Topic: is cointellect mining illegal in India (Read 4195 times)

it's not thta mining is illegal or earning bitcoin and converting them , the problem here is that cointellect was(and it is now even more) a ponzi scheme, and this is illegal

they also don't pay anymore any contracts, so now they are scammers 100%, at least before they were paying...

First of all, you should be aware of the fact that Cointellect is not "mining".

It is a ponzi scheme (aka HYIP) badly disguised as a mining service.

A real mining service does not let you pay more to make your laptop mine faster.

yeah, it shouldnt be illegal (and probably isnt) but you need to realise how that doesnt mean you can have a mining operation without paying your taxes.
in most counties, every form of profit also means a definite tax obligation, and state will most likely charge you for tax evasion if dont comply.

cheers

Mining shouldn't be illegal in anywhere in the world.

It is like saying earning money (in commodities  ) is illegal.

Mining is far from being illegal. Its what you do with the coin that makes it legal or illegal use after. If you are mining and then selling the coin on and taking cash paying tax n it and so forth depending on how much you have earned then this is fine. If you buying goods and equipment paying for stuff then it is also fine. if you are going on to the darknet such as buying drugs or stolen goods etc then this would make it illegal to use and you are then found to be in an illegal situation that you ended up in. So long as you are iver like mining trading buying and doing stuff legit  and following guidelines then their will be no problems for you.

mining not illegal

Don't know the company named but btc mining is definitely not illegal in India

Then it sounds to me cointellect is a SCAM

There is nothing illegal about mining. But, cointellect is NOT paying lately AFAIK. So, this is not a chosen solution, that's all I can say...

what you are saying is there is nothing legal and illegal about it

no mining is legal anywhere in the world, selling btc for fiat is a differant story though.

 n June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges.[33] In August 2013, a spokesperson wrote in an email that bitcoin was under observation.[34]
On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public not to indulge in buying or selling of virtual currencies, including bitcoin.[35][36] Following the announcement Bitcoin operators in the country began suspending operations.[37]

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).[38]

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate Bitcoins.[39][40]

The consolidated legal position in the month of August 2014 is that the legality of bitcoin is in doubt in India.[41][42] The Reserve Bank of India has cautioned users of virtual currencies of various legal risks.[43][44] Indian law enforcement agency Enforcement Directorate also searched the office and website of a bitcoin entrepreneur to analyse any possible legal violation.[45] ED believes that Bitcoins money can be used for hawala transactions and funding terror operations.[46]

is doing bitcoins and selling them is illegal in India

in that case is cointellect legal in India?

and what is the possible threats in using them
 Indian users welcome to post comments please