even the cryptocurrency are legal in india still there are much problems are being faced. The RBI is not able to keep the records of taxes and there is a accumation of black money. Even the greatest stars of India like amitabh bachchan bought bitcoin to safe his illegal money. Moreover recently the ATM opened by the unicorn exchange was also closed and a fine of 1crore was imposed by RBI on them. I think till the government finds out the solution of keeping the records of money from cryptocurrency it will not be legal.
It is not new,we have black economy ,there is very less tax payers and mostly local business are done through cash to hide income,and politics add bonus to this economy there are plenty of corrupt big politician and have solid background which protect them ,I also think untill we have digital record maximum people transactions coverage,it is no use of making crypto legal as it further promote black economy although rbi should remove ban on crypto and very few tech people know about crypto and how to use it,but there are plenty of scammers out there who will ruin this opportunity from getting India to digitalise with new technology. 
Topic: Cryptocurrencies in India legal, regulation in final stages, reveals RTI query (Read 167 times)
February 09, 2019, 06:57:48 AM
February 09, 2019, 05:06:18 AM
even the cryptocurrency are legal in india still there are much problems are being faced. The RBI is not able to keep the records of taxes and there is a accumation of black money. Even the greatest stars of India like amitabh bachchan bought bitcoin to safe his illegal money. Moreover recently the ATM opened by the unicorn exchange was also closed and a fine of 1crore was imposed by RBI on them. I think till the government finds out the solution of keeping the records of money from cryptocurrency it will not be legal.
February 02, 2019, 06:46:30 AM
I don't know whether it is the same thing you are referring to but please have a look at the below thread. It also a reply of an RTI.
https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
^^This is not an RTI response. It is Q/A in assembly.https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
It does talk about formulating a regulation about cryptos in India. Lets just hope we see something positive coming in the interim budget on 1st Feb. Keeping my fingers crossed because government know that achieving a blanket ban is not a solution.
The one OP is talking about is different. It is being discussed here - https://bitcointalksearch.org/topic/indian-government-invites-law-firm-to-present-suggestions-for-crypto-regulation-5104523. February 02, 2019, 04:13:16 AM
I don't know whether it is the same thing you are referring to but please have a look at the below thread. It also a reply of an RTI.
https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
It does talk about formulating a regulation about cryptos in India. Lets just hope we see something positive coming in the interim budget on 1st Feb. Keeping my fingers crossed because government know that achieving a blanket ban is not a solution.
That is the same news he is talking about, these information was collected through the rights to information act and it does not give any clarity on how the government will proceed this further, they are still rattling their brains on how to proceed with things and with the election coming up, i do not expect any changes to come in this period and even the supreme court is extending its verdict against the petition from exchanges on how to deal with this market and these delays happens in a country like India. When it comes to the budget they did propose give aways to the farmers for the first time but if the government changes that is gone for good and they know that they wont come in power the next time around and so is the reason they produced a budget to favor the middle class and the vote bank. https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
It does talk about formulating a regulation about cryptos in India. Lets just hope we see something positive coming in the interim budget on 1st Feb. Keeping my fingers crossed because government know that achieving a blanket ban is not a solution.
January 30, 2019, 05:11:14 PM
I don't know whether it is the same thing you are referring to but please have a look at the below thread. It also a reply of an RTI.
https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
It does talk about formulating a regulation about cryptos in India. Lets just hope we see something positive coming in the interim budget on 1st Feb. Keeping my fingers crossed because government know that achieving a blanket ban is not a solution.
https://bitcointalksearch.org/topic/response-from-the-ministry-of-finance-regarding-crypto-currency-related-enquiry-5096389
It does talk about formulating a regulation about cryptos in India. Lets just hope we see something positive coming in the interim budget on 1st Feb. Keeping my fingers crossed because government know that achieving a blanket ban is not a solution.
January 29, 2019, 12:51:09 AM
Though the attached article doesn't tell anything new which we already do not know, but at least there is news that Government is working on the framework to formulate regulations on cryptocurrencies
https://www.moneycontrol.com/news/business/cryptocurrency/indias-cryptocurrency-regulation-in-final-stages-3447481.html
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