Topic: Good news for bitcoin from India, should other countries also follow the suit? (Read 372 times)
April 08, 2020, 08:42:14 AM
I am an Indian resident and I need to ask everyone to hold your horses regarding the news about Bitcoin in India. The establishment remains openly hostile to Bitcoin or any other form of cryptocurrency. It is extremely difficult to get a license to operate a business, in case it is even remotely related to cryptocurrency. And the income tax authorities are always harassing the Bitcoin users, irrespective of their trade volume and net worth.
April 08, 2020, 08:22:42 AM
Good, what harm was reported that Cryptocurrency would cause to their country or did they just see it as some thing illegal. Any country that fight cryptocurrency needs proper orientation, sometimes I can't blame them though, because the ignorance of seeing it as illegal need to be cleared and by that it will be favourably accepted. Some countries are simply inconvenienced because they could not easily get tax from users
April 08, 2020, 08:01:18 AM
In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms
It will be good if other country will think the same to what India has decided because every country has it's own unique regulation and views with regards to crypto currencies. In our country, crypto are not legal nor being banned as we can freely use crypto using our local exchange but I will happy if time will come that crypto will be considered as legal in our country so we have assurance to our crypto assets. I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms
But I am sure that there will be other country that will follow the approach of India in terms of crypto currency as I saw a bright future of crypto.
April 08, 2020, 07:19:56 AM
Being a crypto enthusiast and lover everyone loves this decision by the supreme court of India but this doesn't mean complete green flag if the government decides to ban it completely or restricts by somehow. The draft bill is in works we will hope it doesn't affect the crypto community in India
I am interested to see the development of cryptocurrency in India, considering that the Indian government is very concerned with technology-based education from an early age. Of course, the introduction of technology since in elementary school will bring a different mindset to the millennial generation in India, besides Gandhi's strong mahatma teachings in India about Technology based on humanity and science with character.
Currently in India, the productive age is dominated by millennials. Thus, the removal of the crypto ban by regulators could revive Bitcoin investment and the level of technological development for other projects in the country. The mobile technology revolution that developed in India has led to an older population segment to know and learn about the cryptocurrency market. So it is clear that the millennial generation of technology literacy has a different impact on crypto education for conventional groups than in other countries that are not technology-based.
March 20, 2020, 02:15:59 AM
maybe their start accept cryptocurrency because they see the opportunity with crypto.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
We know that only some countries accept crypto, but I am sure that in the next few years as blockchain continues to grow, other countries will also accept bitcoin as a legal currency so that many other countries will follow it.
India is a developing country since the court decided to legalize cryptocurrency so here is a good start for other countries.
Being a crypto enthusiast and lover everyone loves this decision by the supreme court of India but this doesn't mean complete green flag if the government decides to ban it completely or restricts by somehow. The draft bill is in works we will hope it doesn't affect the crypto community in India
March 19, 2020, 05:09:46 AM
India s decision is very good for global business.
March 17, 2020, 08:28:28 AM
maybe their start accept cryptocurrency because they see the opportunity with crypto.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
We know that only some countries accept crypto, but I am sure that in the next few years as blockchain continues to grow, other countries will also accept bitcoin as a legal currency so that many other countries will follow it.
India is a developing country since the court decided to legalize cryptocurrency so here is a good start for other countries.
March 17, 2020, 08:01:09 AM
Banks are known to be enemy of crypto since from onset. They hate competition and things that might be revealing their cons and this is the reason while they see crypto as their competitor. It is a great move by the india court making them realize that it is unconstitutional. I strongly believe they might go far as banning and suspending customers account that trade or deal and recieve money from crypto exchange service to their bank and this might further cause sanction if they do that
Centralized vs Decentralized. This has been the very topic that is talked when crypto started to be known. Crypto is a threat to the banks, yeah maybe but we can have tokenization process and digital investments which aligns with cryptocurrencies. Now about a certain country's constitution is too broad to discuss as everyone has different ones, but one thing is for sure, these government did not foresee the coming of cryptocurrencies in the past. Perhaps we need to change the laws under constitution for these things. March 17, 2020, 06:02:39 AM
maybe their start accept cryptocurrency because they see the opportunity with crypto.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
At this point most countries are afraid to make unnecessary moves so it would be quite hard to convince adopt cryptos.as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
However they (countries) don't understand how crypto can attract new investments which is obviously good for economy
March 17, 2020, 03:30:41 AM
maybe their start accept cryptocurrency because they see the opportunity with crypto.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
as we know crypto not just use for payment or currency but aslo for investing, and it will give impact to economy that country if they can wait in longterm.
so this is good choice to start accept crypto. we need more like this in other country who still not accept BTC.
March 16, 2020, 02:16:45 PM
I am quite happy to hear this for the Indian friends and I hope that in the future this would be an example to all other nations that wants to ban crypto. It is actually not a bannable thing if you consider it, sure you can ban crypto companies and make it harder for people to exchange bitcoin and fiat however you can't really ban crypto.
You own your computer and you download the bitcoin wallet and someone sends you bitcoin to that wallet, how could you stop that, how could anyone stop that? In the long run bitcoin can't be stopped and will continue to be bigger and bigger. Casino world was tried to stop as well, what happened?
It is literally bigger than ever and now there are too many people gambling online without getting caught. I suspect no matter what, crypto will continue to grow (even if it is allowed or not).
Absolutely, this is such good news, to think that the knowledge about the cryptocurrency is spreading all around the world, there are countries that are legalizing the usage of cryptocurrency time by time. It is good for them and for the community also, to think that cryptocurrency is such a good investment, there is a big possibility that there is a potential businessman that can invest in some projects here. There are still countries that are not recognizing crypto but we are all hoping that in the future they should see the goodness of it. They have their own reasons why that is why we should still support crypto and every project of it especially to those promising projects that are developing a nice technology that helps cryptocurrency and etc. You own your computer and you download the bitcoin wallet and someone sends you bitcoin to that wallet, how could you stop that, how could anyone stop that? In the long run bitcoin can't be stopped and will continue to be bigger and bigger. Casino world was tried to stop as well, what happened?
It is literally bigger than ever and now there are too many people gambling online without getting caught. I suspect no matter what, crypto will continue to grow (even if it is allowed or not).
March 16, 2020, 08:53:40 AM
Banks are known to be enemy of crypto since from onset. They hate competition and things that might be revealing their cons and this is the reason while they see crypto as their competitor. It is a great move by the india court making them realize that it is unconstitutional. I strongly believe they might go far as banning and suspending customers account that trade or deal and recieve money from crypto exchange service to their bank and this might further cause sanction if they do that
because the system is against the bank, making crypto as if hostile to the bank. and the policy of the government of India which strictly prohibits, I think cannot be blamed. every country that forbids it, certainly has its own problems so it is not appropriate when applied in their country. therefore there are also countries that do not prohibit, but are only prohibited for means of payment
March 16, 2020, 12:42:40 AM
Banks are known to be enemy of crypto since from onset. They hate competition and things that might be revealing their cons and this is the reason while they see crypto as their competitor. It is a great move by the india court making them realize that it is unconstitutional. I strongly believe they might go far as banning and suspending customers account that trade or deal and recieve money from crypto exchange service to their bank and this might further cause sanction if they do that
March 14, 2020, 06:57:09 PM
Every step that promotes the use of cryptocurrencies is laudable. The issue with the regularization of bitcoin for business transactions in most of countries is that the government wants to have a greater control over bitcoin usage but this is not in conformity with how blockchain technology was designed.
March 14, 2020, 12:11:54 PM
I was too really happy when I read this news that the Indian court has declared Bitcoin legal. All this while I have been worried about the issue because there are some people I work with, and we work remotely and some of them are in India, I was very worried that they might be stopped from having access to Bitcoin, fortunately for us it didn’t happen that way, rather Bitcoin was declared legal. I hope that other countries that have declared Bitcoin illegal should follow the same step and turn Bitcoin to legal. There is nothing wrong with Bitcoin and it should be accepted everywhere in the world.
March 10, 2020, 11:29:38 AM
In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
Bitcoin has not been declared legal in India, nor does the court support cryptocurrencies in any way.
RBI i.e. banking regulatory body of India restricted all the banks in India from providing financial services to companies involved in crypto exchange services. But court said such ban is not rational when the status of Bitcoin is unclear in India. So for this reason, court removed the ban imposed by RBI. Now crypto exchanges can operated in India without any fuss from banks.
But this verdict doesn't mean cryptocurrencies are legal in India. In the full copy of verdict, court has criticized cryptocurrencies many times. One of the criticism was:
"It is ironical that virtual currencies which took avatar (according to its creator Satoshi) to kill the demon of a central authority (such as RBI), seek from the very same central authority, access to banking services so that the purpose of the avatar is accomplished."
The judgement is full with such comments. Only reason why court gave favorable verdict is because it wanted to throw the ball in the court of government so that government take the final decision of either legalizing or ban the cryptocurrencies.
March 10, 2020, 09:13:25 AM
In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
This is a very great news since we all now witness that there is a possible that a certain country will accept bitcoin as the part of their transaction. If India would share the positive effects of it to the other country, they will for surely gonna follow India in terms of having a cryptocurrency. It will gonna have a huge impact to the economy if this thing happens.I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
It seems like there is a fear already to invest due to the COVID 19 virus that people are thinking it could affect the economy and so as the crypto market.
Despite of that, the effect of the India lifting its ban to crypto will have a long term effect and we shall celebrate this soon, for now, we have to address this big problem first and the government for sure are doing all they can to stop this from spreading.
March 09, 2020, 09:32:20 AM
In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.
I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
This is a very great news since we all now witness that there is a possible that a certain country will accept bitcoin as the part of their transaction. If India would share the positive effects of it to the other country, they will for surely gonna follow India in terms of having a cryptocurrency. It will gonna have a huge impact to the economy if this thing happens. I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?
March 09, 2020, 09:07:58 AM
Do you think other countries should have similar approach to the crypto?
Well, we could not really say that they should also do it because, when we refer to the tradition, culture or economic state of a country, they are all unique in a way and is different from the other. We can't limit the factors from one country unto the other because, not all countries has the capacity for the required resources for the realization of cryptocurrency usability. But, I am only saying this from my point of view in the current situation of cryptocurrency in the present because, all is possible with time and effort from every country for them to develop and become standardized for the current trend. The future is still far ahead and we do not know for sure what will totally happen in the coming years. March 09, 2020, 07:34:49 AM
That gray area is really weird, I mean it is not illegal we know that because of this rule, if they were prohibiting it they would keep the rule as it is and nothing would have changed right now but at least we would know what the situation is.
Right now, like many other nations we do not know whats allowed and what not. Look at the situation like this, they didn't ban it right now but they also didn't allow it neither, so they are not jailing you or punishing you or taxing you or basically do nothing about it, but they are not supporting neither, they are not promoting it or suggesting it neither. That is why India is in a tough situation, Indians are probably not sure about what they are doing and what they are allowed, I seriously don't know what they could do when situation is this in between.
Right now, like many other nations we do not know whats allowed and what not. Look at the situation like this, they didn't ban it right now but they also didn't allow it neither, so they are not jailing you or punishing you or taxing you or basically do nothing about it, but they are not supporting neither, they are not promoting it or suggesting it neither. That is why India is in a tough situation, Indians are probably not sure about what they are doing and what they are allowed, I seriously don't know what they could do when situation is this in between.
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