Though time is not fixed to announce bitcoin in India, I think they are planning to make it legal. India is a well techie country. So, I believe that making crypto legal in India is just a matter of time.
Topic: Will it be illegal to trade cryptocurrencies in India after July 7th - page 2. (Read 230 times)
June 11, 2018, 11:48:32 AM
June 11, 2018, 11:28:37 AM
Not at all! RBI has instructed banks to stop providing banking services to the exchanges involved in the cryptocurrency trades (I am sure this is beyond their authority) but as the individual users, we can anyway trade it using banking system (RTGS/NEFT/UPI) and to make it convenient, platforms like Localbitcoins is a good option. Exchanges are looking to find the way to deal with this issue.
June 11, 2018, 08:14:08 AM
Indian government is not against digital currency. The decision taken by RBI is because of excessive outflow of Indian currency. I think after sometime and after some regulations crypto trading will again be allowed through banks. Also I have say that it is not illegal in India.
June 11, 2018, 07:33:17 AM
Based on crypto benefit many country adapt this system and many doesn’t adapt based on this india banned crypto currency based on many reasons may be its true that after july 7 th it may be illegal because they are against crypto mainly govt. based on this you should look at news for better information.
June 11, 2018, 01:11:13 AM
since there has not been any legitimate news from India regarding bitcoin and its regulation I am going to assume that it was all FUD, and that is mostly because people are still trading bitcoin enthusiastically and even more than before in India according to the high volumes. I believe the confusion you had may also be because of the things they said about the exchanges not the act of exchanging your coins.
June 11, 2018, 12:57:06 AM
The thing is, Bitcoin does not need the "approval" of any government, because it can still be used illegally on Black markets. You can also receive bitcoins from anyone globally and you can send it to anyone, because it is borderless. Many online companies are just forced to relocate to Bitcoin-friendly countries and they take their taxes with them.
These governments will soon realize that decentralized technologies are unstoppable and that they are losing millions of Dollars in taxes with their stupid decisions.
These governments will soon realize that decentralized technologies are unstoppable and that they are losing millions of Dollars in taxes with their stupid decisions.
June 11, 2018, 12:37:25 AM
If Indian government make rules for using crypto are a illegal business then crypto trade will illegal. But i think Indian peoples will use crypto because they invest large amount of money in this market. It is not possible for the government to control this market.
June 09, 2018, 06:25:39 AM
On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.
Regulated entities which already provide such services shall exit the relationship within a specified time.
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