Topic: Crypto is not a legal tender in India (Read 412 times)

Crypto will stay strong!

So who said India is not a big player can shutup themselves.

You keep on with your illogical ignorance. The fact is doomsday are ahead. The signs are clearly showing. Total marketcap is down by 50% while we compare it to 20 days ago. Soon it will be down to 100 billion. During G20 summit the real affect will be shown, it is the time you remember my ID on your lips and cry like a kid for not listening to me.

It's been very clear that it is no more a legal tender in India. Government does not recognise Crypto as legal tender. Which means you cannot make or accept payments for goods and services in Bitcoins or any cryptocurrency. So you are still free to buy and sell cryptocurrency on exchanges. This news too got misinterpreted as bitcoin is banned in India.

Is this your logic? we had a crash there for it must be?
Do you even look at the information available? India is nothing, and not only is India nothing, they are actually talking about regulating it to prevent laundering and illegal activity, this is actually a sign of acceptance not a sign of a ban, so for starters you have this very back to front.

Now regardless, if you can't read and understand news and your mind is fixed on India banning it, let's take a look at some volume charts

https://coin.dance/volume/localbitcoins/INR/BTC

So we can see, India on it's best week had a volume of about 700 bitcoins, with an average closer to 300... this is absolute peanuts.

Now let's compare a tiny country with a 1.2 trillion GDP and only 24 million people, Australia
https://coin.dance/volume/localbitcoins/AUD/BTC

Their best week was 2,500 BTC compared to Indias 700 or so and their average volume is over double of Indias.

Now I could of chosen so many countries that have a higher volume than Australia, but I think this gets the point across nicely.

India makes up less than 5% of BTC volume globally

If they are not big players why did the crash happened? They are the reason for the crash. Next crash will be on Feb 6th when the hearing is done.

Guys, why so much panic about India? I don't get it. They are not a big player in the market.
Yes, they are a fast-developing country with huge population, but in the crypto world they are pretty irrelevant so far, compared to China, Singapore, Korea, Japan, USA, Canada, Europe and so on.

It looks very similar to the ban in Korea not long ago. Do not panic. Then everything will be fine. There are no bans here. You will lose if you panic and sell it

As crypto is banned or regulated by countries, it will fall for sure but I am sure that in the long term it will come back much stronger. Hodl for years!

I've just read the latest article on the internet, it is not legal on the country (but never said that every who will use BTC and other crypto currency will be dealt accordingly or will be punish by law), it was stated that usage will be discontinued in the country (never said it will be stop, because I think they are still hoping it will have a great opportunity for their people and the government with proper terms and conditions) let's hope also they think that way for better future of BTC.
Let's hope better changes of BTC situation in India....

Another bad news for cryptoworld. This is certainly one of the bad news I read this week. After Facebook ban the advertising another blow that will test the market stability. Many bandwagon cut their losses because this will certainly continues for a couple of days.

You don't know shit and as you already proved, you can't even read

This is all India's affect on the market. I can't imagine what will happen when G20 decision comes out. My inside sources are not wrong. So wait for the announcement.

ROFL

You guys are seeing the India's affect on the market. Its funny how you people still pretend as nothing is happening.

 When I warned you people 2 weeks ago you din't listen. Its just the start and G20 summit is going to bring the worse. I always have inside sources, wait for that day.

I now have stopped believing someone who spreads rumors and insides. Analyzed the previous news - all this is manipulation. It is a pity that the newbies trust every news about bitcoin.

so?what bothers us?isnt it your the only one whos crying about this issue?you have posted some other threads related to this nonsense issue,bideaway WHOS INDIA IN CRYPTO?even korea and china cant do anything to bring crypto down.why would india?ask your mama whats the dinner tonight,maybe your just hungry baby. Lol😜

My Dear friend.

As of today, bitcoin is not legal tender in any country, let alone it being declared illegal.

Bitcoin has grown on the premise that it belongs to no country. In fact if you have read the original satoshi whitepaper, which I highly reccomend if you have not. You will see how it is in response to the fiscal irresponsibility of countries especially the USA that crypto currency has evolved.


The good news is none can BAN you from using cryptocurrency. They can ban organized exchanges etc. IN that case there will always be market makers; like it happens in private limited companies stock.


I think it is important to have a way to trade value with fellow humans without worrying about what exact currency I am holding and whether it will become worthless because of inflation.

wishing you peace.

Still some morons argued that it will not have any affect on the market. LOL.

I am waiting for the completion of g20 summit. After USA stance on crypto, when BTC is $100, I want to see these clown's reaction.

Because of this news, the price of everything is falling. Is the impact of these countries so much? Bitcoin is a decentralized system was not?
Is there any interest in price reductions with prohibitions and illegal explanations?

Indian Cryptocurrency committee head clarifies that cryptocurrency is not illegal in India

The Union Budget 2018 had something in store for the cryptocurrency startups and exchanges in the country.

Reiterating its earlier stand on cryptocurrency, Finance Minister Arun Jaitley, in the Union Budget for 2018-19, said:

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy.”

This statement, has resulted in much speculation on whether cryptocurrency has been banned, or what is the government’s legal position on it.


Ajeet Khurana, Head, Blockchain and Cryptocurrency Commitee of India
Ajeet Khurana, who recently took over as the Head of the Blockchain and Cryptocurrency Committee of India (BACC), clears the air on the issue in conversation with YourStory:

YourStory: What do you think about the FM’s mention on cryptocurrency in the Budget? 

Ajeet Khurana: We are extremely happy that something like cryptocurrency found mention in the Budget. It only goes on to say that the impact it has is so widespread, and there is an understanding that it exists in a strong way.

However, on the take of it not being a legal tender, we completely agree with the government on its  position.

We understand the concern around the illicit use of cryptocurrency and have maintained this position. Cryptocurrency enterprises have been maintaining complete transparency through KYC and other procedures to reduce the illicit use of these assets.

YS: The FM stated that cryptocurrency is not a part of the ‘payment system’. What is your view on this?

AK: The payments system includes a lot of things like the settlement mechanism, and the banking system. In recent times, digital wallets and other payment mechanisms have been added to the entire scenario.

What the Finance Minister might be saying is that cryptocurrency is not considered to be a part of these payment systems. Similarly, gold is not part of a payment system, but people still barter assets like gold for goods, as long as both parties record the transaction. It is an asset barter transaction.

There is a little subjectivity on the matter. Can an individual swap cryptocurrency for another cryptocurrency?

We have to wait for clarification on what the Finance Minister meant when he mentioned payment system.

YS: What should the end-investor in cryptocurrency take from this announcement?

AK:  There has been no indication by the government that it is banning exchanges. Neither does it stop people from holding a cryptocurrency. It is just saying that the government doesn’t recognise cryptocurrency as money, which no country in the world does except Japan.

YS: We see a powerplay when it comes to banks pulling out from crypto exchanges in the country. Isn’t this hinting at something?

AK: We have had this discussion, and what we are sure of is that banks who have taken the action of not providing accounts or services to these exchanges have done it on their own will.  They haven’t been instructed by the RBI to do so, and the Central Bank hasn’t issued any circular in this regard.

Banks have the right to choose their customers. My take on the banks that have pulled out is that they haven’t thought of the future, and this is completely a knee-jerk reaction.

We admire banks who have gone on to take the risk in understanding this industry.

Over the past few months, we have seen there have been customer service issues.

Despite this, the interest towards cryptocurrencies remains, and the fresh number of account opening applications continue to grow.

YS: Since the government mentioned cryptocurrency, what can be expected from regulators and even the government now?   

AK: It is understandable that any government will face challenges to regulate this system. If not a proper policy framework, we can at least expect the government to release a policy framework around cryptocurrencies this year.


https://yourstory.com/2018/02/indian-[Suspicious link removed]mittee-head-clarifies-cryptocurrency-not-illegal-india/