Would it be legal to create new crypto? - page 9.

Sharma

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Quote from: botany on September 04, 2016, 10:12:10 PM

Quote from: Sharma on September 02, 2016, 05:21:22 AM

Quote from: Das on August 31, 2016, 06:36:24 AM

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

They might make laws curbing its use, but it is unlikely they will make the act of creating it punishable retrospectively.
Future laws might cause losses to you, but you wont get punished for doing something which is actually legal now.

Yes but I might suffer huge losses if I invested lot of money creating a good Alt and had to given up on it later due to some legal hurdles or government interference.We need some kind of international laws to patron cryptocurruncy

Hazir

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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?

Op never said that bitcoin is illegal in India, you are confused. All he said that it belongs unregulated grey area - as in most countries at this moment.

As for people who say that ban of altcoins or bitcoin can be introduced I doubt that happen, after all I like to think that: Lex retro not agit.

Even if creation of altcoin is perfectly fine in most locations, it is cheap and requires very little effort - I would advise against creation of new amateurish alts - it is a dead end in almost every case.

botany

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Quote from: Sharma on September 02, 2016, 05:21:22 AM

Quote from: Das on August 31, 2016, 06:36:24 AM

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

They might make laws curbing its use, but it is unlikely they will make the act of creating it punishable retrospectively.
Future laws might cause losses to you, but you wont get punished for doing something which is actually legal now.

Universat

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Quote from: Sharma on September 02, 2016, 05:21:22 AM

Quote from: Das on August 31, 2016, 06:36:24 AM

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

yes it is a fact that there is no law against it and every one can make create their own currency but after that the launching of the currency in exchange is really a problem , it need a lot of effort and money to introduce it in the market.

Sharma

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Quote from: Das on August 31, 2016, 06:36:24 AM

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

deadsilent

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Its depends in your country. Is your country not allowed the people to use bitcoin only? Or any cryptocurrency? If bitcoin only is prihibited, then making another cryto is fine. But dont assume that you will be successful. Some altcoins are not successful.because the lack of support but goodluck with that.

Das

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Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

YTBitcoin

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A lot of people are creating their crypto coins and they are not facing any issue of illegality, I think you should also have to try but make sure that you will have a larger amount of money for that , and escrow is also compulsory, especially for those developers who are from third world country.

Theorin

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I do not think that it is illegal if not lafel be known as Bitcoin, and for such a business you need a lot of funds Cry

Sharma

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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?

Bitcoin is not illegal in my country yet neither any other alt.When you do other illegal activities like vpn.you do it secretly and individually so chances of your getting caught is less.Creating crypto may directly challenge govt currency.It will get more attention

PsursV

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Quote from: FAMIALAM on August 27, 2016, 03:59:00 PM

you're free to create a new crypto coin by hiring any developer.But if you want to make your coin usable locally then you need permission from a monitoring team by your Govt. who actually ovserved the cyber crime stuffs

yes every one can create crypto currency hiring a developer or by him self if he has the skill of after that he need a lot of money to launch iti in an exchange and for its development, by the way if a state is not going to legalize bitcoin then how can they give permission for a new unknown currency,

shield132

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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?

TwentyGirls

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I think it is not illegal to start your own currency, and If you are from India, then I think your government is not focused in that field so they will not bother you in that matter.

hurain

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yes it is legal you can see so many people who have created their new currencies. i think it is legal in the world of crypto currencies but not in the world of fiat currency.

Sharma

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Quote from: botany on August 27, 2016, 07:43:05 PM

Quote from: Sharma on August 27, 2016, 04:10:25 AM

Quote from: botany on August 26, 2016, 09:44:01 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?

There are thousands of alts, including ones in your country.
This forum has a sub-board for discussing alts in India. Grin

So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry.

Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency

Then you have nothing to worry.
There have been previous cases of alt currencies being developed with an Indian focus - Laxmi coin is an example
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
There have been no cases/prosecution that I am aware of.

But i think you didnt notice that the dev of laxnicoin mitts.daki was based in USA.I am living in India and thats why I am concerned

gentlemand

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Quote from: abugseuf on August 29, 2016, 04:56:47 PM

yes it is legal to create a new crypto currency in the market and then to add it in exchange

Are you absolutely certain about that? Much depends on what country you're living in. There are a few that wouldn't be too happy if they knew who you were.

abugseuf

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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.

botany

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Quote from: Sharma on August 27, 2016, 04:10:25 AM

Quote from: botany on August 26, 2016, 09:44:01 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?

There are thousands of alts, including ones in your country.
This forum has a sub-board for discussing alts in India. Grin

So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry.

Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency

Then you have nothing to worry.
There have been previous cases of alt currencies being developed with an Indian focus - Laxmi coin is an example
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
There have been no cases/prosecution that I am aware of.

FAMIALAM

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you're free to create a new crypto coin by hiring any developer.But if you want to make your coin usable locally then you need permission from a monitoring team by your Govt. who actually ovserved the cyber crime stuffs

Sharma

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Quote from: botany on August 26, 2016, 09:44:01 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?

There are thousands of alts, including ones in your country.
This forum has a sub-board for discussing alts in India. Grin

So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry.

Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency

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