Topic: Crypto is not a legal tender in India (Read 419 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/

Asia I see at all decided to boycott crypto-currencies, something they did not like. Well, I think it will not hit hard on the already falling market, there will simply be more panic.

No Zombie, we must accept fact, that cryptos are under big influence of whales, they take every oportunity to push market right direction. That means, when now is some not important message of some indian minister, they will take this oportunity and send market lover and buy cheap. When there will be some possitive message, they will pump it and sell high. Its normal. As small trader, you must be cautious and buy when it falling (now) and sell when it rises. Or you can hold coins for bigger profit.

India is a strong player in the market. It is proved by the recent big crash.

Market has collapsed like anything. To all those clown's who pretended it will not have any affect can rest now.

AFAIK they're not banning crypto, they just stated they want to shut down illegal activities that are done using cryptos. They actually stated they see a bright future in cryptos, and they want to find good (legal) ways to work with it.

To tell the truth, I'm very surprised that India is not a bit tuned to support crypto currency. Apparently there are some problems with the government, Although I still believed that I can not legalize the crypto currency almost in the near future. But maybe I'm wrong.

Nice thought, they are scarred as hell . However I really don't care about India, for one country banning btc (lol, banning, you can't ban something that is decentralized) there are super bullish countries on crypto out there, like Japan, Singapore, Switzerland and so on

I would probably say that its a similar situation to S.Korea wherein due to reasons of having a hard time regulating cryptocurrency, So they move the easier route to not make it legal but somewhat now there is another news that its a FUD but i think in the long run they would accept digital currencies in the future.

This is not a new. The government already stated a few months back that cyrpto is not legal tender but they don't have regulatory body to declare that its illegal to own crypto. Even RBI says that its not illegal. The OP is really trolling and I'm sure that he has been paid handsomely to spread fear amongst the community.

This is not the cause of the current market crash for me. There's some deeper reason behind that we still unable to uncover as of this time. China, South Korea or India's news are over now. When things settles down in the next couple of days we will see what causes this fall. Not just pure FUD.

ooh thats bad, but why ?? this technology can make ppl rich

Come guys, Dont give importance to this thread. Check this guy's previous threads only FUD posts.
So just chill and reap the rewards.

According to India's Finance Minister Aruna Jayley, the government does not recognize a bitcoin as a legal tender.The Central Bank of India did not license  of the companies who work with cryptocurrency.

I see there is an interesting development with China and India. They want to control their inhabitants and how they spend their money

Got news for you... i don't know ONE country in which bitcoin is legal tender (where government accepts people paying in BTC)

is this in any way news? this was before and will continue to be this way. I would say even if mass adoption would happen the governments know better than letting  people "print" their own money when until now we came to them for money.

I know for a fact that i'm lying myself when i say i am free as long as i will need "funny money" to live my life. I'm just a slave doing what get's me payed. The more i want to chase my confort/financial goals the more i have to work for the money printer.

But seems like better times are coming very fast. So many good crowdfunding projects, even bad ones like casinos now offer a transparency never seen before and they compete in offering investors a nice % from profits.

what India's leading bitcoin and cryptocurrency exchange zebpay says
https://blog.zebpay.com/blockchain-and-cryptocurrency-committee-of-iamai-on-references-to-cryptocurrency-by-the-finance-5d0cc63d61c7

and other news i found

https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

It's been two days since I have started trading.yes,I'm from India and no matter what I will be holding for years to come.no one can stop crypto currency trading because it has a unique technology (in fact  a revolution).all this drama comes to an end in no time for sure.
Look at the chart and see the drama these politicians have created.a day before the announcement they sold the bitcoin and once the price fell,they got into it again and made money and the Indian media,better not to discuss about it.just have patience for few days and see how indirectly this government is going to support cryptocurrency again.

Jio coin is a rumor created by stupid people. There is no official word on it.

If, not legal then how the buzzing Jio coin in the sky. Only officially not legal otherwise everything is running under the table in India.

Maybe OP is buying bitcoin at ATH in the last few months and recently dumping all his bitcoin because he's too scared. Now he tries to buy Bitcoin lower by spreading FUD.
Team HODL HODL HODL

It is even more disturbing now to see people in the space helping these government to spread their FUD, because it is not legal tender in India doesn't mean another country won't accept it, Japan is one of the first country to warm their heart to Crypto and that has not changed, this is the future whether you like it or not.

Another post by this guy? we need a health check or something to post on this forum.
Even if you are correct, which you are not, you couldn't be any more wrong with you recent posts, to ROFL ROFL ROFL at people losing money just sums up your character, absolute peanut.

Let's look at this


I've given up trying to find an article I read last month, but it also stated Australia (a country with just over 20 million people) has a higher BTC volume than India.
Between US, UK and China combined you have 200x the trade volume of India.

Even if India bans crypto, it's not going to change anything.
As long as the USA keeps it legal it'll continue to grow, if it were banned in my country I would still trade and just go on a holiday to cash out.

They can even do it overnight where you will be stuck with your assets from their freezed bank accounts. Act smart.

i m not saying that they are not ban it. but its take time

In a month there will be.

I will lift this post when it happens. Get ready for it.

Well, at least we should be thankful that a lot of countries all over the globe are still tolerating the use of cryptocurrency coins in their country, in which it could still be something we could look forward, stop being so negative mate and why not take the opportunity while the price is low for some coins and buy it.

 there is no indication of any curbs upon buying and selling of cryptocurrencies through exchanges in india at this movment

What do you wanna say?

He clearly stated in his speech, they will do anything to stop crypto.

Your post is nothing but you are trying to create FUD, we should be clear that crypto cannot be banned, it will continue, it is just manipulation at the moment and nothing else, soon market will be back on track.

 full detail what Indian finance Minister says
link : - https://www.ccn.com/india-signals-crackdown-bitcoin-cryptocurrency-usage/

No.

Seriously, you people must get a life. Depending your life on cryptos.

India is a huge player in crypto market and more countries will follow India. Its over.

Even if they did - India is 10% of bitcoin market, not 90%. All those coins will get either lost or transfered to owners in other countries and the market would continue without India. Strongest players in the market like Korea stay in the market and their representatives confirmed that. Get a life man ;-), 95+% of your posts are pure FUD.

LOL, really. He stated clearly that they will do everything to ban crypto.

If they want they can bring the bill overnight.

Why you FUD? OK, I will try to explain to all people not capable of understanding written text:



Oh nice, he stated that in some speech. I don't know what is the exact government type in India (parliament democracy?) but here is what he has to do in order to "ban bitcoin and other altcoins":
1) Prepare the law
2) Get the law accepted
3) Possibly get signed by president

Ah well, we are at least half a year from point that this would happen. The thing which you have posted is NOT a law. It is just a statement of a minister (similar to Donald Trump twitter posts I would say) and a lot of work will have to be done in order to legally embed that into the India legal framework.

It is possible that the final law will not be that strict and maybe you will just have to register yourself to avoid usage of cryptocurrency to money laundering or I don't know. We have VPNs, privacy coins, even TOR-enabled coins like xspec. Anyone who wants to use cryptocurrencies for illegal activities simply can and no India law can make it impossible for them.

I don't believe they are so stupid that they would ban cryptocurrencies completely. Crypto can become a significant money income from taxes to nations. They just need to understand it.

Its same like ban of south korean cryptoexchanges. Whales only trying to cashout weak hands. In real, this has no real damage to cryptoworld. I think what is more dangerous is the amout of worthless ICOs. People should awoid investing in them and rather put money in proven coins.

Get out with minimum losses.

https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/amp/

Another nail in the cofin. More countries to follow. Its happening faster than I thought and market is collapsing like nine pins after this news. Where are those HODL people? ROFL

HODL HODL HODL ROFL ROFL ROFL