There is no official statement about the ban of bitcoin within India. Quite often some research takes place regarding the need of bitcoin and blockchain. Further the same gets appealed to the court, and the government is requested to submit supporting documents. The judgement gets postponed and this goes on.
Recently an author has created an article ban of bitcoin in India with ten years imprisoned. This went viral, but this didn't affected the market in any way. I believe there will be restrictions in the future, but people of the country will continue to use overcoming the restrictions.
Topic: what will happen to bitcoin in india (Read 1299 times)
What will happen to bitcoin in india. whether it is legal or not.
I really don't know if is now legal or if people from India use it. But last year there was some news saying bitcoin is restricted on India. You are in India now and can't use or buy bitcoin?
The article appeared in Bloomberg almost one month back, and till now none of the law makers have either confirmed it or rejected it. My understanding is that the steps are still being discussed among the financial advisers to the government, and it may take many months before the legislation gets finalized and sent to the parliament for approval.
As far as I know, they are still talking this to the Reserve Bank of India about this since there is an article about RBI not knowing about the ban and it turns out that the people behind the bans are still not talking to them. The link is below.
https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies
What will happen to bitcoin in india. whether it is legal or not.
I really don't know if is now legal or if people from India use it. But last year there was some news saying bitcoin is restricted on India. You are in India now and can't use or buy bitcoin?
What will happen to bitcoin in india. whether it is legal or not.
I think in India the Bitcoin is legally to use but it will not be in 100% as your payment method in any field so that I expect Bitcoin will be easily accepted in India after some years because it is also economically developed country.What will happen to bitcoin in india. whether it is legal or not.
I think in India the Bitcoin is legally to use but it will not be in 100% as your payment method in any field so that I expect Bitcoin will be easily accepted in India after some years because it is also economically developed country. Illegal use of cryptocurrencies might likely the reasons why a coubtry like India is banning it. There is a proposal in India's parliament that bitcoin should be ban to stop scams and other activities that involves cryptocurrencies but as long as the proposed law is not yet enacted or signed by the head of state, bitcoin is still neither legal nor illegal. But if the government succeeded in making it illegal, the people can still buy or sell bitcoin in the underground exchanges.
most of the people in india buying crypto's...but our government not interested in new technology
Illegal use of cryptocurrencies might likely the reasons why a coubtry like India is banning it. There is a proposal in India's parliament that bitcoin should be ban to stop scams and other activities that involves cryptocurrencies but as long as the proposed law is not yet enacted or signed by the head of state, bitcoin is still neither legal nor illegal. But if the government succeeded in making it illegal, the people can still buy or sell bitcoin in the underground exchanges.
I heard that the government can't be the only one in the world to ban something like bitcoin. Especially if the rest of the world is going to be using it.
Only two options are left for our Indian crypto enthusiast, (1) go somewhere else, move to a bitcoin friendly nation (2) continue to hold and trade bitcoin, take that risk. However, number one is not that easy as it sounds, while number 2 is also not that good. So it's really a dilemma being in India right now. The only thing we can do is hope that their government will chance their hard line stance against bitcoin because it won't have that any negative effect on their society, economic or political wise.
#1 is the only viable option. If you know how the cops operate in India, you will never think about option no.2. But even then, moving to a Bitcoin friendly nation is an option that is attractive only for the ultra-rich individuals. Getting a good second passport can cost you as much as $500,000 and I don't think that too many Indians can afford that. If you don't forfeit your nationality, then the government can still track you from the KYC documents.
India is difficult to provide legality for bitcoin because I have read that in India there are a lot of scams that use bitcoin so that it makes bitcoin worse in the country of India and the government of India bans the use of bitcoin in its country.
I do not know what underlies the government of India to take it, but clearly the news will have an impact on the bitcoin market and crypto currency, this can make traders from those countries sell panic not because of cutloss but fear if they break the law then they can dealing with the authorities. Whatever will happen to bitcoin in this country can hopefully have a good impact on the crypto currency market.
The article appeared in Bloomberg almost one month back, and till now none of the law makers have either confirmed it or rejected it. My understanding is that the steps are still being discussed among the financial advisers to the government, and it may take many months before the legislation gets finalized and sent to the parliament for approval.
Bitcoins are not banned in India for it to be legalized in the first place.
You are free to mine them if you have equipment powerful enough to do so and also there are a lot of bitcoin wallet apps on the indian google playstore and apps store. You can invest in bitcoin using apps like Zebpay or Unocoin, which can be linked to your bank account.
The Indian government is currently considering to bring some regulations on bitcoin.
Only five countries are known for banning bitcoin which are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal.
Well, if you are from India, let me accord you that respect that you have genuine information, because what I have heard from other places as regards crypto and India is that they are not fully in support of it, and in fact, they are planning on passing a bill that will jail whoever uses cryptocurrency for 10 years.You are free to mine them if you have equipment powerful enough to do so and also there are a lot of bitcoin wallet apps on the indian google playstore and apps store. You can invest in bitcoin using apps like Zebpay or Unocoin, which can be linked to your bank account.
The Indian government is currently considering to bring some regulations on bitcoin.
Only five countries are known for banning bitcoin which are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal.
There is also a rumor that there is a move to create their digital currency while in the process of banning Bitcoin which they will call remni, and this remni or so will be a digital coin that will be imposed on their citizens which will have the nature of cryptocurrency but just not in a decentralized way, I don’t know how true these facts are, and if they are, this is not regulation at all.
Well it is not actually legal , but at the same time we are yet to receive a law that is supposed to enact the draft actually.
The condition of Bitcoins is not that good in India since we cannot actually use it without getting scared of the consequences .
But the good thing is , it is not that bad either , people still use it for everything , they actually can easily sell or buy through local Bitcoins and such and till now I don't think that there is any person who sold in in the rear of the draft.
Don't worry you can easily use it in India just cannot do buying and selling through banks.
The condition of Bitcoins is not that good in India since we cannot actually use it without getting scared of the consequences .
But the good thing is , it is not that bad either , people still use it for everything , they actually can easily sell or buy through local Bitcoins and such and till now I don't think that there is any person who sold in in the rear of the draft.
Don't worry you can easily use it in India just cannot do buying and selling through banks.
What will happen to bitcoin in india. whether it is legal or not.
the population is very high in India so that people can also been very helpful but it will not reach every people that is the fact but I think ok it it is legal to transact in India but not been 100% issued by the government.
Finally, I heard that Bitcoin in India has been debated again, some government departments have agreed to ban cryptocurrencies in the country. even laws that have been designed.
it is inseparable from the reasons for the protection of capital owners (investors) in their country.
it is inseparable from the reasons for the protection of capital owners (investors) in their country.
Bitcoins are not banned in India for it to be legalized in the first place.
You are free to mine them if you have equipment powerful enough to do so and also there are a lot of bitcoin wallet apps on the indian google playstore and apps store. You can invest in bitcoin using apps like Zebpay or Unocoin, which can be linked to your bank account.
The Indian government is currently considering to bring some regulations on bitcoin.
Only five countries are known for banning bitcoin which are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal.
You are free to mine them if you have equipment powerful enough to do so and also there are a lot of bitcoin wallet apps on the indian google playstore and apps store. You can invest in bitcoin using apps like Zebpay or Unocoin, which can be linked to your bank account.
The Indian government is currently considering to bring some regulations on bitcoin.
Only five countries are known for banning bitcoin which are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal.
I heard that the government can't be the only one in the world to ban something like bitcoin. Especially if the rest of the world is going to be using it.
Only two options are left for our Indian crypto enthusiast, (1) go somewhere else, move to a bitcoin friendly nation (2) continue to hold and trade bitcoin, take that risk. However, number one is not that easy as it sounds, while number 2 is also not that good. So it's really a dilemma being in India right now. The only thing we can do is hope that their government will chance their hard line stance against bitcoin because it won't have that any negative effect on their society, economic or political wise.
I heard that the government can't be the only one in the world to ban something like bitcoin. Especially if the rest of the world is going to be using it.
What will happen to bitcoin in india. whether it is legal or not.
the population is very high in India so that people can also been very helpful but it will not reach every people that is the fact but I think ok it it is legal to transact in India but not been 100% issued by the government. Jump to: