Is bitcoin banned in India? - page 3.

GarrySingh

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Quote from: tambok on January 29, 2018, 07:45:14 AM

They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.

but what do you think about this Jiocoin? it is said to be launched in sometime! Will Ambani have the permission because I don't think so they are a scam coz they have a big company to back up.

GarrySingh

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Quote from: avikz on January 29, 2018, 03:23:34 AM

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government.

So what do you think buddy is mining more profitable or buying some bitcoin and holding it?

Oceat

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Quote from: tambok on January 29, 2018, 07:45:14 AM

They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.

As i have read before they(Indian Government) are not banning Bitcoin nor legalizing, they just want warn people to avoid investing in Bitcoin because some people are using the advantage of it to take money from other people by doing any investment scam. A lot of people have been reported that complaining about the scam activity that's why the government is worried that's why they forced to stop supporting Bitcoin.

1NV3ST0NM3

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Bitcoin until now is absolutely not banned in India but yes the whole of the Indian government doesn't really has a very positive acclaim about it. Bitcoin has been left unregulated until now and people are being continuously warned regarding its usage and mishappenings. But still govt. hasn't expressly declared it as banned or completely illegal. However when it comes to neighbouring countries its use is forbidden in Bangladesh where the central bank has clearly said that strict actions will be taken against the law violators.

bitcoinvamp

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Quote from: GarrySingh on January 29, 2018, 01:38:04 AM

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

I think before creating a thread on any topic you should first search for the same as this topic has been created several times and you could find the answers in the same.

But , answering your question i would say that bitcoin is still not banned in India . It is only declared that the use of bitcoin is not legal in the country but is not banned . They say that the use of any cryptocurrency is not appreciated by the Indian government and would not be entertained. But still you can use it for now . As for the full detailed article you can read through this link : http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html

tambok

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They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.

Kronos21

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Quote from: avikz on January 29, 2018, 03:23:34 AM

Quote from: GarrySingh on January 29, 2018, 01:38:04 AM

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

Bitcoin and other crypto currencies are not banned in India as of now. But neither it's legal. The finance ministry has constituted a committee to discuss and create a framework for the crypto currency users in the country and they have't yet come up with a decision. So I think, we will have some news frm them on our budget day which is scheduled to happen on February 1st.

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government.

It seems to me that the biggest problem of the bitcoin community is disunity. We are waiting for the government's blessing. Many people look to events in India as on news. They do not understand that now ban of bitcoin in Bangladesh in India tomorrow and the day after the ban will be in your country. Now you need to create a system in which bitcoin will continue to exist without the use of Fiat and will not be divided by state boundaries.

avikz

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Quote from: GarrySingh on January 29, 2018, 01:38:04 AM

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

Bitcoin and other crypto currencies are not banned in India as of now. But neither it's legal. The finance ministry has constituted a committee to discuss and create a framework for the crypto currency users in the country and they have't yet come up with a decision. So I think, we will have some news frm them on our budget day which is scheduled to happen on February 1st.

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government.

GarrySingh

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Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

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