Report: India showing signs it may legalize cryptocurrency payments

1Referee

legendary

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Quote from: Harlot on August 07, 2018, 02:15:27 PM

I don't know how serious the legal issues in China when it comes to cryptocurrencies as I still see some Chinese exchanges like HUObi and OKex still dominating their country as well as the overall traded volume, this shows that their citizens can actively trade cryptocurrencies without the government interrupting their activities.

Huobi and OKEx aren't Chinese exchanges anymore.

In some parts of China you can still access both exchanges, and these exchanges still allow Chinese users to sign up, but it's legally not allowed to trade fiat to crypto. There is definitely something fishy going on. It's crazy to think that the rest of the exchanges have gotten a very harsh treatment, and these two exchanges are loosely floating around without consequences. They probably have government officials on board or they have ties to them granting them this freedom.

They constantly pop up on top of the trading volume list regardless of how badly wounded they initially were. This isn't normal.

Quote from: Harlot on August 07, 2018, 02:15:27 PM

Also they do have a manufacturer of mining equipment Bitmain who is also legally operating their business in China as well as they do have a few miners located in it. From what I see is that the news in China is being recycled to us and they make it look worse compared to the real situation misleading us all.

Mining itself and the process of manufacturing equipment is (has always been) completely legal in China. But yes, the mainstream media is always trying to sell you rubbish in an attempt to generate clicks. It's up to the people to seperate rubbish from that was is true, and the only way to do that is to dig into everything yourself.

Zohina

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

It is not inevitable that the world has included the digital era and is in dire need of digital currency, and its function must be very fast and unlimited, it can be provided by the currency, the Indian government may impose taxes on its users, so if you don't want to miss the developed countries then India must take steps to master money technology, in addition to providing assistance in ownership transactions. I think news like this has been very much in Europe where the financial system has been very well integrated.

Flor1982

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

This development is really much needed to influence the Supreme Court of India's future final judgement regarding legal status of Bitcoin currency in this country which will occur on September. The law makers and the government should see the overwhelming support of their people for Bitcoin that they should listen to the will of their citizens.Hopefully that the supreme court of India will favor the Bitcoin existence specially now that the Crypto market is in difficult and will need more people to support the demand of it.

SoiledDove

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Let's not jump the gun here. The Indian Judiciary has proposed that it be legalized, along with sports betting. That way, everything can function in a regulated market space. Whether or not the government accepts the proposal is yet to be seen. Personally, I think they should. It's better to be one of the frontrunners of cutting edge technology, than be left behind in the race as other countries adapt to changing economies.

Harlot

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Quote from: 1Referee on August 07, 2018, 01:57:51 PM

Quote from: audaciousbeing on August 06, 2018, 09:48:08 AM

There have been several reports from several countries from Russia, China, United States and now India but at the end of the day there is nothing that comes out of it when the appetite of people have been wet already.

China has at least taken the necessary actions, even though it wasn't in favor of crypto. The only positive aspect of their sanctions is that the local crypto economies there have been exploding in size, and the same has happened in India. Governments are delusional thinking that harsh sanctions against crypto are being swallowed without resistance.

I don't know how serious the legal issues in China when it comes to cryptocurrencies as I still see some Chinese exchanges like HUObi and OKex still dominating their country as well as the overall traded volume, this shows that their citizens can actively trade cryptocurrencies without the government interrupting their activities. Also they do have a manufacturer of mining equipment Bitmain who is also legally operating their business in China as well as they do have a few miners located in it. From what I see is that the news in China is being recycled to us and they make it look worse compared to the real situation misleading us all.

1Referee

legendary

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Quote from: audaciousbeing on August 06, 2018, 09:48:08 AM

There have been several reports from several countries from Russia, China, United States and now India but at the end of the day there is nothing that comes out of it when the appetite of people have been wet already.

Russia thus far has been the biggest troll in legal terms. They have been contradicting themselves for years, and till this day they haven't done anything.

China has at least taken the necessary actions, even though it wasn't in favor of crypto. The only positive aspect of their sanctions is that the local crypto economies there have been exploding in size, and the same has happened in India. Governments are delusional thinking that harsh sanctions against crypto are being swallowed without resistance.

I have never seen people actually fight back, which we definitely can relate to how much power crypto allows people to enjoy.

Theb

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By all means this is a big decision for the legislative department of India, recognizing cryptocurrency payments will be the end of these court hearings as well as bank prohibitions given by the Reserve Bank of India (RBI) with its powers of giving stupid memorandums. Honestly it is such a stupid memorandum to make as they still allow cryptocurrency trading in India while they prohibit direct online bank deposits coming from crypto exchanges, they are obviously giving an inconvenience to a majority of the traders and local exchanges.

If both the RBI and their SC cannot be relied on when it comes to handling cryptocurrency in India their legislative department must act now by creating their own law about cryptocurrencies, they are greatly missing the opportunity to benefit from the potential earnings they will receive from tax payments, ICO sales, and as well as potential blockchain related companies venturing into their country. It is just simply looking how the Pros outweighs the Cons in this scenario.

jrrsparkles

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Quote from: audaciousbeing on August 06, 2018, 09:48:08 AM

Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

Personally, until I see some solid process in place towards the implementation of this, its safe to say its mere speculation. There have been several reports from several countries from Russia, China, United States and now India but at the end of the day there is nothing that comes out of it when the appetite of people have been wet already. The other part which is the sport gambling that is giving room for this speculation can surely be independent of crypto because since time immemorial, people have been gambling and they have been doing it without crypto so eventually if the country decides to legalize crypto due to the amount of resources they are losing from that end, they sure can do it and still outlaw crypto since that is the statement they have been trying to get out for a while now.

But this time India is going more promising to legalize the crypto currencies because they know that it will give lot of revenue to them and I heard that the condition is almost to the side of the crypto currencies maybe the RBI will involve and postpone the results but definitely we will get the legalization status in this ed of the year.

Harlot

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This is a start and maybe this will be there counter mive when their SC decision goes south also I don't think that this is more focused on cryptocurrencies itself. Remember that this is about online sports betting and we all know that online gambling has a lot of customer around the world. The cryptocurrencies might be intended to players outside India for their convenience of playing a Indian based gambling site. Let us not get our hopes up not until a much clearer decision has been laid out for us.

audaciousbeing

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

Personally, until I see some solid process in place towards the implementation of this, its safe to say its mere speculation. There have been several reports from several countries from Russia, China, United States and now India but at the end of the day there is nothing that comes out of it when the appetite of people have been wet already. The other part which is the sport gambling that is giving room for this speculation can surely be independent of crypto because since time immemorial, people have been gambling and they have been doing it without crypto so eventually if the country decides to legalize crypto due to the amount of resources they are losing from that end, they sure can do it and still outlaw crypto since that is the statement they have been trying to get out for a while now.

timerland

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Are they trying to legalize bitcoin as a payment method to sports betting? If that's the case, then I don't really see really any major benefits.

They could have a huge tax over buying and selling of bitcoin, or perhaps even strict restrictions on exchanges on what they can and cannot do.

Rumors have already surfaced about the fact that India may be considering to have a GST tax on bitcoin, something that I think will not necessarily benefit bitcoin users in India that much even if it means that the restriction is uplifted.

Anyhow, I think that we'll have to wait till the predetermined date of when the verdict will be delivered on these matters. Hopefully, it doesn't get delayed again.

hugeblack

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It's like what happened in Germany, accepting bitcoin for tax or collecting money from behind it. "It's a trade deal [ profits stopped = restrictions back.]"
I do not know anything about India or the Indian government, but such countries make decisions that are in line with the international consensus, so if there is no commercial benefit or agreement to accept Bitcoin, all arrangements will be temporary and useless.
Based on the above I do not consider those signals to legalize cryptocurrency payments.

ruthbabe

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These days, India is becoming popular when it comes to cryptos. In early 2018 India's central bank the Reserve Bank of India announced a ban on the sale or purchase of cryptocurrency, however, way back on August 13, 2017, Nepal Rastra Bank declared Bitcoin as illegal. But for individuals, they don't seem to care whether it is neither legal nor illegal they hold cryptocurrencies at their own risk.

jjacob

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

You should rely on mainstream media articles to find out the true state of cryptocurrencies in India. It is true that government panels are considering legitimizing the crypto sector. But it is a fact that it is crippled today, with no banking links. And legitimizing gambling is a totally different question - it will be tough for any government to back such a move.

milewilda

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

If this its still a sign then its basically not yet related to crypto as of now yet they are generally talking or mentioning about on betting industry which they do already took into consideration or focusing already on this stuff because they do know on how they would be benefit on the tax would be generated. If they would add up crypto then its a good option to have specially for those bettors who are knowledgeable to cryptos but not really a big thing.

greeklogos

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Quote from: sunsilk on August 02, 2018, 02:16:51 AM

India's government realizing that there's a lot to earn from gambling industry and cryptocurrencies so they start legalizing it.

However in crypto's there's still some uncertain news reports that may seem to bring FUD before although it gave some negative impact due to issues of crypto's there by RBI.

But now they are starting to see some light on it, good news as usual.

This is interesting opinion, but I would like to hear an opinion of insider. India is huge economical center in Asia and if this talk about legalization will turn true the effect on the whole crypto world is going to be colossal. Maybe exactly this is going to be the factor which will bring back the bull run on the crypto market.

rosymadaan7

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Indian government showing signs it may legalize cryptocruncy reason behind this if government wants to ban it than it can take fue days to take this decision but government is taking too much time to delclare it legal or illegal .so, chances are increased that it will be legal after some time

christysmile

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They're more concerned about missing out on tax because they know perfectly well that even if they ban it, people will still do it in the black market. Indians are very good at finding ways around the system and subverting the government.

I don't think that it says anything about fully legalizing crypto, or accepting it parallel to the rupee in there. I searched that report and only came across one instance of crypto, which basically said it can be accepted as a form of virtual payment for the sports betting sector.

It's focusing on the sports betting sector, which is easily taxed. Crypto will probably be accepted as a form of funding for the bets, but I bet they'll tax it heavily so no one will want to withdraw it through there.

gantez

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India is always on the news. They try to adopt cryptocurrency to there payment system and this is very nice to the economy because tax will definitely follow.

avikz

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Quote from: GetbitcoinsIo on August 01, 2018, 10:53:55 AM

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

Read more: https://cryptolo.io/cryptoblog/index.php/report-india-showing-signs-it-may-legalize-cryptocurrency-payments/

Well, I won't say that this news is not for particularly crypto currencies, instead it is for betting industry only! The law commission of India recently published a report to the finance ministry where it talks about the positive sides of legalizing betting industry. Because the law enforcement department has failed miserably to stop the growth of betting in India and government of India is loosing their chunk of this multi billion dollars industry. So the law commission suggested to legalize the betting in India so that the government can get their tax cuts to keep the treasury deficit within limit. No mentioned of cryptos in that particular report so I don't know how it is relevant to cryptos.

Rather, we all should wait for 11th September when the final hearing of the court case filed by the crypto business association against the RBI ban will be conducted. That's totally relevant to cryptos.

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