Zebpay's Petition to Announce Bitcoin as Legal in India

pawanjain

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Quote from: Hazir on April 03, 2017, 05:24:54 AM

Making Bitcoin 'legal' is not matter of simply pushing adoption, it will mean that we all agree to embrace new laws i.e. taxation.
How bitcoin we treated? As financial asset? Will authorities impose capital gains tax at the time of sale? Will bitcoin be subject of tax-free allowance?
Making bitcoin totally legal payment method might complicate life for people who use it as safe haven asset.

I also thinks that this is tax system that will make more legal it .
But I am thinking why not government launch own bitcoin wallet and verify the wallet through one adhar card per wallet per adress

Digitalbitcoin

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Well good step toward digitization. Zebpay is one of exchange service provider in India. Already few other exchanger are also offering good services for Buying and selling BTC.

I am thinking for India because still india is at number 3 tier country. And this can take more time to regulate bitcoins in india. Already many of tier 1 and 2 countries are testing blockchain technology and its possibilities.

And one more thing who creates a law in India is the important question. India is democratic country so leaders who choosen by people can make law and enforcement. So if world is already accepting BTC then indian government also have to consider its future. Other wise it can take India more back to 50 years in coming 5 years.

andrew24p

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>change.org

Oh god. I mean its interesting , but India is probably not going to endorse a currency that directly threatens theirs.

Qartada

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Even being legal won't make it succeed, if it's legal that just means that Indian politicians accept its right to exist, not that they respect its legitimacy. Some are even ignorant enough to believe that it could be a Ponzi scheme (although to be fair it does often facilitate Ponzi schemes).

Hazir

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Making Bitcoin 'legal' is not matter of simply pushing adoption, it will mean that we all agree to embrace new laws i.e. taxation.
How bitcoin we treated? As financial asset? Will authorities impose capital gains tax at the time of sale? Will bitcoin be subject of tax-free allowance?
Making bitcoin totally legal payment method might complicate life for people who use it as safe haven asset.

freedomno1

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Quote from: OmegaStarScream on April 01, 2017, 10:48:43 AM

Zebpay (over 500,000 users) which is the leading exchange in India made an online petition on change.org in order to make Bitcoin as a legal currency in India, got signed by thousands (almost 10,000 as of now).

The petition can be found here: https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal or in the official website: https://www.zebpay.com/

Well it's about to hit threshold unless there is lag 32 to go

9,968 supporters
32 needed to reach 10,000

Xester

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Quote from: OmegaStarScream on April 01, 2017, 10:48:43 AM

Zebpay (over 500,000 users) which is the leading exchange in India made an online petition on change.org in order to make Bitcoin as a legal currency in India, got signed by thousands (almost 10,000 as of now).

The petition can be found here: https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal or in the official website: https://www.zebpay.com/

If Indias petition to make bitcoin as their official legal tender then we can expect a sky high rocketing of bitcoins value. But much more than that it will be of great news and a model for other countries and if India will be successful other countries may also follow. But there is danger in using bitcoin as an officila legal tender and that is the potential depreciation of value during a bitcoin dump.

pawanjain

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Nothing lasts forever

since the zebpay trying to aware the people about the bitcoin through the news channels ( specially times now)
. It seems that zebpay is trying to show to the Indian government that use of bitcoin s filly fair and and no one can make deals secretly , everything open .
I think this is really a big step by the zebpay for the legalisation of bitcoin .

Monnt

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Quote from: Taki on April 01, 2017, 03:28:33 PM

Many people voted, but I don't know how many votes they really need to petition would be seen in the government. Anyway it can be seen and nothing will change. Such things are happening. I hope the petition will not turn into just a jell in a crowd and the government wil make some serious decidion about that point.

I am pretty sure even if this petition goes on the government is not going to even bother look at it as this matter does not even affect the public society, since bitcoin is not used by everyone and banning it will not affect the country’s economy, I think the government making bitcoin illegal is it taking precautions against any illegal actions that may come out of using it.

ekoice

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Quote from: ether19 on April 01, 2017, 12:19:46 PM

Quote from: OmegaStarScream on April 01, 2017, 10:48:43 AM

Zebpay (over 500,000 users) which is the leading exchange in India made an online petition on change.org in order to make Bitcoin as a legal currency in India, got signed by thousands (almost 10,000 as of now).

The petition can be found here: https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal or in the official website: https://www.zebpay.com/

I have signed the petitions and shared the links on my social media accounts. I urge everyone to sign and share it to as much people as possible and prevent bitcoin from getting banned. I feel that trying to get such laws passed against bitcoin is mainly because those people who bring this up are half educated on this topic for sure! They just feel like something on the first time they notice bitcoin and shut out nonsense without thinking or analyzing the situation from all angles.

Yes, the indian government should consider all aspects very well before announcing bitcoin as illegal.Very bad luck for bitcoin holders in india that police caught four youths for selling drugs and their transactions were made in bitcoins.At once,issue of banning bitcoin in india started.Lets hope for the best.

Marma Kalari

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Quote from: JeffBrad12 on April 01, 2017, 11:30:47 AM

I've posted the latest news about the indian minister's statement on the previous time.
But, do you think if that petition will work for the global signature? I guess the indians support will be useful.
The right thing if that posted on the indian local boards. Looks like Zebpay was panic caused by a lie from the indian press.

A petition like this can make some changes ,you never know and with the era of social media everything is possible and you can make you voice heard and hope the ignorance from the part of politicians will be cleared as Japan has made its stand on bitcoin by legalizing it,there were a lot of false news circulating in the media and as an exchange they have to clarify those false news.

andrei56

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Quote from: OmegaStarScream on April 01, 2017, 10:48:43 AM

Zebpay (over 500,000 users) which is the leading exchange in India made an online petition on change.org in order to make Bitcoin as a legal currency in India, got signed by thousands (almost 10,000 as of now).

The petition can be found here: https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal or in the official website: https://www.zebpay.com/

These are good news a few months ago the Indians adopted bitcoin in a hurry so it will be a good sign for bitcoin to be considered as legal tender there but don’t expect much from any government since they are only going to accept when they no longer have any option at all.

Taki

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Many people voted, but I don't know how many votes they really need to petition would be seen in the government. Anyway it can be seen and nothing will change. Such things are happening. I hope the petition will not turn into just a jell in a crowd and the government wil make some serious decidion about that point.

buwaytress

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Petition will just be signed by people desperate to get Zebpay back on track rather than actual support or advocacy for bitcoin. Not that getting even a million signatures will budget the decision. All the same, don't forget to update.

BitcoinMarshal

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Quote from: iram3130 on April 01, 2017, 02:39:59 PM

I have signed that petition in a "hope", but for sure, I know that it won't be fulfilled as present Indian government may seem to be pushing online transactions with it's various offers, they still don't understand the value and depth of Bitcoin.
The official stand for Bitcoin by the government will always be "make Bitcoin transactions at your own risk.."

You are right its very difficult Government going to full fill this in near future but still signing and working for this is very good idea need of time because we need things like this in near future with some more protection

SvenBomvolen

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Currently, several fiat currencies faced a full-scale process of demonetization, which manifests itself in the form of restrictions in the use and circulation of the national currency. India became the first and most striking example of the failure of demonetization, which, like a plague, has spread in several other countries under the guise of fighting corruption and money laundering. Such changings awakes changings in mass and I am not surprised about such petitions from people. I hope they succeed with that idea and bitcoin will help them somehow.

iram3130

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I have signed that petition in a "hope", but for sure, I know that it won't be fulfilled as present Indian government may seem to be pushing online transactions with it's various offers, they still don't understand the value and depth of Bitcoin.
The official stand for Bitcoin by the government will always be "make Bitcoin transactions at your own risk.."

jak3

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just yesterday i signed one petition seems like that one does not fulfilled well , no matter i just filled this up too. i fully support bitcoin and other crypto currency technologies around us . i understand how they are effecting out countries market and the main reason behind india is banning bitcoin is because people here getting scammed easily

Genedarner123

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Now that the Japan has legalised BTC and regulating exchanges I guess its a good sign. I guess more contries will follow. good luck to you Indians

avikz

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It is not at all a good step taken by Zebpay. It can have a very bad consequences for the bitcoin users in India. Till the time government is unaware about the bitcoin, we are safe, but when they will start taking interest in bitcoin, we will all be doomed.

In India, where Cow is used as a tool of propaganda, we can't expect any good thing from the current government. India is actually going back towards ancient age. The current government is trying to polarize people based on religion. I hope no government official notices the online petition.

Topic: Zebpay's Petition to Announce Bitcoin as Legal in India (Read 1002 times)