Would it be legal to create new crypto? - page 2.

sambel90129

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Quote from: shield132 on August 30, 2016, 07:17:33 AM

You say that bitcoin is illegal in your country and also altcoins are illegal, yes?

I think that creating a cryptocurrency isn't an illegal thing and you won't be arrested but what about to use VPN at the same time? There is much illegal things and people are doing that but no one is arrested.

And while you are going to make cryptocurrency, are you doing it alone or do you have a team? Can you develope and make a known cryptocurrency?

rather than making a new cryptocurrency it is better to manage existing ones, besides the risks that are obtained if making a new one is very large, but we also have to see the crypto potential that we make whether it is acceptable or running, because introducing something new is very risky the loss is very much, if we use existing crypto, we can avoid potential losses by looking for coins that are really good, don't look for problems that we should be able to avoid.

deppil

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Quote from: enhu on October 31, 2018, 02:53:06 PM

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.

Right. for now there aren't any conditions for creating a new crypto. You can make it if you can. there are no restrictions on that. you're right the difficutl thing is not to make crypto. but how to spread, market it and create a large community for crypto that you created.

Cupomi

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Quote from: PsursV on August 22, 2016, 01:22:40 PM

to me it must be legal, as most of the people have created their own currencies, but to apply it in a state then it depend on the policy of the state, i think in most of the state it will not be legal to introduce a new currency and encourage people to use it for their shopping and in business also.

making new crypto does not violate the law, because crypto is different from fiat money that must be controlled by a country, crypto currency will only be used for certain commons, so it depends on the level of communication we have, because if it is to be used by a small community then we will make crypto new also in vain, we better follow or use crypto now, for example, bitcoin, which has been recognized worldwide.

ningrumxxi

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Quote from: x4 on August 22, 2016, 05:13:51 AM

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

making new crypto is nothing wrong, but it all depends on the market, whether crypto we make is acceptable or not, otherwise we will get a big loss, it would be good if we do not need to make a new product that is not necessarily successful, if we enlarge the product that is already running, we just have to accept the results without any time-consuming struggle and big risks that always haunt us.

sambel90129

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Quote from: x4 on August 22, 2016, 05:13:51 AM

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

making new crypto as we want is legitimate, but most importantly our crypto version is accepted in the community or not, because the most difficult product is marketing it, because without public recognition and the public is not interested in our version of crypto, it's the same, big loss will befall us.

KorakPawon

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Quote from: x4 on August 22, 2016, 05:13:51 AM

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

Indeed. no one got jailed because of creating new crypto. But, why should we make a new one when the old one is still need to be popularized to make it legal or at least be accepted by the world.

aryatrals

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Quote from: Sharma on August 22, 2016, 05:07:58 AM

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?

every company can create their own crypto functions, you just have to register with the authorities, but there is nothing about crypto that guarantees that it can be accepted in the wider community or not, so in general as long as the country that you keep gives permission and all means supporters are complete, this will not be a problem in the future, which is usually the biggest problem usually from market players who sometimes do things that we do not want, for example using your coins is a means of fraud, and a lot of things we do not want to happen.

marcbitcoins

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Quote from: Sharma on August 22, 2016, 05:07:58 AM

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?

It is not illegal to create your own crypto as long as you will make it in good terms like you follow the rules and regulation of acquiring legal permits that like what you have said that Crypto is legal in your country as also the latest news update in your country. Just make sure you respect the copyrights also specially in talking of commodities that to be use as utility project so good luck then.

bobiecayao

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A lot of new crypto's are circulating over the internet, but half of them are scam. It started with a promising project, a huge amount of tokens are being offered.

enhu

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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.

Irvinn

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Quote from: Sharma on August 22, 2016, 05:07:58 AM

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.

skish85

sr. member

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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.

basyang

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Quote from: Sharma on August 22, 2016, 05:07:58 AM

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?

For me if you will create a cryptocurrency then make sure you will not using any information in your country just a broad usage of coins to transaction. Many cryptocurrency are making every month because they believe that ine of those coins/tokens will be famous and it can help us to our transactions. Well I do not think if you will be out behind bars once you create cryptocurrency as long as it did not put your country at risk and it will not be used in illegal activities.

roadwell890

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as long as the crypto (altcoin) you make is not directly related to India's economic system, especially the ICO and its use in public business, it will not conflict with regulations.

Your creation is general and you can still use it for development on a global business scale. The government only protects their economic sovereignty and does not mean that it inhibits all crypto innovations that have the potential, they only secure something that tends to have the potential of a very wild movement with limited regulations on a national scale.

KorakPawon

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Firstly, I think it's not illegal since bitcoin itself is legal in your country. And I guess law is law, they do what has to be done according to the rule, and it's another advantages that crypto is unregulated, it keeps decentralized. Secondly, I also think that it's okay to create a new crypto, moreover if it's spread out and accepted, you'll be more advantageous.

deppil

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Quote from: Flyne d Coin Digger on May 20, 2018, 03:57:33 PM

It is a privilege of anybody to use your coin for.a good cause, some may find it annoying but as long as your purpose has a good vision like helping peoples then I don't see any aviation there as long as you follow your country's protocol as well.

for now there is no specific requirement to make a new cryptocurrency. the government will not intervene in you. but the problem is not legal or not. but how to make crypto innovative so that it is in demand and helps many people. because currently there are hundreds of crypto that have the same specifications and undemand

hitchcoin

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It will always be interesting, relevant and extremely difficult. It is difficult to reach a certain level in the development very quickly and even with success. However, now such currencies are becoming more and more.

lokanot0

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I guess not. If there is no law prohibiting it, then it should be legal. An action can be illegal if a law has been created prohibiting such action. Since your country does not prohibit such creation of a new altcoin, then it should be okay to create one.

josephdd1

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The legality is not so much of a concern at this moment. Do not let this put you off. So long as you have a well defined idea, capital and all the other relevant things go for it and make it happen. This is what the people who developed the current ones did and later, once it succeeds you can concern yourself with the legal issues. It may not be legal in one country but it could be in another.

Tylev

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Quote from: Sharma on August 22, 2016, 05:07:58 AM

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?

In all civilized countries, the principle of presumption of legitimacy of transactions, which are enshrined in their Civil Codes, operates. This has been effective since Roman law, which became the basis for the adoption of a set of laws on the right to private property. This principle implies that any transactions that are not expressly prohibited by law are legitimate. Therefore, if there is no direct prohibition on crypto-currency activities in India, any activity with it, including the creation of altcoyins, should be considered legitimate.

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