Topic: Is bitcoin banned in India? (Read 545 times)
I think, India is a strange country. there may not be a ban for now but this does not mean it will not..Bitcoin must be free all over the world.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
No it's not actually ban and yet not implemented but the government of the india just spread awareness on the bad image or reputation of bitcoin industry. Just like on my country not ban but still not legalizing the bitcoin and some other country too in asia. Still haven't look the brighter side or the good side of bitcoin. Hoping someday it would be the no.1 crypto currency and legal in our world.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Although India controls the currency, bitcoin is not illegal and people can trade it.
India is about to launch its own currency, and I think it's profitable to encrypt it.
Bitcoin and other Cryptocurrency banned in Bangladesh but as on now not in India but it cannot be accepted as legal tender that means you can trade on exchange and it's not illegal. Government is in process of setting up regulations that will control on illegal use of cryptocurrency. In future it may be ban in India also, it can't be say right now.Thanks.
Most of it is because the rich people in India don’t pay any tax.Seriously,you cannot imagine how bad tax collection in India is. Almost no one outside of salaried class pay their fair share of tax. The government thinks Crypto will make it worse by offering an alternate economy.
heemmm i think no..
Bitcoin is not BANNED in India nor is any other cryptocurrency. It is just that these cryptocurrencies and legal tender are not considered as a legal tender here in India. And that doesn't really matter as they are not stopping us from participating in it. And gold as well is not a legal tender but it is considered to invest, same is with bitcoin.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin was not ban in India they just announced that they will not recognize Bitcoin existence as a currency but only the rupee is their currency meaning Bitcoins is not ban but also not legal in India.Therefore the people in India are very lucky and should not wasting time and start investing in Bitcoin because they could enjoy the benefit of earning Bitcoin without tax.
Without Tax is not possible, I hear some headline they don't want to legalize the Bitcoin but they will collect the taxes on Bitcoin and cryptocurrency trading. Finance Minister mentioned Bitcoin is not Legal tender but we will collect taxes on Bitcoin trading.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin was not ban in India they just announced that they will not recognize Bitcoin existence as a currency but only their rupee is their legal tender but it doesn't mean that Bitcoin is illegal because they did not said it specifically so meaning Bitcoin is not legal but not ban.Therefore the people in India are very lucky and should not wasting the opportunity to start investing in Bitcoin because they could enjoy the benefit of earning Bitcoin without tax at the moment.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Although India controls the currency, bitcoin is not illegal and people can trade it.
India is about to launch its own currency, and I think it's profitable to encrypt it.
I have not heard of media announcing that bitcoin is banned in India or any negative approach towards crypto currencies. As said yes traders were asked to pay tax and continue trading. Few paid tax. Few were caught for not paying tax. India has started understating the need and benefits of bitcoin and other crypto currencies now. They are about to launch their own currencies very soon. Hope this support brings more value to crypto currencies.
Before banning there are some companies that provide bitcoin services in India, such as BTCXIndia, KYC, and AML. However, for reasons not mentioned with certainty India began to ban the use of bitcoin with the cessation of cooperation between banks with bitcoin service providers. Some of the outstanding issues of this ban are due to the perceived risks or restrictions imposed by the bank's management.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
I think India is only banning bitcoin and other cryptocurrencies for payments and other transactions but owning it is not prohibited. They are also going against illegal use of bitcoin or the so called use of crypto asset in financing illegitimate activities in their area that might affect their people and their economy. Like in the other countries, India is also planning to impose regulation on cryptocurrency exchanges that operating inside their country.
The bitcoin is not banned. Just the traders were asked to pay tax for their earnings. Few were asked to stop trading. We have many good moves from India towards crypto currencies. News leaked on RBI planning to launch it's own crypto currency Lakshmi. Then, one of the top business men has formed a team under his son's responsibility to work on projects and other stuffs needed to launch it's new crypto currency Jiocoin. One of its states UP adapted Blockchain to preserve their valuable documents.
So India realised the crypto's benefits and started planning to launch their own crypto currencies.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
I think India is only banning bitcoin and other cryptocurrencies for payments and other transactions but owning it is not prohibited. They are also going against illegal use of bitcoin or the so called use of crypto asset in financing illegitimate activities in their area that might affect their people and their economy. Like in the other countries, India is also planning to impose regulation on cryptocurrency exchanges that operating inside their country.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Some rumors said that it's not actually banned but the prime minister of the india said that beware on investing on bitcoin , I think it's not actually banned yet illegal , so technically it's not implemented as for the Asia too.
No bitcoin is not banned in India ...but India say bitcoin as a illegal ...but not banned.but i think it will be legal recently in all country .
very regrettable, the government of India through the Ministry of Finance said that it did not regard the virtual currency as a legal transaction tool.
Yes, but they did not said it is illegal and government didn't banned it completely.
The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.
No, you are quoting them incorrectly. They only said that government will make sure to curb the use of cyryptocurrencies for illegal activities.
very regrettable, the government of India through the Ministry of Finance said that it did not regard the virtual currency as a legal transaction tool.
The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.
The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.
Bitcoin can be banned but that does not make it illegal because for it to be declared illegal, then some laws ought to have been violated which would made the declaration of being illegal stand. In the case of bitcoin, the latest read from that part of the world was that the Minister only talked about clamping down on those who use it for illegal activiites which I believe not everybody use it for such. Until they came with the law that declares bitcoin illegal, then we should not jump ahead of ourselves.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
I think the china and russia though they banned the bitcoin and through india I'm not aware of this though so I am doing search about it , and guessing why? , and I heard some news though correct me if I'm wrong said to a news or an article that the france will ban bitcoin the link is down below.
Link: https://www.express.co.uk/finance/city/905169/bitcoin-France-China-South-Korea-ban-illegal-activities-Bruno-Le-Maire
I can't believe the FUD being spread around about bitcoin being illegal.Literally nothing has changed. All he said was that they don't consider it legal tender. That's how it has always been and that's how it is in other countries too.This is simply yet another attack on bitcoin.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Hi GarrySingh
Bitcoin is not going to banned.
The Bitcoin in India increases exponentially .
And they will open an exchange platform for the Bicoin.
I found an new article about it yesterday ! if you want more details it's here :
https://coin24.fr/2018/02/05/fondateurs-de-crowdfire-projettent-de-lancer-societe-dechanges-de-bitcoins-inde
It's an french article sorry .
I hope that will help you.
As I know bitcoin not yet banned in India. But in China yes. I hope in future bitcoin can legalized in some country.
As I know also in India the people do bitcoin as a transactions. Maybe their government not legalized yet.
As I know also in India the people do bitcoin as a transactions. Maybe their government not legalized yet.
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.
If bitcoin and other crypto currencies are not banned this means that,In the legal sense it is not prohibited because there are no legal norms which may be the basis for prohibition.As for the indian prohibitions i have never heard official annoucement about this,I think everything was announced by negative media because as we know they do everything to announce story firstly and they do not interest if this story is true or not.Oficially,India just said that goverment will do everything to avoid illegal activities realized by cryptocurrencies.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Forbid in what form, because it can prohibit by not recognizing as a valid currency and can / may be used for transactions but still may do the other.
because many countries do that, and still many work in bitcoin and produce.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
I have no idea about other countries but its not yet banned in India.
Not at all.In India bitcoin is legal.Only the acceptance of bitcoin as a one of the payment is restricted.It's also a temporary one. I think it will change soon.I had heard out 10 transaction of bitcoin,one is from India.So bitcoin was strong in India.It's not easy to ban bitcoin in India.
No, bitcoin is not legal in India. There is no complete ban on bitcoins; people can use and invest into the cryptos at their own risk, government will not provide protection to their money in the event of loss. Govt has already declared that it will not be a legal tender.
The Indian government appeared to have been only announcing that it could add extra regulation to bitcoin.
Yes, government will make sure to eliminate the use of cryptos for illegal activities.
No they're not banning bitcoin in India. The Indian government appeared to have been only announcing that it could add extra regulation to bitcoin. This is also one of the reason why it's price plunges due to misleading news that India will ban trading completely.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Not at all.In India bitcoin is legal.Only the acceptance of bitcoin as a one of the payment is restricted.It's also a temporary one. I think it will change soon.I had heard out 10 transaction of bitcoin,one is from India.So bitcoin was strong in India.It's not easy to ban bitcoin in India.
As far as i know bitcoin isn't banned in india.
Until now India had no confirmation of banning bitcoin in their country, only rumors. But if necessary we need to become ready, in addition I heard some news that bitcoin together with the other crypto currencies will be banned in the Philippines too. However until now no exactly confirmation with that, I hope it will not happen. Because most of the users in bitcointalk were a Filipino so if it is happen it was a large impact into crypto currencies community.
As far as i know bitcoin isn't banned in india.
Bitcoin is certainly not banned in India . The current status of bitcoin in India is still unknown .
Many speculations have been passed out that bitcoin might also get banned in India . But according to the news , the government offcials just said that bitcoin is still too small to get legalized in India and there were no comments made regarding it being illegal .
Even if it gets illegalized in the future bitcoin is going to be used by the people knowing that most of them knows that there will be no way to detect the users and the government will not take a lot of consideration in finding them as they said themselves that bitcoin is too small to be the part of India .
Many speculations have been passed out that bitcoin might also get banned in India . But according to the news , the government offcials just said that bitcoin is still too small to get legalized in India and there were no comments made regarding it being illegal .
Even if it gets illegalized in the future bitcoin is going to be used by the people knowing that most of them knows that there will be no way to detect the users and the government will not take a lot of consideration in finding them as they said themselves that bitcoin is too small to be the part of India .
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
India did not ban digital currencies especially Bitcoin but they did not declare also as illegal which means not illegal but not ban. They only refused to recognize the crypto currencies because they need to review it very well if digital currencies are feasible to the country. Therefore you could still do engage in Bitcoin activities and enjoyed earning without tax while waiting for their verdict to ban it or to regulate it in which if Bitcoin become legal you will be required to pay Bitcoin tax.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India.Yes Right said, BTC is not banned but declared as "not a legal tender" in India.
But Is this a Informal warning issued by Indian govt. to all the BTC users to stay away from it and disinvest so that they do not suffer any big loss.
The finance minister of India stated that,not to involve in bitcoin investment to avoid of loss.They not said bitcoin is illegal in India,Investment in bitcoin is your own risk. If you loss any money by investment of bitcoin, government is not responsible for that.The reason for this may be regulation of bitcoin in India.So just hold your bitcoin and don't sell it at low price.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India.Yes Right said, BTC is not banned but declared as "not a legal tender" in India.
But Is this a Informal warning issued by Indian govt. to all the BTC users to stay away from it and disinvest so that they do not suffer any big loss.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India. 
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
They are still neutral as far as I know. Although last year there was one parliamentary members who really voice out against bitcoin (forgot this name), they are still divided over bitcoin's legalization. RBI, India's Central Bank has not issue any licenses for crypto to operate and at the same time the country doesn't have any regulations as well. I guess our fellow Indian brothers can still enjoy to trade or invest in cryptos. Again the issue with bitcoin or crypto being used for illegal activity will be the main focal point of those parliamentary members who are against it. It's going to be a struggle before crypto could be accepted or regulated in the country.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
no bitcoin is a e-currency and govt has no right in bitcoin that's why bitcoin is not banned any country
No BTC is not banned in INDIA. Indian govt has appointed a committee under Finance and economic department of India to determine guidelines and legal status of crypto in INDIA. This committee has not submitted their report yet and is in process of evaluation of its pro and cons at country's economy. It is hoped that this committee will soon come up with a report on it, on basis of that report, legal status of BITCOIN and other cryptos will be decided in INDIA.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
BTC is not banned in India, However NEPAL and Bangladesh have prohibited Bitcoin usage. Though Indian Finance minister has declared that they are not taking BTC as a legal tender. India has exchanges like zebpay, Unocoin etc which are taking KYC with documentation proof before enabling you to buy/sell BTC. So there is nothing illegal going on in India that needs to be stopped so stay calm and keep on trading crypto.
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?I think Bitcoin mining is not profitable in the present difficulty people facing and you need to spend a lot of money for mining equipment in order to make Bitcoin fastly. I think it is always better to buy the Bitcoin and hold it for the long term you will get more benefit instead of Bitcoin mining.
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.
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? 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.
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.
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
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.
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.
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.
Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
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