Is Bitcoin Legal in India? - page 2.

Claudyah

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Quote from: legendster on January 18, 2018, 07:47:40 AM

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.

Have you checked the Indian subforum here?
Please spend some time reading up on the various discussions there and make up your mind. No government controls Bitcoin so it is neither legal nor illegal. But in most instances, like in the case of US, Bitcoin and cryptocurrencies are tagged as 'virtual property' and are taxed accordingly.

In India however, the government is just waking up to the idea of taxing Bitcoin investments. Recently the IT department sent a bunch of HNI bitcoin investors and traders a notice where all the details of their portfolio and so on. But that was a fruitless effort.

I suggest you follow the Indian subforum closely and read the posts there.

The CIS is India’s leading Internet organization. CIS helped Internet remain neutral in India in the 2015 net neutrality fight. They have published a research post on their website which also states that bitcoin is not illegal under any existing laws.

hacekd

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

allahabadi

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Currently, in India trading ain't illegal, but it is unregulated, so you can't seek help from govt. in any scams.

Also the tax infrastructure is being developed.

Eleven86

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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.

Indian government has not yet announced that bitcoin or crypto currencies are legal or illegal. Yes you can obviously trade bitcoin in the country. The RBI authority has announced that its going to launch a crypto coin. We have another business man from India stating he is going to launch a crypto currency called Jio coin.

This is another sign of accepting crypto in the country. So we can very we trade.

1NV3ST0NM3

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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 the view of Indian government bitcoin is unregulated there "not Legal". I repeat its not legal do not confuse it with illegal. It doesn't really matters how much speeches does Arun jaitley gives declaring bitcoin not legal until there is a full fledge law upon the regulation of cryptocurrency its hard to say that its illegal. Currently there is no rules no problem if you are dealing in cryptocurrencies if you are good at paying your taxes.

Lampaster

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Quote from: Yara1 on March 03, 2018, 10:42:01 AM

bitcoin is not a legal tender in india but that doesn't criminalise bitcoin in the country. indian government is looking at recommendations so we believe it will be declare legal tender very soon

I don't believe it. India depends on lending from rich countries. Under their pressure, they will make decisions aimed at blocking bitcoin. I'm sorry, but this trend is spreading all over the world. Governments and bankers are waging an undeclared war against each of us. We ourselves help our politicians to come to power. Therefore, part of the responsibility lies with us.

Yara1

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bitcoin is not a legal tender in india but that doesn't criminalise bitcoin in the country. indian government is looking at recommendations so we believe it will be declare legal tender very soon

greenpath

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Fake news is faster than the truth. It is more relevant to believe in fake news than the truth. But this wasn't true because the truth will always be reveal at the end. India didn't pinpoint disallow crypto in their land but rather the leader would like to rearrange the role of bitcoin to the users and to make it better not for oneself gain alone but for the major.

[email protected]

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es bitcoin is still legal in India,but there is a serious discussion going on Indian

Blitz99

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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.

Bitcoin, as a medium of payment, has neither been authorized nor been regulated by any central authority in India. Further, no set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks. However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India.

https://cleartax.in/s/bitcoins-taxes-india#Is

whirlcoin

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Quote from: GideonGono on February 27, 2018, 10:14:11 AM

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.

Its not yet legal and not ban , this is the false of some that saying bitcoin is ban on india , no its not true dont be fool by the fake news , the truth is the government see bitcoin as a threat they just wanted to be careful and spread awareness but as of now bitcoin becoming regonizable by government , just debating it.

Yeah that was rumors were created by the bitcoin haters but now they are in the regulation process.I heard that Indian government want to link the ID verification for the individual on the local exchanges.So it means they gonna make bitcoins as legal in their India soon but the problem with the trading crypto is you may have to pay high taxes.

GideonGono

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★Bitvest.io★ Play Plinko or Invest!

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.

Its not yet legal and not ban , this is the false of some that saying bitcoin is ban on india , no its not true dont be fool by the fake news , the truth is the government see bitcoin as a threat they just wanted to be careful and spread awareness but as of now bitcoin becoming regonizable by government , just debating it.

Oceat

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Quote from: stomachgrowls on February 13, 2018, 03:55:16 PM

Quote from: Zackgeno96 on January 22, 2018, 07:15:07 AM

Quote from: supermine on January 20, 2018, 12:29:42 AM

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.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

It does only mean that they don't encourage people of investing in Bitcoin because scams are so mainstream in their city that's why the government have taken some actions to inform their people that not to invest to some 'too good to be true' aka ponzi scheme. It is widely reported lately as what i have read from the news but they didn't really ban Bitcoin at all they just pose a warning to everyone on their country.

I do agree on this which a lot of scammers are using the fame of Bitcoin and applying it to their pyramid ponzi scheme. But the Indian government has not yet confirming it and it might be one of the fake news that someone was spreading to create a negative effect on Indian investors. That's why maybe Bitcoin now is not yet moving up. People should learn to know the truth and do their own research if everything was too blurry.

stomachgrowls

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Quote from: Zackgeno96 on January 22, 2018, 07:15:07 AM

Quote from: supermine on January 20, 2018, 12:29:42 AM

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.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

It does only mean that they don't encourage people of investing in Bitcoin because scams are so mainstream in their city that's why the government have taken some actions to inform their people that not to invest to some 'too good to be true' aka ponzi scheme. It is widely reported lately as what i have read from the news but they didn't really ban Bitcoin at all they just pose a warning to everyone on their country.

Lasvista

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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.

I think it is illegal not legal , but I think that are some just conclusion or a bluff but still I seen some article which you can look at the link is down below feel free to look , and share your thoughts.

link: https://www.express.co.uk/finance/city/903024/bitcoin-in-india-is-it-illegal-cryptocurrency-status-explained

Gotumoot

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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.

My opinion is bitcoin haven't legal in india and to be honest it is banned on some reason and still doing research regarding this topic the link is down below. I hope this would help thank you.

Link: https://www.express.co.uk/finance/city/913101/Bitcoin-ban-India-news-BTC-price-crash-cryptocurrency

dokie987

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I know that there are lots of indian citizen who are dealing with bitcoin and other cryptocurrencies. So i think that bitcoin is not illegal there.

Zackgeno96

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Quote from: supermine on January 20, 2018, 12:29:42 AM

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.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

futureofeth

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Quote from: btc.fanda on January 22, 2018, 02:17:20 AM

Quote from: AssiZichlinski on January 22, 2018, 01:31:06 AM

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

I got this link Do you have any other reference Link ?

See I hear one of the major business wants to launch its own coin in India, but I don't know his name exactly. He is a very famous person in India may be the government is afraid of him and want to collect tax from those exchanges, maybe because of that, they have blocked the exchange accounts.

btc.fanda

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Quote from: AssiZichlinski on January 22, 2018, 01:31:06 AM

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

I got this link Do you have any other reference Link ?

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