India is a democratic country so there is nothing in the hand of government. Mainly because the government always get elected to offer better governance. So if the government fails to accept this global change of economical affairs that means they are incompatible to run the government. And should have to think for their performance.
And as per my knowledge in India, many of user get lost their money in BTC just because of networking investments. which is a completely wrong way of marketing of BTC in India. And due to lack of knowledge and literacy, many individuals and groups get lost their hard earned money.
Topic: India declines Bitcoin Legalization Again - page 2. (Read 1086 times)
Bitcoin in India is not legalized enough but it is not illegal too! From the last of 2017 to now, India did not come to a final solution for the cryptocurrency! For this behavior, some of the big Indian crypto exchange already shut down in India. A couple of months ago, I read a news that Crypto is going to be legalized in India, but again it declines! I hope Bitcoin supporter of India will get a good solution very soon and this dram will end!
The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.”
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.
“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”
From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1
Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox
Do you think Bitcoin being legalized will still happen for Indians?
I'm guessing for that they would have to allow exchangers returning to online business again.
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.
“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”
From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1
Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox
Do you think Bitcoin being legalized will still happen for Indians?
I'm guessing for that they would have to allow exchangers returning to online business again.
This is actually a big hit for those Cryptocurrency Users living in India. At least 4/10 Cryptocurrency users live in India because there are a lot of knowledgeable users in the country. The people of India have a wonderful mind that creates unique ideas in different fields of knowledge. Crypto Users in India will be very much affected and may lay low for the time being because their assets might be confiscated forcefully if they keep showing that they own that much asset in terms of Bitcoin.
Well it's just a draft that is been submitted to the Indian government for approval. I don't understand why people behave like it's the official announcement from the government.
There has been several hearings in the Supreme court of India on the regulations/ banning of crypto but no such law has been officially implemented in the country.
Though it's a great FUD, people should stop acting to these and wait patiently until official announcement is made from official sources.
There has been several hearings in the Supreme court of India on the regulations/ banning of crypto but no such law has been officially implemented in the country.
Though it's a great FUD, people should stop acting to these and wait patiently until official announcement is made from official sources.
Today the news came out that India is going to ban cryptocurrency right now. Is it a finish of our discussion or will it be another unsuccessful try of regulators?
There is no clarity on this issue. Please wait until the bill is tabled in the parliament. Once the bill is tabled, it is going to take many months before it is signed in to law.
A few days back Dharmapuri Srinivas (a member of parliament form the Telangana Rashtra Samithi) asked Anurag Thakur (Minister of State for Finance and Corporate Affairs), the following questions in the parliament:
Quote
1. Whether [the] government has prohibited cryptocurrency in the country?
2. If so, the details thereof.
3. Whether [the] government has taken note about [the] prevalence of cryptocurrency in the country?
4. If so, the details thereof.
2. If so, the details thereof.
3. Whether [the] government has taken note about [the] prevalence of cryptocurrency in the country?
4. If so, the details thereof.
(Source: News.bitcoin.com)
The answers given by the hon. minister are as follows:
Quote
1. No, Sir.
2. No, Sir.
3. Taking note of the issue, the government has constituted an interministerial committee (IMC) under the chairmanship of Secretary (DA). The IMC has submitted the report to the government.
4. Same as #3.
2. No, Sir.
3. Taking note of the issue, the government has constituted an interministerial committee (IMC) under the chairmanship of Secretary (DA). The IMC has submitted the report to the government.
4. Same as #3.
(Source: News.bitcoin.com)
So going by this, we can assume that owning BTC is not illegal in India right now and the situation is unlikely to change for the next few months.
Today the news came out that India is going to ban cryptocurrency right now. Is it a finish of our discussion or will it be another unsuccessful try of regulators?
Seems like the Indian crypto community are really struggling for their freedom to manage cryptocurrency on their folios.it has been a lot of topics concerning the status of bitcoin and all altcoins in this country I feel sad for hem since there’re so many people in India that only wanted to trade and profit but denied their rights
The acceptance and legalization of cryptocurrencies would not just happen in a day you know. All these negative feedbacks would come up but as time goes on and they come into the true realization of the benefits of cryptocurrencies and blockchain technology.
lol government is what interfering here and that’s the hardest part of reality here.lets just hope that the next Indian president will have a soft heart to consider letting Indians to have free life on crypto
Do we really need to care if one country accept or reject bitcoin as a means of digital currency?
I dont think we need to be dragging that so much as lot of country has accept the crypto and any country left behind will cashup with the tech in future because I believe the technology is here to stay and the worst that can happen is to accept it and regulate.
I dont think we need to be dragging that so much as lot of country has accept the crypto and any country left behind will cashup with the tech in future because I believe the technology is here to stay and the worst that can happen is to accept it and regulate.
The acceptance and legalization of cryptocurrencies would not just happen in a day you know. All these negative feedbacks would come up but as time goes on and they come into the true realization of the benefits of cryptocurrencies and blockchain technology.
Global Bitcoin legalization, in case it ever happens, will occur in many phases. During the first phase, libertarian states such as Switzerland are going to legalize Bitcoin. This phase has already happened. During the next phase, the developed nations, such as Japan, EU, US, Australia.etc will legalize Bitcoin. And I think we are midway through this phase. The legalization in third world nations like Indian and Pakistan will happen only during the last phase, and it is not going to happen in the next few years.
I do not think that we need to worry now about the decision of the Indian government regarding cryptocurrency. Because when cryptocurrencies are used by a large number of people as a means of payment in many countries, the Indian government will understand that they are missing the opportunity and are lagging behind other countries in economic and technological development. After that, they will be forced to recognize Bitcoin as a means of payment.
India is neutral to Bitcoin, since there is no complete ban. Remember how a few months ago the government of India created a blockchain and crypto training course, so it was made for some reason, isn't it?. I think the country needs time to accept Bitcoin because there are many pros and cons
There isn't any illegal statement revealed from the government authorities of India stating the usage of bitcoin to be illegal. Recently with the news from an unauthorized article stated a ten year imprisonment and mentioned it is completely banned in India. Till date there isn't any legal action taken or legal framework for Cryptocurrency usage.
The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency
Yeah is that's correct mate, pretty smart strategy for indian government to make guidelines for those people or their country want to use bitcoin to protect the interest of the people and the givernment before to decide become legit. Good luck
The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency
Yeah is that's correct mate, pretty smart strategy for indian government to make guidelines for those people or their country want to use bitcoin to protect the interest of the people and the givernment before to decide become legit. Good luck
Although a negative devolpment, it is not completely a bad one. It wasn't legalized, neither was it declared illegal to transact using cryptocurrencies. This means that the potential for it to be legalized in the nearest future still exists. Let us keep being optimistic.
The time of India will come. It's impossible to prevent development endlessly.
It seems to me that it is difficult to suggest decisions that are made by the government of India. Nevertheless, it was not for nothing that the desire to apply criminal liability for the use of cryptocurrency, even imprisonment up to 10 years, was officially announced. I hope that the results will be different.
That is also what i've noticed in the system of India they are not fully open to those improvements that can change their country including bitcoin that can be revolutionary in their country. I am just wondering if they are just not thinking carefully or they are still not ready for cryptocurrency.
The government is to be blamed in this situation, if they really care about the investors and the businesses they have to make it legal and monitor the entire process, the reason the government will come up with declining the legalization is that bitcoin will be used for illegal purpose, they do not understand the real concept of bitcoin and so is the reason they are coming up with those silly verdicts, they neglect the fact that many criminals dealing with bitcoin were caught and there is no way anyone could bypass that. Their problem is lack of understanding of the new technology, many third world nations like my, have always be backward when it come to new technologies, so, never blame them (Indian Government) for their inability to understand the technology, but one thing is certain: Nobody can Ban Bitcoin, Kill Bitcoin, becasue Bitcoins is a technology.
It is a basic problem for these third world countries, they do not know how to generate new jobs and technology but they oppose innovation too and so is the reason they are not coming forward in terms of economic growth and still termed as a third world country, the main thing they do not understand is that they cannot ban it and if people wanted to trade them they will find a solution, i know India does have a lot of IT experts and why don't the government ask their help in reaching a solution on what to do with it 
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