everyone is free to make their own crypto currency, it doesn't matter if it's used to focus on the global business transaction network, so there's no need to use or come into contact with your country's economic system.
Unless you issue an investment fund program or want your token to actively develop in terms of utility in real business in India publicly, it must have strong accountability. The government's average ban is still strong only in the crypto investment sector, not system development.
Topic: Would it be legal to create new crypto? (Read 23074 times)
I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
If you are going to create a token exclusively for your group or your company and you are not going to use it as an investment vehicle, then you can do it as long as it does not violate existing laws in your country, but if you are going to promote it as an investment with a promise of future profit, it will be categorized as a security and you will be subjected to regulation by your country, you cannot go to jail as long it is not an investment, or if you have a product involve you can promote it as a utility token, better adhere to the laws and rules of your government.
I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
You already said that Cryptocurrency is illegal in your country, and if they have a law that prohibits and punishing for creating a Cryptocurrency, you will be punish according to the law that governs where you reside, better check your law before you start something like this, you can create a utility token but not sell but you need approval first.
It's either you migrate to another country or wait for the government to ease up with their regulations.
I think that's right, one can create his own currency, as we can see that most of people have developed their own currency and then launched in different exchange just like bitcoin or any other crypto currency but the its success depend on the interest of the people if people take interest and invest money in your currency then the price of your coin will increase.
Indian government is still in confused and still in the discussion table regarding their stand on Crypto legality issue therefore i suggest that you should wait for your government final decision before making your own plan to create your own crypto as your effort, time and money might be wasted in case they will not allow the Crypto to stay in India.
It will either still takes time or would shortly be implemented when the final decision comes out.If such country is still on the process or on talks about their own perspective and final verdict with crypto market
then your choice if you do early make your own coin or just wait up for the decision.Ive seen some project owners
do still took advantage on that neutral state of the estate towards crypto and if they do make it legal or adopted then
thats the time they do get up some permissions.
Indian government is still in confused and still in the discussion table regarding their stand on Crypto legality issue therefore i suggest that you should wait for your government final decision before making your own plan to create your own crypto as your effort, time and money might be wasted in case they will not allow the Crypto to stay in India.
I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
Since there are no formal banning of bitcoin in your country, ther are no reasons why you will put behind bars on making an altcoin. I also see that youre confident enough to say that your altcoin will have a future and if you produce that good, who knows, maybe it can be the next leading altcoin in the future.
that is a good question.....but before you all jump ship, bless my wallett
3A5EpbgV9PvDWPuRS7cp46xonAVW9Sbpf3
together we can!
It would be a legal if Crypto currency is still not declared illegal in your country but still you will be required by your government of some documents for you to have a permit to operate to ensure that your own business is legal and really exist.
I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency
That is correct mate OP nothing to worry about they want to create new crypto coins. However op need to create also an promotional team for their plan.
At the moment India situation has been worsening, reading a lot of reports which suggest fll out ban with criminal charges who dont obey.
But in general it could be interpreted as illegal since you are makeing new currency in country where there is only one legal currency.
You can say that there was a "precident" with Estonia and the governing EU , they shut Estonia's idea right down -> https://qz.com/1072740/mario-draghi-of-the-ecb-dashes-estonias-plan-for-an-estcoin-cryptocurrency-backed-by-the-government/
But in general it could be interpreted as illegal since you are makeing new currency in country where there is only one legal currency.
You can say that there was a "precident" with Estonia and the governing EU , they shut Estonia's idea right down -> https://qz.com/1072740/mario-draghi-of-the-ecb-dashes-estonias-plan-for-an-estcoin-cryptocurrency-backed-by-the-government/
Yeah india government proposing a ban for cryto because we know government want to collect taxes and the way to implement that is to ban crypto for awhile and implementation at regulation.
I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
You already said that Bitcoin is not illegal in your country, so you can create a new Crypto, but using it and marketing it is a different story, you should read and adopt the implementing rules of your government, that is getting a license to operate your coin and products and services attached to it.
You are ok and safe if you are compliant, you should also check about the rules and regulations about crowdfunding if you prefer to launch an ICO.
I think that the creation of new cryptocurrencies is not illegal
Its not illegal if your on a crypto accepted country but to those that bans it , you could be in great danger if you insist to do so but who will know if you create one ? You will only be in danger if your creation spreads out .Quote
real cryptocurrencies are not regulated in this case either. Therefore, this system is still new and no one has the right to accuse anyone of a crime.
No matter how old the crypto get , they are still remain to be unregulated except to some that are fully centralized cryptos . anyone have the right to make a law to ban or unban a crypto and its already happening on some countries I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
As a general rule, the rule of presumption of legality of transactions is fixed in all civil codes of states. That is, all transactions that are not explicitly prohibited by the law and do not contradict the generally accepted rules of behavior in society are considered legitimate. That is, according to this rule, you can create altcoins, if the domestic legislation of India does not contain a direct ban on doing so. Therefore, you need to refer to the laws of your country.My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
At the moment India situation has been worsening, reading a lot of reports which suggest fll out ban with criminal charges who dont obey.
But in general it could be interpreted as illegal since you are makeing new currency in country where there is only one legal currency.
You can say that there was a "precident" with Estonia and the governing EU , they shut Estonia's idea right down -> https://qz.com/1072740/mario-draghi-of-the-ecb-dashes-estonias-plan-for-an-estcoin-cryptocurrency-backed-by-the-government/
But in general it could be interpreted as illegal since you are makeing new currency in country where there is only one legal currency.
You can say that there was a "precident" with Estonia and the governing EU , they shut Estonia's idea right down -> https://qz.com/1072740/mario-draghi-of-the-ecb-dashes-estonias-plan-for-an-estcoin-cryptocurrency-backed-by-the-government/
Since I regularly review many new ISO projects, I can say with confidence that many developers come from India. Therefore, you can easily create cryptocurrencies, especially since you, as you say, it is not prohibited by law.
Of course making new crypto is not prohibited, because the ICO project also has the goal of creating a new coin, which is to find as many investors as possible with the hope that the developed coins will be accepted by the market.However, as befitting a new coin, it can be accepted but it may also not be accepted by the market, so the element of speculation is very large because there is no guarantee that the coin will be successful in trading.
I still think that they will make their own government blockchain, but it works vise verse - they will be able to see all the members of the chain and from where you get money and where it goes afterwards. Actually, for them it's better to have people without cash - it still hard to track. Yeah, they do have number, but who uses it anyways. So, it's called crypto, but i still think that the only crypto left will be just cash or gold, or something like that.
As long as your country allows it specially if they declared Bitcoin is legal then just follow all regulations and submit all legal documents with permits to create a new crypto thru ICO then you are good to go. Don't forget to prepare huge financial resources as facilitating a new crypto will require huge amount of money.
No one says its illegal to create one which I guess this is why there are so much ICOs today. The codes are free even bitcoin can be forked everyday but one who does that shouldn't expect profit though. Codes are always opensource which is why its easy to create a new one, its just that its hard to build a community who will be using your coin when there are enough coins.
It's useless if there is someone making a cryptocurrency but it doesn't have the slightest value. I guess value is the most important factor cause everyone will be interested to cryptocurrency they made and then the first thing they see is 'value'.
Agree with you, one of the factor cryptocurrency has value is a community, with a community one can promote cryptocurrency created. And spread a number of issues that the cryptocurrency created has a broad function not only as a transaction tool, for inctance.
yes it is legal to create a new crypto currency in the market and then to add it in exchange, but after that to make it a successive one you need hard work for it, after that you will introduce it into people for this purpose you will use different strategy to introduce it to people so that they make take interest in it and do trading in it.
it's easy for us to make Crypto new, but it's very difficult for us to be able to introduce and be interested by many users, Crypto is like a product, so it's very difficult to market, more profitable for us to use something that is popular and proven safe and potential In the future, a good one, like Bitcoin, is already the standard of all Altcoins, why take risks is too big if what is certain is in front of our eyes. I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency
Are there rules that prohibit new crypto, none at all, all countries have no restrictions on new crypto, but that is a problem for new krypto usually when it is already on the money market, does the new krypto sell in the money market or not, this could be consideration for potential new crypto makers, because investors already understand that it is more profitable to buy something that is certain than something new. Jump to: