Is it safe to invest in cryptocurrency in India?

sitnikov

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Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

There is no need to be worried about this:

1) First of all , he has said that he will come with rules by December last. Even if you invest your money in bitcoins by December , you can easily get 2x of the money invested. If you invest this money in bank deposits, it will take about 10 years for 2x.

2) In case he decides to ban all bitcoins in India, the investors will get time to withdraw their earnings. So what is there to worry about ? Just go for it, if you are still doubtfull see the volumes being traded on exchanges like Zebpay every minute.

ankursnv

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Quote from: Missterio on March 21, 2018, 02:59:07 AM

At least now bitcoin is not yet banned in India and if you want you can invest

Yes, it is not banned, I agree.
But it is not declared legal as well.

For an example, government has not officially allowed yet to make transaction in Bitcoins in any banking or investment process.
In tax benefits schemes; bitcoin investment won't be consider legal and won't get any rebate on that.

ankursnv

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Quote from: Mandoy on March 20, 2018, 06:56:42 AM

Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

As long as there is no declaration that they are going to ban bitcoin and cryptocurrency then there is no fear. In the Philippines before the central bank made a decision to accept bitcoin it was being used already and people are already starting to use it. I do believe that as long as the use of cryptocurrency adheres to the rules and regulations of their government then they will approve it.

There are lots of discussions are being made internally in our country, people sitting in news debates putting the pros and cons of the legalization of cryptocurrency; I mean lots of activities are being done internally but nothing has reflected yet on official level.

People are in doubt only because of that; they are waiting for the government's decision to take this new trend positively.

Roll Eyes

Hope for the best Roll Eyes

ankursnv

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Quote from: maman09 on March 21, 2018, 02:58:57 AM

Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

does not India prohibit the development of crypto and bitcoin?
I think this has happened in the last few months. and whatever the Indian government will do about the ban. will not have a big effect, look at the more advanced Asian countries and have a good system. like japan. instead they are more friendly with bitcoin.
and compare with the countries in Asia that each developed, and fairly poor. tend to ban it. the biggest factor is the fragility of corrupt officials and systems

Yes, your point can be valid for some extent. The corrupt system might get affected from these cryptocurrency; that's why government is not in a mood to implement legally.

ropyu1978

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Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

India has made rumors about banning on bitcoins. has not this been going on about the ban?
I do not think it would be safe if you keep pushing to invest in crypto. let's say you know a certain technique to manipulate the situation so that it can not be found by the related instasi by your country.

Missterio

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At least now bitcoin is not yet banned in India and if you want you can invest

maman09

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Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

does not India prohibit the development of crypto and bitcoin?
I think this has happened in the last few months. and whatever the Indian government will do about the ban. will not have a big effect, look at the more advanced Asian countries and have a good system. like japan. instead they are more friendly with bitcoin.
and compare with the countries in Asia that each developed, and fairly poor. tend to ban it. the biggest factor is the fragility of corrupt officials and systems

ankursnv

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Quote from: Herbert2020 on March 20, 2018, 01:05:31 AM

well i can not possibly tell you whether it is safe or not since i don't live in India and the news is never trusted but what i can see is that there are multiple exchanges in India for trading bitcoin, there is also more decentralized ways such as localbitcoins and for a very long time the trading volume of these places have been extremely high. that shows that Indian are already investing in bitcoin and they are doing it A LOT.

additionally you may want to ask this in Indian board here: https://bitcointalk.org/index.php?board=89.0

Thank you for suggesting Indian Board. I will ask there for sure.

I agree, Indians are investing in Bitcoins but as far as its legalization is concerned; Indian government still in doubt to accept it or not.
Right now, I am not aware that there is any policy if Indians can use bitcoin investment as tax saving activity.

ankursnv

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Quote from: Kakmakr on March 20, 2018, 12:28:41 AM

It depends on what you want to use it for. If you want to build a business that accepts Bitcoin, you might run into trouble. If you work online and you receive Bitcoin/Crypto currency payments, then you could use those bitcoins to go on a nice holiday in a Bitcoin friendly country.

These governments will soon realize that it is not easy to stop Bitcoin use and they will miss out on a lot of Bitcoin income from tourism/ecommerce and taxes that are paid in other countries, where these bitcoins are used.

Use Bitcoin in other countries can be a good option but in general, it is not feasible for a common man specially from counties like India who spends a very less amount in holidays.

As of now, there aren’t many avenues to use Bitcoins in India. But ecommerce players such as Flipkart, Amazon and MakeMyTrip run voucher programmes for people using Bitcoin exchanges, but they do not accept payment in Bitcoins. Many a time, exchanges convert Bitcoin into normal currency

Mandoy

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Aurox

Quote from: ankursnv on March 20, 2018, 12:08:16 AM

In India, the transaction in cryptocurrency is not yet approved by Indian Government but they are saying, we need to analysis it before approval.

Our Finance minster Arun Jaitley said in his budget speech that the government will do everything to discontinue the use of virtual currencies in India.

So, we are in dilemma to invest in this or not?

As long as there is no declaration that they are going to ban bitcoin and cryptocurrency then there is no fear. In the Philippines before the central bank made a decision to accept bitcoin it was being used already and people are already starting to use it. I do believe that as long as the use of cryptocurrency adheres to the rules and regulations of their government then they will approve it.

Marileno

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✔ Crypto portfolio | ✔ Telegram/APP

There is always government risk as we can seen in recent time, with countries banning certain actions around crypto currencies. India is no different. Always proceed with extreme caution and make sure you understand all the risks before putting your money at play.

xk85jq

newbie

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intern of investment , no country is safe on investing in bitcoin you have to make a countermeasure on that to avoid scammers,on the other hand you need experiece scam in order to,then next time you knows already dont be down if you experiece that gamble but those mistake make you strong and basis to your success in bitcoin business.

scammer always watching you be careful..

suzanne5223

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The Chinese ban bitcon and people of China still trade and invest in it. Since you're not planning to run a crypto business which involve merchant transaction, you can still invest into crypto currency but there are ways of doing in other to get into trouble with the law.

krishnapramod

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The first committee set up by the Finance Ministry to look into cryptocurrency regulations weren't in favour of cryptos, but the second one set up in December and headed by secretary of Department of Economic Affairs is hoping to come up with a proper regulatory framework for cryptocurrencies by the end of this financial year. There is a bit of uncertainty now, but guess there wouldn't be any immediate actions taken and things ahead look optimistic, I would say it is safe to invest. Banning Bitcoin isn't going to be as easy as banning beef Grin

shaheer001

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Don't worry invest in Bitcoin and change the Bitcoin to fiat money like skrill,paypal, etc and then withdraw it through your attached credit card or bank account.

vvfvcxl

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If trading a cryptocurrency is legal, but using a bitcoin payment ban, it doesn't really matter to you because Bitcoin is an investment for us and not a payment currency.

happness2

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The news I know is that cryptocurrencies are supported in India. Although it is difficult to implement cryptocurrency in India, the Indian government is still trying.

bitcoinmasterlord

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I think Indian governament not changed any rule and they are following the same rule from last 2013, Indian finance minister clearly stated that Bitcoin payment mode is prohibited but crypto trading is legal. These media people are spreading some fake news and making people panic that's it.

And one more thing he told they are collecting information from your local exchanges, so if you submitted KYC then maybe you will receive a letter from your governament to pay tax.

They are planning to stop using Bitcoin in their country because it is affecting to there country economy but they don't know how to stop.

metenjean

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Statement like that has another different meaning and in fact they haven't ban bitcoin yet means you can still invest in it. I don't said that cryptocurrencies is safe but government across the world are looking at it because there are lot of cryptocurrencies beside bitcoin and a lot of them are scams and since then government are trying to regulate and evaluate the crypto flow, which is a good sign that they will press ICOs crowdfunding and else and i think it will make cryptocurrencies have a better future ahead Grin

HolderLoo

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The troubles after the doubts have been revealed for the crypto tender in India. Right now it is possible to invest crypto safely in India, after recent adjustments, it seems they will learn from Japan to go in the positive direction as it once did.
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#1c3b21287c6f

Topic: Is it safe to invest in cryptocurrency in India? (Read 237 times)