Is Bitcoin Legal in India? | Bitcointalksearch.org

Umkar

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Quote from: btc.fanda on January 18, 2018, 06:53:31 AM

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?

Right suggestion only.

As far as I know, there were no problems with the sale of bitcoins in India in January, and there are none at the present time. A few days ago, the Reserve Bank of India recommended that other banks stop providing services in the crypto currency, but this did not affect the circulation of the country's crypto currency and the ability of citizens to use it. As far as I know, there is no taxation of the crypto currency in India yet, but it is necessary to check the local legislation, which can often change.

Hammond ltd

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Bitcoin is a great source of taxes, that's why it will not be illegal, I think

Kloosterboer

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India needs to become the second world's cryptocountry afte South Korea. It will have a positive impact on the whole market and prices will go up for sure

Universal pics

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It is not officially illegal, here is the difference. The situation will change soon, indians understand

QuynhVu2302

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really? I have not seen that news. India is very technologically advanced, if they push Blockchain, that is a good thing

golem999

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The existence of bitcoin has often been a problem that raises the pros and cons including the Laws in India that I know that the Zitpin Bitcoin exchange has revealed that the Indian government committee has decided to support Bitcoin.

Bitcoin's exchange efforts in India to self-regulate the market allows the Indian government to reconsider the Bitcoin sector and the digital currency, despite criticism from some politicians who are significantly less aware of cryptocurrency.

Greenkarki

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Quote from: btc.fanda on January 18, 2018, 06:53:31 AM

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?

Right suggestion only.

In India it is not legal now, the government warns the bank to close the transaction who made it through bitcoin.
It gives three months time for the bitcoin users. But serious discussion is going on about bitcoin banning. But not sure it is going to banned or not. After that we cannot do any transactions in bitcoin.

Hannahanto

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Quote from: maarx on April 08, 2018, 03:08:19 PM

Quote from: Thanasis on April 08, 2018, 12:26:57 AM

Quote from: Sithara007 on April 07, 2018, 11:39:38 PM

Quote from: MaydayMayday on April 07, 2018, 03:09:44 PM

Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

As of now it is not illegal, as per the existing laws. But the government is somewhat hostile to crypto-currency trading within the country. They are not banning it, just because they know that it is not possible without shutting down the whole internet.

As per the RBI statement they want the country's people to stop dealing with the crypto currencies within three months so maybe after that bitcoin may be banned in India.But bitcoin trading is going to be hard there now because wothout ban's involving we can't do crypto trades and face to face transactions are impossible for everyone.

I have a different assumption. When RBI announced its entities not to deal with crypto currencies, Jio has published a currency wallet as like Paytm. You must be aware of it. You must have been hearing a news that Ambani's son has formed a team to discuss on blockchain integration and in result of this, a new coin called jiocoin would be released. I assume Jio wallet will be used to convert the crypto into JIOCOIN and later exchange into fiats currency. Can you see the business moment here? As jio wallet should be in the market, Zepay and other Indian exchange are pre-warned not to deal with crypto currencies.

In India bitcoin is still legal. But the serious discussion is going on about the cryptocurrencies. Because many people in India use cryptocurrency and earn through cryptocurrencies. There are so many transaction done by local bitcoin exchange to banks. So government has noticed that and gives warning period of three months. Three months there is no problem after that we don't know whether it's going to be banned or not.

maarx

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Quote from: Thanasis on April 08, 2018, 12:26:57 AM

Quote from: Sithara007 on April 07, 2018, 11:39:38 PM

Quote from: MaydayMayday on April 07, 2018, 03:09:44 PM

Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

As of now it is not illegal, as per the existing laws. But the government is somewhat hostile to crypto-currency trading within the country. They are not banning it, just because they know that it is not possible without shutting down the whole internet.

As per the RBI statement they want the country's people to stop dealing with the crypto currencies within three months so maybe after that bitcoin may be banned in India.But bitcoin trading is going to be hard there now because wothout ban's involving we can't do crypto trades and face to face transactions are impossible for everyone.

I have a different assumption. When RBI announced its entities not to deal with crypto currencies, Jio has published a currency wallet as like Paytm. You must be aware of it. You must have been hearing a news that Ambani's son has formed a team to discuss on blockchain integration and in result of this, a new coin called jiocoin would be released. I assume Jio wallet will be used to convert the crypto into JIOCOIN and later exchange into fiats currency. Can you see the business moment here? As jio wallet should be in the market, Zepay and other Indian exchange are pre-warned not to deal with crypto currencies.

Thanasis

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Quote from: Sithara007 on April 07, 2018, 11:39:38 PM

Quote from: MaydayMayday on April 07, 2018, 03:09:44 PM

Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

As of now it is not illegal, as per the existing laws. But the government is somewhat hostile to crypto-currency trading within the country. They are not banning it, just because they know that it is not possible without shutting down the whole internet.

As per the RBI statement they want the country's people to stop dealing with the crypto currencies within three months so maybe after that bitcoin may be banned in India.But bitcoin trading is going to be hard there now because wothout ban's involving we can't do crypto trades and face to face transactions are impossible for everyone.

Sithara007

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Quote from: MaydayMayday on April 07, 2018, 03:09:44 PM

Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

As of now it is not illegal, as per the existing laws. But the government is somewhat hostile to crypto-currency trading within the country. They are not banning it, just because they know that it is not possible without shutting down the whole internet.

MaydayMayday

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Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

Greenkarki

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Quote from: Heat and rum on April 07, 2018, 12:36:34 PM

It's not illegal, but people involved in trading and other things connected to crypto feel more and more pressure now, especially after latest news

Till now bitcoin is legal in india. Because it is not banned here. But i heared the news that RBI gives a warning. Iam ot sure about the news. I just heard it. In india another new crypto currency will be introduced by ambani that is jio coin. As far as now bitcoin would be recognised by indian government. I think banning bitcoin in india is a fake news. Till we receive official announcement from government we can use bitcoin, and it is legal in india.

Heat and rum

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It's not illegal, but people involved in trading and other things connected to crypto feel more and more pressure now, especially after latest news

Dreamchaser21

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Quote from: Sithara007 on April 06, 2018, 11:07:23 PM

Bitcoin is not officially illegal in India, but everyday the government is coming with more and more restrictive measures and harassing the crypto users. They are exerting extreme pressure on the crypto-exchanges and have banned banks from dealing with crypto-currency.

I think India is planning to have their own cryptocurrency but until now there's no final decision when it comes to banning bitcoin. People should stop from spreading news about India banning bitcoin, lets just wait for the final decision on this matter.

Sithara007

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Bitcoin is not officially illegal in India, but everyday the government is coming with more and more restrictive measures and harassing the crypto users. They are exerting extreme pressure on the crypto-exchanges and have banned banks from dealing with crypto-currency.

sunsilk

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Quote from: Helen17 on April 06, 2018, 05:31:28 PM

Now it is almost dead in India, "great news" again. Some countries like Belarus support it, some countries are blocking. Wonder who is right

Bitcoin is dead now in India?

The banks started to cut ties with cryptocurrencies as BitHolder says that it isn't the end for cryptocurrencies there especially bitcoin.

Belarus has legalized cryptocurrencies and it isn't the only country to do that.

But going back to India, again the banks law is now implementing the ban to crypto but not the government.

BitHodler

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Quote from: Helen17 on April 06, 2018, 05:31:28 PM

Now it is almost dead in India, "great news" again.

As far as I have been up to date with everything, banks in India are no longer allowed to get involved in anything related to crypto, which is harsh, but not the end of the crypto world in India.

I haven't seen anything indicating that crypto vs crypto trades are also prohibited, and as long as that remains the case, people will be able to still deal with crypto. Imagine this leading to more local crypto adoption.

Another thing is that people regardless of these actions will always be able to convert fiat to crypto and vice versa. Once you go crypto, you never go back. It's not only an investment, but also a safe haven asset. Freedom.

Helen17

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Now it is almost dead in India, "great news" again. Some countries like Belarus support it, some countries are blocking. Wonder who is right

St4yInTh3D4rk

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Quote from: hacekd on March 03, 2018, 11:02:25 PM

Nishith Desai Associates is India’s leading international law firm. They have published above white paper which concludes that bitcoin is legal in India.

In India the crypto currencies are not ilegal neither illegal yet because there is no official statement from the Indian government so we have to wait for them to officially announce,but bitcoin trading is not prohibited you are free to use crypto currencies in India either buying of products or buying and selling of crypto currencies for fiat.

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