Topic: Crypto Now Legal In India? - page 2. (Read 1346 times)

The Reserve Bank of India has strict rules to stop the use of cryptocurrencies. They banned banks and financial institutions from offering services or trading in any cryptocurrency, such as Bitcoin. Meanwhile, the Modi government has also introduced a bill titled 'Banning of Cryptocurrency and Resolution of Official Digital Currency Bill 2019'. The future of crypto in India is going to be much better and in the next step, the Supreme Court has ruled that it is legal there will be more improvements through blockchain technology.

I hope that in the future India will not develop a lot of cryptocurrencies like Bitcoin. We already have so many of that. Many of them are already dead and more are coming. What I hope is India to finally accept Bitcoin fully and legally and consider it an acceptable medium of exchange or money.

I have followed a few challenging moments of the development of crypto in India, eventually leading to kindness, impressive.

Now the crypto community in India is relieved, with this decision, it has not become one thing to worry about for crypto users in India, I am also happy to hear this news.
I hope that in the future India will become the largest community in the world in developing crypto like Bitcoin, congratulations to the crypto community in India, hopefully it will continue to progress and develo.

News;>>
CRYPTO NOW LEGAL IN INDIA? NOT SO FAST

There is still no cryptocurrency regulation in India. After the decision of the Supreme Court of India on the recognition of some restrictions of the Reserve Bank of India on the circulation and use of cryptocurrency as illegal, there is again a legal vacuum. Therefore, it is impossible now to claim that cryptocurrency in India is legalized. There are currently no legal acts regulating her circulation. We expect that legislators and the government will decide about cryptocurrency, because so far they have not adopted any legal acts regarding cryptocurrency.

Yesterday, I replied to this post saying that
But I don't know why my post was deleted by a Bitcoin Forum moderator. Now my prediction is becoming right. We have some news about GOV of India is preparing a drat to ban cryptocurrencies.  https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

The IMAI vs RBI2 shows the most recent position of law in India regarding the stance of cryptocurrencies. Reserve Bank of India (RBI) first issued its ban on banks' dealings with crypto businesses back in April 2018 (the 'order'), which took effect in July of that year 20183. The RBI notification was then challenged before the Supreme Court of India by the Internet & Mobile Association of India (IAMAI). The Court, whilst deciding the matter, looked at the draft bill which has been proposed (but not passed) by the legislature, namely Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. The Court held that the stand of the legislature cannot be gauged from this bill as the bill, on the one hand, imposed criminal liabilities on the users of cryptocurrencies and criminalized certain activities like mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country. On the other hand, the bill paved the way for the government to introduce its own digital currency, namely 'Digital Rupee,' by the Central. Bank. The Court also emphasized that The Crypto-token Regulation Bill, 2018 initially recommended by the Inter-Ministerial Committee contained proposals (i) to prohibit persons dealing with activities related to crypto tokens from falsely posing these products as not being securities or investment schemes or offering investment schemes due to gaps in the existing regulatory framework and (ii) to regulate VC exchanges and brokers where sale and purchase may be permitted.

Indian Government allowing Crypto to convert with INR through their Banks, this is really a good step by them, They are doing such because there have a big number of community attached with blockchain development and crypto world from India. Its kind of an opportunity for Indian crypto community to proof their ability and improve themselves at Blockchain using cryto.

Once they figure out that Bitcoin is the perfect money for tracking payments in their new cashless society, they will be "all in".

The real question becomes, is it too late to stop bitcoin and the extinction of freedom on this planet?

I think you tagged wrong link about mobile payment in india. It’s not involved regarding Bitcoin transactions. Paytm is popular payment method in last several years. Now it’s accepted in grocery shop as a digital payment method. Btc isn’t accepted in mobile transaction yet. India is rapidly going in crypto, already a big crypto exchange launched, @CZ helps to grow crypto community in this country.             

Good for them adopting the cryptocurrency, I can understand the worries their government have about the use of bitcoin for illegal purposes but it would be pathetic for me if I ignore innovation and change, nobody can stop that. This is a big step for cryptocurrency being acknowledge by governing authorities and getting an approval, but I believe that it should not just lie with the government, the people should also participate in this innovation because they are the driving force on why cryptocurrnecy was first created. Sadly for my country though there are no regulations and any grounds putting cryptocurrency legal or illegal which is kind of sad because people are stuck on a limbo whether they should completely trust cryptocurrency or not.

I totally agree with your opinion. India is one of the most populous and largest economies in the world. Given the legitimacy of cryptocurrency here, its spread will be more. As a South Asian country, we Bangladeshis are more happy. Because I hope that the government of our country will also be interested in giving legitimacy to cryptocurrency.

I think with many countries now trying to legalize crypto, and that will give a big chance to see an acceptance of crypto in all countries. But right now, the focus of each government still on the pandemic, and they still hard work to cure the people and to prevent the virus from spreading in other people. But sooner or later, we will see the using of crypto will increase more than now, and that can increase more if in each country finally, accept and legalize crypto for used in their countries. That can help people too to buy something using crypto besides using their credit and debit card, which mean the cashless will happen globally.

I think we are still under 5% in legalizing crypto in the whole world, we need to hear that the world is now full support cryptocurrency however the current disease lead government to think on paperless money which difinetly Crypto will be taken into account .

I agree with you, people seems to confuse the two terms with eachother, cryptocurrency was ban years a go in india by the central bank, all the Supreme Court ever did was to lift the ban and this doesn't in any way means cryptocurrency activities are being supported by the idian government but it is not a crime either and this is the state of many countries with cryptocurrency activities.

crypto legal in India since there coronavirus that made the government of India make the best decision bitcoin be a way to transact and also help some people who have bitcoin to sell their assets to survive the economic crisis that occurred in India the incidence of crime and vandalism, theft have occurred in India since the Indian government chose to lockdown to avoid coronavirus Indian people are poor and hungry have to commit a crime in order to survive. Indians began to act quickly to events prevented. legalized crypto by making it easier to transact.

I can see it from another diverse methodology.
Cryptos are legitimized in South Korea and as lately the administration empower individuals tu use crypto for paiement to maximly maintain a strategic distance from body contact that encourages Corona infection to spread. the Bank of England encourages individuals to scrub their hands within the wake of handling cash since it can hold microscopic organisms and infections. So it's adviseble to line a contactless framework for normal paiements. Only the innovation can help for this example .

Well for sure it's a good news but the other info you gave is wrong. Most of the people now using Digital Currency in India is not true as survey (recent ) says over 90% of the Indians don't know or don't use digital payment system . So that's huge number , when it comes to blockchain most probably 1-2 % are using it according to me .

I don't see how coronavirus is hindering the contribute to cryptocurrency . If anything , it is this time crypto must get more attention and participation.

You're right there, from the acceptance of India many other country will follow their way of thinking when it come to technology most especially the digital currency. They have showed the way and will lead many other nations to invest into the new technology in times of crisis. The current crisis has taught many nations lesson on the importance of using the digital currency in assets storing, though the recent downfall was harsh on cryptocurrency but, it will come very much stronger than usual and many will definitely hold their portfolios in digital currency.

Once a cure for the coronavirus is found and the situation stabilizes, India will make a huge contribution to the development of crypto- industry, rest assured.

That's good news to all in India and also all crypto lovers also, most of the people now using blockchain Or digital Currency, Congratulations India!!!