Topic: India declines Bitcoin Legalization Again - page 5. (Read 1086 times)
Being a resident of India, I have to say that this was along the expected lines. The Indian Rupee is not a very strong currency, and it get devalued every year. So there is obviously an incentive for the Indians to use Bitcoins to store their wealth. On top of that, tax evasion is very rampant in India. According to some sources, only around 3% of the population pays income tax. There were reports of BTC being used for tax evasion.
Seems like they really are against cryptocurrencies even after some groups in India have already lobbied for the legalization of the said financial tools/assets. This is the second time the draft and framework was reviewed, and also the second time they have rejected or showed negative signs of accepting the said proposal which sucks since there aren't anything really that could harm India's economy should they accept the legalization of crypto. Perhaps people of India need to show more interest regarding cryptocurrencies before RBI and the government of India see this venture as somewhat gainful for their end after all.
India is in the eye of the crypto community because of its large population just as we have with China. We believe the mass adoption could have a boost if these countries with very large population get crypto friendly. Otherwise I don't think we should even be looking that way. Erratic policies have not helped advance any course, even in business. Let's continue to hope that with time the government of India will do the needful. 
It is bad news for the cryptocurrency market. However, things are heating up slowly and the bull market is started to come back again. Curious about the actions the Indian government take in several months. If the hype comes back, they may take some serious actions against cryptocurrencies.
They will regret this in the future when they're left far behind in the dust by other countries....
I don’t believe that India bans Bitcoin or even illegal to use them. It’s just that they don’t want their people to use it as the primary currency because it could have an issue with their culture and their government. Both coinbase and bittreo are good exchange when you want to start doing crypto in India, or anywhere.
I think the India government having seen the complexity involve in trying to regulate bitcoin, they choose to look away for now, while watching how other advance countries will handle theirs, they may draw reference from a more advance nation in the future. No government will want to been seeing as guessing working. So there is need for proper understanding on how bitcoin technology work and functions as a currency. This is just my thought and submission.
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
They are now doing it, because they want a documented and well-studied structure of explanation why they should ban or regulate Cryptocurrency, I doubt if they will totally ban Cryptocurrency, India is one of a technology powerhouse, they will eventually adopt it sooner or later, because Bitcoin and cryptocurrency is a technology that will not just go away.
Only applications using blockchain technology may or may not be permitted but still has not passed out any law for or against it so no legalization or non-legalization is mentioned.
There’s still a chance for the legalization of bitcoin in India since there’s no final law about regulating their people from owning bitcoin. Don’t panic yet, they are still studying the potential and benefit of bitcoin to them, they will come up to a great result and Indian people will be more happy to own more bitcoin. Its not easy to accept bitcoin, they need to be fair in all aspects.Nobody is panicking but instead many are just irritated the way they are handling things. One side they ban banks from accepting bitcoin deposits and the other hand they allow startups to use blockchain technology with certain terms. They aren't committed to whether they should/shouldn't legalize the currency and the Indians who don't know about crypto keep telling that it's illegal.
I cant fully understand why the India government often declines the legalization of btc, i think the govt actually needs a better understanding of blockchain and cryptocurrence and then btc, the positive impact it will have on the teaming India youths who are enthusiast about crypto, the govt just has to realize that crypto is globally now and the need for recognition and legalization is very important, it is inevitable, it could be now or later but it will surely happen.
I completely agree with you. They need to be educated about the technology. Also, it is time that some new generation person take up the debate against the ban.
It seems India is not yet ready to adopt bitcoin. If we think acceptance and legalization is not a simple thing to decide. More of netizen of that country will be affected. Especially those are employed there is a big possibilities that they will loss their job because all the transactions will be online. Next is upgrading system. Maybe government and merchants are not yet ready also in upgrading their system to make it possible.
Seems like they really are against cryptocurrencies even after some groups in India have already lobbied for the legalization of the said financial tools/assets. This is the second time the draft and framework was reviewed, and also the second time they have rejected or showed negative signs of accepting the said proposal which sucks since there aren't anything really that could harm India's economy should they accept the legalization of crypto. Perhaps people of India need to show more interest regarding cryptocurrencies before RBI and the government of India see this venture as somewhat gainful for their end after all.
There are actually many, but also many who are losing the interest since RBI has banned banks from participating with crypto individuals.
Crypto trading was profitable business already as governments were used to get taxes from exchanges, but since the ban they don't get it anymore. Some left and some are using p2p methods.
I still don't understand what was their reason for ban.
lack of knowledge about cryptocurrency made the Indian government do that
maybe they should lobby the government by offering to take taxes from bitcoin
but I think Indians still have many ways to get into the crypto world even though the government
maybe they should lobby the government by offering to take taxes from bitcoin
but I think Indians still have many ways to get into the crypto world even though the government
India is in the middle of Election, so any decision in regards to legalization of cryptocurrency will after the new government formation. Apart from that the previous Indian government was already asked by the Supreme court of India to prepare guidelines on Cryptocurrency this year. So you can expect a decision by end of this year or early next year. It is better to wait few more months, rather than coming into any conclusion. CCN is famous for creating FUD. It is better to do a prior research before coming into any conclusion 
Only applications using blockchain technology may or may not be permitted but still has not passed out any law for or against it so no legalization or non-legalization is mentioned.
There’s still a chance for the legalization of bitcoin in India since there’s no final law about regulating their people from owning bitcoin. Don’t panic yet, they are still studying the potential and benefit of bitcoin to them, they will come up to a great result and Indian people will be more happy to own more bitcoin. Its not easy to accept bitcoin, they need to be fair in all aspects. I cant fully understand why the India government often declines the legalization of btc, i think the govt actually needs a better understanding of blockchain and cryptocurrence and then btc, the positive impact it will have on the teaming India youths who are enthusiast about crypto, the govt just has to realize that crypto is globally now and the need for recognition and legalization is very important, it is inevitable, it could be now or later but it will surely happen.
I'm sure by doing more research the Indian government will going to understand the concept of a cryptocurrency. But it seems that they were trying to avoid something in the past rather than risking it again. Their government might have been playing safe here, but maybe sooner or later they will agree like the rest of the world agrees about legalizing cryptocurrency.I agree that the India's government want to play safe and don't want to try to understand crypto more deeply, the truth is bitcoin had helped so many of their people to get a better life but the government only see bitcoin as the tool that being used for criminal, it such a pity decision when every country already start to open the door for crypto, some countries still try to ban this technology
I cant fully understand why the India government often declines the legalization of btc, i think the govt actually needs a better understanding of blockchain and cryptocurrence and then btc, the positive impact it will have on the teaming India youths who are enthusiast about crypto, the govt just has to realize that crypto is globally now and the need for recognition and legalization is very important, it is inevitable, it could be now or later but it will surely happen.
I'm sure by doing more research the Indian government will going to understand the concept of a cryptocurrency. But it seems that they were trying to avoid something in the past rather than risking it again. Their government might have been playing safe here, but maybe sooner or later they will agree like the rest of the world agrees about legalizing cryptocurrency. Do you think Bitcoin being legalized will still happen for Indians?
Doesn't matter. What do you mean by legalized? Will users have to pay taxes on the usage of bitcoin then? Or the exchanges will be controlled by the government? I think it's better the way it is. Bitcoin is still booming regardless of whatever decisions RBI makes.I'm guessing for that they would have to allow exchangers returning to online business again.
Exchanges based out of India are scams anyway. I hope the Indian government bans them first. 
From article
Sometimes, no regulation is not bad news. It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” Shetty said.
i think like above.In that case and like in many other cases no regulation is not bad news
Better no regulation without ban than regulation what can create problems for users
Tell me in what country we have real crypto currencies regulation
Regulators are trying to avoid regulation
Crypto currencies are to popular to ban them and too much decentralized to fully approve them
However i think that India can follow France and create some space for ICO made in India
There is so many startups there
Pretty well said but I think this statement is quite diplomatic considering the vast amount of people dealing in cryptocurrencies throughout the whole country. India is a pretty renowned exporter of technology services and undoubtedly many of them are already receiving their remunerations in cryptocurrencies & other such forms. So I think that crypto is the major issue for this country. Also, that elections will be over in a month or two I feel that soon a ban could be levied on the use of cryptocurrencies. However, scrutiny of such ban and its enforcement will be an altogether different challenge for the government considering the anonymity of blockchain. Sometimes, no regulation is not bad news. It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” Shetty said.
i think like above.In that case and like in many other cases no regulation is not bad news
Better no regulation without ban than regulation what can create problems for users
Tell me in what country we have real crypto currencies regulation
Regulators are trying to avoid regulation
Crypto currencies are to popular to ban them and too much decentralized to fully approve them
However i think that India can follow France and create some space for ICO made in India
There is so many startups there
Do you think Bitcoin being legalized will still happen for Indians?
you must ask yourself
Why does not the government of India legalize bitcoin? Is it because the government of India thinks bitcoin will be used to commit crimes? how many crimes were committed in India using bitcoin? What can bitcoin threaten to bring to India?
How many people are there in India, and how many people in India use bitcoin and how many people in India do not like bitcoin? governments have legalized bitcoin if they are pressed by the majority of its people
Crimes can be done with the USD or even INR can be used. Then how they can conclude the Bitcoin is resource used to make the crimes. It is not fantasy to think in those aspects. Believe it I personally know 5 and more traders who deals in INR as well in multiple currencies at LBC, Kraken and etc.
How come the government declines the bitcoin without doing proper research about it but many developers who are working in ICO are mostly Indians.
Seems like the bull is coming -again-. Those kind of news are the indicators of bull season.
Hold tight guys!
Hold tight guys!
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