Bitcoin regulations in India ??? - page 6.

0RajA0

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Quote from: DooMAD on April 24, 2018, 07:17:25 AM

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.

sergeykravcov177

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Legalization of bitcoin in India
Despite the negative attitude of some politicians, the government of India has come to a decision on the future regulation of the market and the provision of equal conditions for bitcoin-exchanges, which allocated a significant amount of resources for the standardization of the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest bitcoin exchanges in India, told Cointelegraph that the Indian government has finally begun taking bitcoin seriously and is now considering market regulation.

Mr. Karla said: "Finally, something positive has happened for the industry. The authorities began to take this technology seriously. We have been trying to get their attention for years. I'm glad that this all happens at the right time. We at Coinsecure are seeing a significant increase in the number of users and volumes. We are sure of what will happen in the next three months "....

BrewMaster

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There is trouble abrewing

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.

Xester

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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?

Actually it is true that right now bitcoin and other cryptocurrencies are now being banned in India. 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. Because of this the Cryptocurrency exchange filed a petition on the Supreme Court of India to reconsider the banning over cryptocurrency by the RBI.

pxo.011

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i thought india banned bitcoin or they are probihibited to use bitcoin and they cant work as well the banks and government are afraid to the people will not pay taxes for income however i dont know the truth behind banning bitcoin in india and other countries.

natalagerman95

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Despite the negative attitude of some politicians, the Indian government came to a decision about market regulation and to ensure equal conditions for Bitcoin exchanges, which allocated a significant amount of resources for the standardization of the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government had finally started taking Bitcoin seriously and considering the possibility of market regulation.

DooMAD

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Leave no FUD unchallenged

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.

apelmerah

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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.

0RajA0

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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?

Topic: Bitcoin regulations in India ??? - page 6. (Read 938 times)