Topic: Bitcoin regulations in India ??? - page 5. (Read 959 times)
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.
according to the news I read
The Bank of India said financial institutions could no longer trade and trade using virtual currencies such as bitcoins. The Central Bank of India gave three months to the financial institution to abolish the virtual currency transactions.
The Bank of India said financial institutions could no longer trade and trade using virtual currencies such as bitcoins. The Central Bank of India gave three months to the financial institution to abolish the virtual currency transactions.
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.
As I know bitcoin and also other crypto currencies are illegal in India. The law in India is that whoever are connected with bitcoin or other crypto currencies will have to suffer in jail.
Indian authorities showed negative attitude to the use of the BTC, in the face of regulatory pressure and increasing bank limited, India has been affected by the digital currency trading, according to the statistics of India's BTC trading volume has decreased by 90% over the past two months.
>>>>>according to the statistics of India's BTC trading volume has decreased by 90% over the past two months 
? <<<<<Is it true?? I don't think so..Can you give the source ?
Indian authorities showed negative attitude to the use of the BTC, in the face of regulatory pressure and increasing bank limited, India has been affected by the digital currency trading, according to the statistics of India's BTC trading volume has decreased by 90% over the past two months.
Well, before, India spoke of bitcoin being banned. An exchange in India has gathered supporters and started a signature campaign against its decision. I think for now, the government is in the verge of deciding to regulate bitcoin instead. Afterall the technology is helpful in the economy.
Indian Regulations are in the blink of banning and still in thoughts of regulations we can say they are confused in various internal misunderstanding about crypto currency
Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin. That's not the same thing as it being illegal for the general public. If you aren't a fiscally regulated entity, you can use Bitcoin freely. When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example. Bitcoin is not banned in India.
Don't you aware of recent announcement of Indian central bank ? India's central bank bans financial firms from dealing with cryptocurrency. Is this doesn't matter ?
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.
Some one has filed a case against that rule in court. Becuase that exchange has already invested lot of money in the project and now suddenly with this rule they say that they lost so much money so they are asking for regulation instead of banning. Let's see how it goes because Indian government don't want any black money so they outright banned cryptos but people want it. if they regulate also they may put a lot of taxes on crypto profits. Indian government is very good in putting taxes on all people profits.
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?
It is both legal and illegal,Indian government not officially announced it is legal.RBI said it is at your's own risk of investment in bitcoin.If they have to make bitcoin as legal they have to regulate many things so it is not possible for the current situations.Thus in India bitcoin is both legal and illegal.
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?
Before banning there are some companies that provide bitcoin services in India, such as BTCXIndia, KYC, and AML. However, for reasons not mentioned with certainty India began to ban the use of bitcoin with the cessation of cooperation between banks with bitcoin service providers. Some of the outstanding issues of this ban are due to the perceived risks or restrictions imposed by the bank's management. The legal status of cryptocurrency transactions is unclear in India. They are not forbidden, but authorities have repeatedly warned users and traders about the risks. So it depends on them and the use of bitcoin. 
Bitcoin is not a legal tender currency in India . Even across the globe most of the countries still not accepted bitcoin as legal tender currency . RBI regulation they asked banks not to deal with crypto exchanges or organisation . Even they given three month timeline . In between some one has done appeal and b Delhi high court so recently rbi got notice from court.
RBI is not banning cryptocurrencies, but has asked all the agencies under RBI to suspend their relations with all the exchanges within 3 months of this notice. This has obviously brought a lot of negativity in the market and people are against this circular. A PIL has already been filed and the response is awaited from the RBI. As it looks, crypto exchanges are going to be blocked by the end of May. It is better to withdraw everything you have on you right now.
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?
Now the matter is in court at one exchange has filled writ against RBI decision. Next hearing is on 24 may 2018, let us see what happens.
The statement of the Minister of Finance was preceded by long months of fortune-telling about the fate of the crypto currency in India, which became home to many traders and investors. Every tenth bitcoin-transaction in the world takes place in India.
In recent months, the government and the Reserve Bank of the country have repeatedly expressed dissatisfaction with bitcoin and other crypto-currencies. At the end of last year, the Ministry of Finance called them a financial pyramid.
Nevertheless, the government of Narendra Modi announced the creation of a committee to understand the potential application of crypto-currency and analyze regulatory measures in other countries.
In recent months, the government and the Reserve Bank of the country have repeatedly expressed dissatisfaction with bitcoin and other crypto-currencies. At the end of last year, the Ministry of Finance called them a financial pyramid.
Nevertheless, the government of Narendra Modi announced the creation of a committee to understand the potential application of crypto-currency and analyze regulatory measures in other countries.
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.
Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin. That's not the same thing as it being illegal for the general public. If you aren't a fiscally regulated entity, you can use Bitcoin freely. When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example. Bitcoin is not banned in India.
Don't you aware of recent announcement of Indian central bank ? India's central bank bans financial firms from dealing with cryptocurrency. Is this doesn't matter ?
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.
Yes, I'm aware. Iran are doing the same thing. Still doesn't mean you can't use Bitcoin. It does, granted, make it more difficult to buy. But once you have some bitcoins, you're free to transact however you like. Plus, cash is still a viable method of buying BTC if you can find someone willing to sell. It might not be ideal, but it's certainly not the end of people using Bitcoin in India, or Iran. All they can do is slow adoption, not stop it.
you are right, i read from some media that india make the regulation about banning bitcoin as a tool of the transaction, i assume that the ban is just a general banning and do not have the essence of assertiveness from the government of India. even in India there are big companies bitcoin mining, and some make ICO.
the government of India only bans if crypto is used as a means of transactions, and that is a ban made by other countries as well.
so, I think we must not to make this news viral. we better cover the bad news, so as not to disrupt the market stability.
the government of India only bans if crypto is used as a means of transactions, and that is a ban made by other countries as well.
so, I think we must not to make this news viral. we better cover the bad news, so as not to disrupt the market stability.
I haven't heard anything about cryptocurrecnies regulation in India. And it doesn't seem that the government has a plan for it. They have banned financial firms from dealing with cryptocurrencies. This is not called a regualtion.
What has happened is like some other countries. People can use cryptocurrencies and it's not a crime.
What has happened is like some other countries. People can use cryptocurrencies and it's not a crime.
to know for sure whether bitcoin is banned in a country you can always check the volume that is coming from that country. for example one of the ways is to check the exchanges in that country or simply go to localbitcoins and see how much volume is coming from the said country.
in case of India there is still a large volume coming from Indian which shows people are still freely investing in bitcoin.
RBI Bans Indian Banks from providing Crypto Related services to Individuals and Businesses. Yes, True still can see significant volume in India. I think it all through peer to peer exchanges .in case of India there is still a large volume coming from Indian which shows people are still freely investing in bitcoin.
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