Is bitcoin illegal in India | Bitcointalksearch.org

Vektrum

member

Activity: 420

Merit: 14

Quote from: salixo on May 18, 2018, 10:37:49 AM

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

Bitcoin has not been legalized in India yet, but it is not forbidden. Any normative legal acts that would determine its status or the rules of circulation were not published in this country. Legislative and executive authorities are still silent. In India, banks are still issuing their prohibitions, but they apply only to the banking sphere of activity. Thus, the Reserve Bank of India as a central bank issued an order to its banks, which ordered not to provide services in the crypto currency, including in relations with the crypto-exchange markets. However, bitcoin and other crypto currency are still freely circulating in this country.

HiringYou

sr. member

Activity: 574

Merit: 256

It is not confirmed yet.A temporary stay has been imposed on the exchanges that work with digital currencies due to the case filed by RBI against these exchanges.This stay is until the next hearing i.e on 20th of July.On 20th of July we will get to know about the future of Bitcoin in India.If these exchanges won the case then people will be able to work with Bitcoin but if RBI won the case then according to me it will be an end to Bitcoin in India.So let's wait for the day.

maarx

hero member

Activity: 882

Merit: 517

cloverdex.io

Quote from: Virtual miner on July 11, 2018, 08:48:10 AM

The status of Bitcoin in India is quite vague. A few days back I had been reading this buzzing update from RBI, central bank of the country, which reads here: https://www.thebetterindia.com/149147/rbi-cryptocurrency-bitcoin-bank-trading-ban-news/

Now the position of bitcoin in Indian market seems to be in danger with this highlight from the market:-

Speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla said that Ripple could win 50 percent of the Indian market with the company focused on the financial sector of the world’s second fastest growing economy.

He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?"

Ripple is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report.

Source: https://www.express.co.uk/finance/city/987173/Bitcoin-price-ripple-india-cryptocurrency-ethereum-BTC-to-USD-XRP-news

As an investor i would always find alternative ways to multiply my capital even there are restriction on few things. The issue here is, transactions on crypto currencies should be not be through the banks tied up with RBI. I dont find any other restriction in moving forward with alternative options in trading crypto currencies. The exchanges have found ways to have transactions without banking intervention. So there may be a bit hesitation in carrying on with current rules with RBI but once everyone would get aware of alternative ways to trade and become confident, then yes there wont be a problem with crypto trading in India.

Virtual miner

sr. member

Activity: 728

Merit: 275

The status of Bitcoin in India is quite vague. A few days back I had been reading this buzzing update from RBI, central bank of the country, which reads here: https://www.thebetterindia.com/149147/rbi-cryptocurrency-bitcoin-bank-trading-ban-news/

Now the position of bitcoin in Indian market seems to be in danger with this highlight from the market:-

Speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla said that Ripple could win 50 percent of the Indian market with the company focused on the financial sector of the world’s second fastest growing economy.

He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?"

Ripple is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report.

Source: https://www.express.co.uk/finance/city/987173/Bitcoin-price-ripple-india-cryptocurrency-ethereum-BTC-to-USD-XRP-news

Andrew S

newbie

Activity: 112

Merit: 0

You can make it easier, just sell the crypt in the Maldives.

starplaks

jr. member

Activity: 322

Merit: 1

There's something like cunningly done, Crypto currency is prohibited, but taxes must be paid to those who sell it!

Bharat24

newbie

Activity: 29

Merit: 0

Crypto is illegal in india.you Connor use crypto currencies also a sum of payment in buying products.

ruthbabe

sr. member

Activity: 966

Merit: 275

Quote from: agentdavid007 on July 10, 2018, 08:46:00 AM

Yes it is true that crypto is illegal in Indi

Could you please cite your reference? The usage of Bitcoin and cryptocurrency in India is Legal, although India does not recognize them as legal tender and they can be used in payment systems. What is illegal in India is banned in India is the sale or purchase of cryptocurrency. http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

solarion

hero member

Activity: 966

Merit: 513

I got the Google news pop up says the bitcoin regulations implemented by the Reserve financial system is legally not used the bitcoin in their country and even court also seems also support government to take not right towards bitcoin.
I advice to the investors from India please do not loose the hope it will be remain same and cannot be able to stop from using it mate.

Harlot

hero member

Activity: 1806

Merit: 672

It is funny on how the Indian Government is still allowing cryptocurrencies to be held in their country yet the citizens are not allowed to use it as a mode of payment although they allow it to be traded. Another problem is they made a memorandum on prohibiting online bank transfers coming from exchanges to banks. So they have eliminated the most convenient way of liquidating your cryptocurrency holdings to Fiat besides third party sellers. The way I see it is their Central Bank, RBI, is headed by a not so open-minded person and the executive government is not doing any action to solve it that is why it lead to their current situation.

Tylev

full member

Activity: 854

Merit: 104

The situation in India with the crypto currency is quite complicated, but it is practically free to go to the territory of this country. So far, only the Reserve Bank of India and its subordinated banks do not conduct any operations with the crypto currency. However, the circulation of crypto currency is not prohibited in the country. While legislators and the government did not express their opinion on the crypto currency, and the need for this has long been ripe.

agentdavid007

newbie

Activity: 19

Merit: 0

Yes it is true that crypto is illegal in Indi

ruthbabe

sr. member

Activity: 966

Merit: 275

Quote from: salixo on May 18, 2018, 10:37:49 AM

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

Sorry, the link you provided is not working in my end, but according to this source, the status of Bitcoin in India is Legal, however, the sale or purchase of cryptocurrency is banned as announced by the Reserve Bank of India.

Quote

Indias Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

"The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system," Jaitley said.

Aleh777

full member

Activity: 352

Merit: 100

In India still bitcoin is legal, people are investing in bitcoin. The RBI put some rules to traders only, RBI announced traders not to use transactions via bank to exchange the bitcoin or buy. Now another method they used p2p for transaction process. So bitcoin is still legal in india and it is not banned. Due to this law traders only affected and not the people. Soon bitcoin is fully including traders also will be legal in india. But we have to waitbfor some time for this change.

magneto

hero member

Activity: 1666

Merit: 753

It's not illegal, nor is it illegal to hold or trade with bitcoin at all.

I don't even think that it's illegal for banks to continue to offer services to bitcoin exchanges. However, they will obviously be facing scrutiny and probably delicensing from the central bank of India (RBI) which is something that they wouldn't want to ever do.

The thing is that this isn't law, this is a regulation from the RBI. It doesn't mean that bitcoin is all of a sudden outlawed.

That's why you still see buy/sell listings on LBC and elsewhere, because bitcoin is still fully legal in India. The government is still obviously anti-bitcoin, though, that's for sure.

Hence, trading p2p with bitcoin for cash on platforms such as LBC and paxful will be a growing trend in India as a result, in my opinion, because of the regulation.

dark1234

full member

Activity: 1134

Merit: 167

Quote from: Eleven86 on July 06, 2018, 06:30:38 PM

Its not yet announced to be legal. The RBI has pressured too much on the exchanges dealing with crypto currencies not to engage customer trade through the banks tied up with RBI. Hope the final decision do not affect customers trading on Indian exchanges who are dealing with it. A long waiting should get soon over and crypto should be legalized in India and more get benefited.

and this will take a long time because the Indian government is more cautious and considering the laws of the country there according to the Supreme Court of India so if this is too long it will adversely affect the development of cryptos there

Eleven86

member

Activity: 364

Merit: 10

Its not yet announced to be legal. The RBI has pressured too much on the exchanges dealing with crypto currencies not to engage customer trade through the banks tied up with RBI. Hope the final decision do not affect customers trading on Indian exchanges who are dealing with it. A long waiting should get soon over and crypto should be legalized in India and more get benefited.

Faeton

member

Activity: 308

Merit: 11

Quote from: salixo on May 18, 2018, 10:37:49 AM

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

I would not say that the crypto currency is illegal in India. Recently, the Supreme Court of India has indicated that, under the current Indian law, a crypto currency can not be considered a currency. However, this does not mean anything. Bitcoin and other crypto currency were not banned in this country. The legislature of India has not yet expressed its opinion on this matter. Therefore, we will expect further news from India.

Hannahanto

full member

Activity: 826

Merit: 111

In India bitcoin is neither legal nor illegal. RBI announced the peer to peer transaction. But still people in india are using bitcoin as legal. But we cannot purchase anything through bitcoin, for that you have to use local fiat only. Indian government have a plan to introduce their own coin, if it happens bitcoin also legal. Now in india bitcoin investors are more so they never to allow bitcoin to announce as illegal.

maarx

hero member

Activity: 882

Merit: 517

cloverdex.io

Quote from: ruthbabe on July 05, 2018, 10:45:55 AM

No, bitcoin is not illegal in India, it's legal. Although India's central bank, Reserve Bank of India has announced a ban on the sale or purchase of crypto-currency, the usage of bitcoin is legal.

"Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognize them as legal tender and will instead encourage blockchain technology in payment systems." Source: https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

Four more petitions to be heard on July 20 from exchanges. Though the earlier decision is dis-satisfactory, exchanges have found and still working on finding ways to have crypto transaction not disturbing banks tied up with RBI. An exchange has recently announced a P2P system where crypto to crypto exchange can be done. 90 percent of customers from exchanges that are in dealing with in India, have strong hope to continue with crypto trading besides RBI announcement which firms the belief in crypto currencies.

Topic: Is bitcoin illegal in India (Read 599 times)