Would it be legal to create new crypto? - page 3.

Bharathi13

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The Standard Protocol - Solving Inflation

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?

Indian government haven't given any clear decisions VCs weather it is illegal or legal in India but OP think just once about this two projects as follows.
1) LALA World - Almost all team of the project are Indian and the name of the project is also taken from india. LALA looks successful project and it is being accepted widely and they are now expanding their bussines, But they started their project in Singapore why???
2) We all Indian know about Subhash Jewria founder of ATC coin he is Indian but his project is registered in London, England. Why???

There are several more examples we can, even upcoming exchange INCX is also Indian project but they are starting their project from Singapore. There may be some legal rules you need to find the perfect person who can guide you. In my knowledge sankalp shanghari founder of LALA world and Subhash jeweria both are down to earth person if you get in touch with them, they will surely help you.

Also Indian government should make their stands on VCs because this confusing decisions are creating brain drain situations in India. Lot of blockchain startups are moving into foreign to start their project.

PTsang

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It all depends on the laws and regulations in your country?

Mukarram Tariq

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I think so because crypto it self not a country property and currency its a open source currency. Everyone have a right to creat its crypto. He or she just have a knowledge how it work how its creating method.

lycipher

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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?

You could create a coin or token, no problem. And while you are using it solely there is no problem with that at all. But the problem arises when it is being used by several people and treated like, or almost like Bitcoin.

Flyne d Coin Digger

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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.

stomachgrowls

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Quote from: MiF on May 20, 2018, 02:41:50 PM

Quote from: BeGoods on May 18, 2018, 09:27:18 AM

Quote from: benalexis12 on January 23, 2018, 09:20:03 PM

Yes, i notice that every country has a regulation, they limit their citizen to invest in ICO that's why some countries especially in S.Korea and China are regulating new law about ICO. i think U.S right now is studying the rules on how to implement ICO coz the government itself don't want their citizen to invest in such a risky investment.

You know the velocity/circulation of money in ico investment is huge up to millions dollars, of course the government will not let it all without a profit for them. so a rule is made in some countries for ico investment. I myself don't know the rules that are given to ico. but seeing more and more ico coming, of course make a new crypto is legal thing..

In my review here, the legalities of a new crypto after the ico success could have the potential to grow itself. The rules may apply for further scrutinization against the government regulations, and between two parties we are able to have freedom to do investments. Hopefully all type of governance will be there to support newly developed crypto in order to generate profit, not just with stable crypto but also for the latest cryptocurrency.

How good it is to have that kind of adoption or recognition for both old and new projects do possibly exist on the market.The thing what matters most here is on when if theres a regulation then expect it will pull out the total anonymity into its investors but somehow having a security on exchange is always a good thing. Now, banning or regulating ICO is gradually happening and its no surprise that we would see upcoming projects to comply governments requirements.

MiF

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Quote from: BeGoods on May 18, 2018, 09:27:18 AM

Quote from: benalexis12 on January 23, 2018, 09:20:03 PM

Yes, i notice that every country has a regulation, they limit their citizen to invest in ICO that's why some countries especially in S.Korea and China are regulating new law about ICO. i think U.S right now is studying the rules on how to implement ICO coz the government itself don't want their citizen to invest in such a risky investment.

You know the velocity/circulation of money in ico investment is huge up to millions dollars, of course the government will not let it all without a profit for them. so a rule is made in some countries for ico investment. I myself don't know the rules that are given to ico. but seeing more and more ico coming, of course make a new crypto is legal thing..

In my review here, the legalities of a new crypto after the ico success could have the potential to grow itself. The rules may apply for further scrutinization against the government regulations, and between two parties we are able to have freedom to do investments. Hopefully all type of governance will be there to support newly developed crypto in order to generate profit, not just with stable crypto but also for the latest cryptocurrency.

goaldigger

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Activity: 2422

Merit: 357

Your question is contradictory. If india ban cryptocurrency or illegalize it for some reasons, then making your own cryptocurrency is illegal also. If even trading and acquiring crypto is illegal, what more making your own?. Even you make the process secret, the government would still found it later on.

BeGoods

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Quote from: benalexis12 on January 23, 2018, 09:20:03 PM

Yes, i notice that every country has a regulation, they limit their citizen to invest in ICO that's why some countries especially in S.Korea and China are regulating new law about ICO. i think U.S right now is studying the rules on how to implement ICO coz the government itself don't want their citizen to invest in such a risky investment.

You know the velocity/circulation of money in ico investment is huge up to millions dollars, of course the government will not let it all without a profit for them. so a rule is made in some countries for ico investment. I myself don't know the rules that are given to ico. but seeing more and more ico coming, of course make a new crypto is legal thing..

spikerrr

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No problem about that as long as you follow every guidelines on how to make new crypto legal. Of course it should be helpful for the community.

Greenkarki

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The question should have been shooted out by many when bitcoin was introduced. Obviously yes it's allowed to create crypto currencies and yes we have crossed to far from such stage. The homework in creating a crypto remains stable everyday thus we can see more number of crypto currencies are created everyday. More to go.

Kambal2000

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Quote from: Tigorss on May 17, 2018, 10:25:06 AM

Quote from: 1969Dave on November 22, 2017, 10:22:27 AM

Don't think it's illegal, they are still discussing what it is: an equity, a commodity or a security. I wouldn't worry about this question too much ..

what if it turns out that the new coin is the big investors who invested in bitcoin and eventually moved on to the new coins they make if you as a bitcoin user you will get a huge loss.

I think that it is legal for as long as it has a purpose why it is existing and why should people would have to invest on it, and if it will just follow rules regarding the government policies then I think it would be fine.

Tigorss

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Quote from: 1969Dave on November 22, 2017, 10:22:27 AM

Don't think it's illegal, they are still discussing what it is: an equity, a commodity or a security. I wouldn't worry about this question too much ..

what if it turns out that the new coin is the big investors who invested in bitcoin and eventually moved on to the new coins they make if you as a bitcoin user you will get a huge loss.

CryptoMoar

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In my opinion. everybody can create their own coins and that's legal. currently many coins are circulating because many companies are creating their own coins to start a new business in the field of digital money trading. so if you want to create your own coins, it is perfectly permissible and you must have an organizational structure.

Tapyaks72

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Quote from: Magic Sarap on May 16, 2018, 12:27:19 PM

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?

I don't think so, think about bitcoin, it is a currency yet popular than the other but still some countries are hard to accept or legalize it. So, i think if you create a new maybe they ignore that too.

If there is no legal basis so it is legal because if you create crypto currency it is just like selling products to the peoples and that is legal on the basis of pre market in a democratic country, if it is just not scam so it is legal.

Magic Sarap

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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?

I don't think so, think about bitcoin, it is a currency yet popular than the other but still some countries are hard to accept or legalize it. So, i think if you create a new maybe they ignore that too.

denny27

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Quote from: BUK2016 on May 15, 2018, 05:57:40 PM

New altcoins are coming into crypto currency market on a daily basis because there is no restrictions for its creations. So, with above explanation it will not be illegal if you create any alternative crypto currency which will be wildly accepted.

And moreover if indeed a country has legalized crypto or for the activities in crypto, of course., more people would have intended to make a certain project in crypto because anyhow of a new thing., it certainly would be used as an opportunity for profit making such as to create a cryptocurrency and help each other to gain mutual profit also the government would be support on it because it can be making its citizen to more advanced including that country I guess.

BennyK

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As it stands now India has ban all trades involving Bitcoin and other cryptocurrencies. The official declaration came as a heavy blow to the cryptocurrency industry India as the Reserve Bank of India made it clear to all banks to unwind their trades with cryptocurrencies. Practically, there is no limitations in creating your own coins for a project with good ideology but the question is, "what is the status of cryptocurrency trades in your country of residence?" "Is it legal to do ICO?"

BUK2016

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New altcoins are coming into crypto currency market on a daily basis because there is no restrictions for its creations. So, with above explanation it will not be illegal if you create any alternative crypto currency which will be wildly accepted.

HaroldFinch

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In most countries it's just not commented in a legislation, so yes, you can. It actually takes not more than 45 minutes to create your own tokens based on ERC-20.

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