorss

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a new regulation that forbids bitcoin is used in India, as it is seen in the market the highest value is in India. If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.

SUDARMONO

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In the news I heard it is true that bitcoin is considered illegal in India, but I do not think India is banned completely, and only warned to be more careful about using bitcoin.

susuberuang

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

I think you should include some definite evidence at least you provide a clear link or source so that the readers here can know and see if the news is true, if it is true then that is good news for all bitcoin users.

rodel caling

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Quote from: apelmerah on April 24, 2018, 07:13:41 AM

It is true that India does not legalize bitcoin, but I think bitcoin is not a hazard and that depends on its use and only Japan that legalizes bitcoin.

India government as i know until now studying about crypto's how regulate annd adopt bitcoin as legal currency, hoping someday woke up the mind of the government official how much bitcoin importance to gives hopes of their people's.

vorobev

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RBI has told Indian banks to end their relations with banks. They did not mention anywhere that they are banning bitcoins , so it is still legal to use bitcoins in India.

rizkypurwati

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

legal or illegal issues are often the case and discussed by the government of a particular country because they consider something to be harmful or profitable.
1. Where do you read it? Is there a link you can get?
2. Your question should be in the Local forum as it is more specific if answered by local members in the country (India)

JoshuaBlack1

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

If they have fully outlawed cryptocurrency beggars belief it seems like one of the countries that would benefit most from the quick border less transactions. Consider for a second the amount of Indians working abroad that send money home to family on a weekly monthly basis using money transmitters such as western union. The fees they are paying will be mind boggling. I can't see this ban lasting much longer if it is in fact banned

suvo05

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Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

The Indian government has not declared bitcoin as illegal but they want to stop the money flowing towards the bitcoin/crypto-currencies. So they want to discourage people of India to buy the crypto-currencies. That's why they first declared that "bitcoin is not legal tender" now they are stopping the trading of bitcoin from any bank account.

chris200x9

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Quote from: fanbeila on April 25, 2018, 09:09:11 AM

Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.

NO RBI has already told that all banks should stop the financial transactions for crypto-related exchanges that mean an indirect ban on these coins. But they didn't say that you can't buy or hold these coins so you can still buy it from other exchanges or persons and hold them. Some exchange has put a case saying that they have invested a lot of money already in crypto exchanges so this sudden ban is a loss to their business but not sure what the outcome.

eternalgloom

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Quote from: fanbeila on April 25, 2018, 09:09:11 AM

Quote from: 0RajA0 on April 24, 2018, 02:27:34 AM

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?

RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.

I really doubt that they would make Bitcoin entirely illegal, even if they are planning to launch their own form of cryptocurrency.
It's far more likely that they will just impose regulations so they can tax it more efficiently.

I'm not sure how many countries have outright banned Bitcoin at this point in time, but it's not going to be a lot.

0RajA0

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Indians may expect to see some currency like USDT for Indian citizens, Coin name might be INRT. The only problem is liquidation that could be fixed by using DEX like BiSQ or by using a P2P website like Localbitcoins

Atang Sulaeman

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Quote from: 0RajA0 on May 03, 2018, 08:55:04 AM

Quote from: Dudeperfect on April 25, 2018, 10:28:33 AM

Things were a clear couple of years ago and the Indian government is just repeating the same in multiple forms. Using Bitcoin is not illegal in India under any existing laws and regulations but the government is willing to eliminate the usage of cryptocurrencies. Recently, the central bank has instructed banks not to provide banking services to the exchanges involved in the crypto business after 3 months but I recently had a discussion with the vice president of one major domestic exchange and he said that they are working to find a concrete solution for this mess.

So bank not yet stop the service to Indian exchanges? Will bank provide service for 3 months since the announcement came from RBI ? So till now Indian exchanges doing transactions through bank will stop only after 3 months?

The RBI statement is part of the announcement of broader policy regulatory measures to
strengthen financial market regulation. RBI is more open to blockchain, a technology that
virtual currency, which is said to have the potential to improve the efficiency and inclusiveness of the financial system.

0RajA0

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Quote from: Dudeperfect on April 25, 2018, 10:28:33 AM

Things were a clear couple of years ago and the Indian government is just repeating the same in multiple forms. Using Bitcoin is not illegal in India under any existing laws and regulations but the government is willing to eliminate the usage of cryptocurrencies. Recently, the central bank has instructed banks not to provide banking services to the exchanges involved in the crypto business after 3 months but I recently had a discussion with the vice president of one major domestic exchange and he said that they are working to find a concrete solution for this mess.

So bank not yet stop the service to Indian exchanges? Will bank provide service for 3 months since the announcement came from RBI ? So till now Indian exchanges doing transactions through bank will stop only after 3 months?

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