Topic: Is bitcoin illegal in India - page 3. (Read 599 times)

In India bitcoin is still legal not announced as illegal. The RBI of Indian government announced that close the account of the people who deals transaction with cryptocurrency. And India has an idea of introduce its own coin. It shows India accept crytocurrency and not ready to ban. If it comes automatically India will support other cryptocurrencies also.

Formally NO, just as it is illegal in many countries but we still do our thing,foreign markets still make transactions in India, the government even warned the banks to close the accounts of those who do transaction with cryptocurrency, but we had that there is a close door meeting were they are thinking on how to legalize cryptocurrency, i think we should be patient and see what will come out of it.

You can still hold or buy bitcoin through few possible exchanges though it's not yet announced as legal or illegal. As long as the action you take does not harm you,  you can very well proceed though. I am sure India will surely realise the benefits of adapting bitcoin and adapt it very soon. RBI has set up a team to analyze if crypto currencies are really needed or not in India and most probably by end of June or July, they would come up with good decision which will certainly enrich Indian economy with crypto adaption. Hopefully waiting for it.

I had read in crypto news , bitcoin is going to regulate in a india.The government of India had a plan to get some tax from the people.
Please check the below link

https://www.instagram.com/p/BjTtaroH2R3/

They are going to collect 18% of tax from the people.They had a plan to implement this scheme from July 1 onwards.
This may increase the price of bitcoin.

Till now bitcoin is legal in India. RBI just announced the close the account of the people who deals with crytocurrencies . And they give some time to do this process. But still people in India using bitcoin as their main income. It is not completely banned just  banks to close the transaction only. Indian government has planned to launch its own cryptocurrency. So serious discussion is going on about legalization of crypto in India.This process takes some time not done immediately. So in future bitcoin will be legal in india.

Bitcoin is neither legal nor banned in India. Just RBI announced that close the account of poeple who done transaction using bitcoin. But many people in india now using bitcoin as their main income. Many local exchanges now opened and trade the bitcoin. To buy and sell many trading exchanges now opened in India. But there is a serious discussion is going on about launch of new coin.

It is rather not banned in this country.

For now India is prohibiting or assuming crypto is illegal, but I hope it will not happen forever, and for the people of India there is still a solution to use foreign markets.

It is not in the hands of the citizens to pay tax from  bitcoin profit but whether the India government has made regulations to collect such but if that isn't available in the first place, it means the government is not looking on that. But, if it is even banned, I don't think that will totally stop it, it can only make the transaction difficult.

Yes,this is one of the reason that most of the countries are against the crypto currencies.And I have read somewhere that India is one of the mostly corrupted country with black money so RBI thinks that people can use bitcoin to launder their money.But if we all can pay our taxes proprly then the condition may change too.

If you can pay proper tax on your income than it would be legal in India because RBI guideline is not clear on crypocurrency.

Yes,RBI has the power to only restrict the banks from involving crypto currencies so we have other options as well to buy and sell the crypto currencies only we need conclusion from the governments for illegal or not.

It is not illegal, but banks have been asked not to provide services to cryptoexchanges. Theoretically, you can still buy bitcoins using cash. It is not a crime. And it definitely is not illegal to hold bitcoins.
You must understand that the cutting of banking links to exchanges has come from the central bank (RBI). The government has not come out with its stance on Bitcoin yet.

In India the crypto currencies were neither legal nor illegal,so you can now use it, trade and and hold it if you want but the reserve bank of India warned all the banks from India to stop dealing with the crypto related services,but still many banks are providing services to crypto exchanges so we need to wait for the official announcement from the governments.
But someone filed case against this issue in supreme court of India so the decision may take time and also the government will in the favour of people if more people support crypto currencies.And also they opened an online petition against the reserve bank of India if you want the bitcoin to stay in India then you also show your support.

And what link you have provided?I can only see a picture of beach in that.

Crypto isn't illegal in India per se, but exchanging for fiat in the normal banking system seems to be.

Bitcoin’s roaring success towards the end of 2017 proved irresistible to Indian investors, despite rumors that India’s central bank could put a stop to the token. At the moment Bitcoin has not been outlawed or banned, but India’s major finance institutions do not recognize it as legal tender.

Rightly Said! Most of the information are correctly given here. However, I doubt any of the politicians are opposing the ban. Only 41% of Indian politicians are educated, so only a handful of the Indian politicians have the brain power to understand this new technology. Even a Member of parliament Kirit Somaiya said bitcoin is a ponzi scheme. So it shows their level of awareness about cryptocurrency and the related technology.

I believe the main reason why Indian government has not yet banned crypto currency is that, they are not able to understand how to control it from being circulated. They are also trying to calculate whether they will be loosing on taxes if they ban it or not. So they have formed a committee with some economists and their report on cryptocurrency is still awaited. Probably government will take some action after the report is published. In the meantime, they are just trying to discourage the business community by issuing circulars through RBI.

So to answer Op's question, Bitcoin and crypto currencies are not yet banned in India. But you can't use it as a legal means of payment for any goods or services, neither you can exchange it using your bank account. But there are ways to counter that rule as well through p2p exchange. Do a little research and  you will know it.

No,crypto is not yet illegal in India still anyone can use crypto currencies in India but as from the government statement it is not legal tender which doesn't mean illegal.But we may get conclusion soon for this issue until that you can hold your bitcoin if you are from India.Even if they made illegal users can use foreign exchanges for trading but it is illegal activity then you may face legal actions if you get caught after it was made illegal.

They have a really complicated situation right now. Because the Government of India has officially stated that cryptocurrencies are not recognized legal tender in the country in short you cannot directly used cryptocurrencies as a form of payment in buying products, yet cryptocurrencies are allowed to be earned, traded, and mined. Lately the Reserve Bank of India, which is their central bank issued a note where they are notified banks not to open accounts related to cryptocurrencies as it can "potentially be used for criminal activities".

As to how things are going I think the legislative assembly of India is having a hard time on creating a law that will ban cryptocurrencies that is why they are acting to creating memorandums with the RBI. Which I think means some politicians are opposing the creations of a law which will ban cryptocurrencies in the country.

 There is no proper announcements from the government side. In India neither it is legal nor it is banned that is not illegal. Just RBI warns the bank just close the accounts of the people who done transactions with cryptocurrency. But a serious discussion is going on about this cryptocurrency acceptence. But people in india use bitcoin and there are so many local exchanges now running and the transactions are going on. Lets wait and see what is going to happen whether it is announced as legal or not.