Bitcoin Forum

Service like paypal is still illegal or unauthorised ,idk . So how do you expect btc to be legal in india. Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc , and they cannot simply make it legal and earn from the fees of these exchanges. So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal. Paytm has got just permission to be a bank after years that too with the lowest limits .

Who said to you Paypal is illegal or unauthorised.

It is legal and working with RBI permission, that is why we can't hold fund in paypal and paypal transfer all funds into indian bank account asap so RBI will know if anyone got big fund from paypal.

paypal has always been legal in India. You are very ill-informed my friend. There a plenty of ways the Indian government can tax crypto users. Other countries have already figured out ways they can regulate bitcoin.

paypal is restricted , neither legal nor illegal . And Indian govt doesnt get happy with tax . They want in btc what can be done in fiat currency , which is not possible in btc. Mark my words unless and until our govt doesnt change BTC legalisation is not happening .

Don't have word for you. Please read all documents related to paypal. It's neither restricted nor illegal.  Govt allowed them to run their services in India because 90% freelance money comes in paypal that is why RBI did not banned paypal and allow them without holding funds in paypal.

IMO comparing Paypal or Paytm with Bitcoins is comparing Apples to Oranges. Palpal isn't illegal nor unauthorized. The reason they were able to impose regulatory restrictions on Paypal because it was a centralized and they could warn/suspend an organization.


Ummm, coz it already IS and governments around the world have found a way to make bitcoin work under regulations.


If government is lesser concerned about earning through bitcoins, the greater concern is money laundering. Govt. does not earn through corruption money . Govt. is still learning the pros and cons. that is why the assessment committee was created.


Breaking News!! They are already doing it! Coz bitcoin is not illegal for now. Indian exchanges are paying their taxes every year on every transaction.


Yes are waiting coz there hasn't been a strong verdict from govt. RBI did issue warnings but never a circular stating complete consensus or ban. So first verdict will give a data point to speculate course of action from govt. Oh and btw you can't say 'it won't get legal' because it already is.


The pace and limits of Paytm is irrelevant to bitcoin here.

You my friend are victim of Dunning–Kruger effect, get out of it!

I never mentioned that i am comparing any of these to bitcoins . I just wanted you guyz to know how strict our govt is.


Mate BTC is not legal in India as for now .


Probably you dont know how India runs :)


They have to pay taxes anyhow , bcoz they are a company


Its a long run for country that lacks education , literacy , digitalisation  .


Again I never relate paytm to btc , I just want to let know how strict govt is in terms of economy .

Paypal and Bitcoin are completely different in properties. You cannot estimate reaction of govt. from it's treatment to Paypal. More over it was Paypal's decision to not agree to term hence they provide limited service here.

So Indian exchanges are providing and dealing with something that's illegal is it? Please educate yourself.

Oh enlighten us wise one.

Whats your point here?

This does not mean we stop implementing.

You seem to be more ignorant and disputing than curious and inquisitive. I choose to not reply further and leave you at your sitch.

INDIA makes me ignorant more day by day :(

I dont think that Bitcoin is illegal in India ya but it is not clear that what status to be given in India, i have shown as short profit from Bitcoin and till now i am not having any problem.

At least don't call GayPal illegal lol . That is the only Proper Legal Payment Processor in the world .

Empty vessels make the most noise. Classic example.

Look kid, do your research & don't run your mouth about things that you don't know about.

PayPal is illegal? since when LOL!

PayPal is not recognized by other countries like Pak but RBI does recognize it while they don't allow PayPal to hold the funds of Indian citizens. That doesn't mean that it is illegal.

Simple is that bitcoin is not authorized by government nor there is any news of banning it.bitcoin can be taken as virtual asset that now many indians are taking interest in investing their money in it so they can get profit.some of government members are against it because it is anonymous and before demonatisation black holders while hiding their money in it.

 Don't take it the wrong way but how on earth a transparent blockchain like BTC can be used to hide black money? why do people still think bitcoin is anonymous?

idk.. partly because it is anonymous.

It's anonymous because you can track wallet and transaction but how you will relate to someone with that wallet.

I Think Very Soon Bitcoins can be legal in India. I don't Have Any Facts. But It's my Prediction. It May Takes Few Months. But I am Not With This Statement ''Bitcoins cannot be legal in India.''

 Sorry to say but bitcoin is not anonymous and if you please read the the following two links it would do a better job of explaining why its not anonymous and how tracing is done over the blockchain.

http://anonymity-in-bitcoin.blogspot.in/2011/07/bitcoin-is-not-anonymous.html

https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283/

Hope this helps.

Regards,
BLife

In many cases it can be identified not in all cases. Noob who don't know how to hide can be trace.

Same kind of reasons gave in your other article. Don't have time to quote all points what say it can be annoymous and so you must read carefully to understand what writer trying to saying.

 If it can be identified even in "many  cases" how can bitcoin be anonymous? If the user is adding external technology like VPN/TOR/Shell Accounts/etc then these provide the critical link in gaining anonomity not the bitcoin, so saying bitcoin is anonymous is not correct.

 Said that I have read the article and don't understand what you are saying, care to explain?

Regards,
BLife
 

It is identified in many cases because many user gave identity to exchanges where you can identify them if they use their service.

Just tell me if I buy new laptop/Mobile/Hardware wallet use public wifi service download new wallet and send BTC to that wallet how you will track me. It's not Bitcoin who lost anonymous nature it's user who did not care or don't want to be anonymous.

Ok here are few questions then,

1.Where is this previous address(one or many?) you are sending resides?
2.What was the previous address used for?
3.What transaction was made from the previous address?
4.How you got the coins into the previous address in the first place?
5.What are the transaction that you are doing with your new address?
6.Is there any repetition transaction that matches with your old address?
7.Does the area of operation of new and old address matches? (IP wise?)
8.Was there any conversion done with the previous address?(btc to real world cash?) If so where and to whom?

I could go on and but I hope this gives you an idea. Anonymity of bitcoin was not lost it never had any to begin with. Buying new laptop/mobile/hardware wallet doesn't add anything to anonymity unless your old ones are bugged, and if thats the case law enforcement has already have very clear idea, this new gadgets wont make any difference. 

Regards,
BLife

lol do you know there is mixer, gambling site who don't take any ID I just send them and they will send back to me in diff wallet address. After that I can sell those easily. And those site not comes into any regulation. Mostly from unknown places and unknown face. No one know real owner.

If tracking bitcoin easy then dark world don't use bitcoin. Ransomware attacker still free even he is attacking since so many months even attacked many govt. offices in world. Why Authority still not able to track them.

 I believe you have never heard of big data and big data analysis before right? There are few things,

1. Regarding ransom ware here is one link for you https://www.cryptocoinsnews.com/bitcoin-seeking-ransomware-scam-busted/
2. Regarding dug dealers here is a link for you, https://darkwebnews.com/bitcoin/denmark-bitcoin-traced-drug-dealer-arrests/
3. if you are going to ask why others are not arrested, there are many things at play here(country that doesn't care, state sponsored, etc,etc), this thread is not the place for those discussions.

You say you will sell them easily, how? if you are thinking about skins, game codes, etc, those are still trails. There is no such thing as above regulation, its all well and good till law enforcement takes interest in it.

So I am to believe that people use only anonymous currency for all their illegal activity? if you are so naive to believe that then who am i to say otherwise?

This discussion is now going in circles, just saying mixer, tumbler wont cut it, as there are methods that can defeat those with timing/location/usage pattern/link analysis, search the Internet for BTC blockchain analysis and you will get it. Now either you make a strong case to prove BTC is anonymous disproving all the points that I have said or else this discussion is going nowhere.

Regards,
BLife

Posting 2015 article regarding Ransomware. Even last month they attacked very big in so many countries. If that was busted in 2015 how they are
still attacking and getting BTC for unlocking PC.

Regarding drug dealer, 1 guy arrested, there is 1000's or or 10000's dealer there. If they really cracked everything why we are not getting daily news about arresting of those dealer.

About big data I heard about that too and know guys who work on them. It's not magic wands that it will just decrypt everything about btc.

P.S. This is last post about this topic. You did not provide anything solid that BTC is not annoynmous. Some cases there because of user stupidity but if user want it can easily hide.

Bitcoin will not be made legal because India has very strict money laundering rules.
Is it possible to wire money to foreign trade exchanges? The answer is NO or extremely difficult - that's why the rate is so much higher in India because you cannot arbitrate with foreign exchanges. So why will the govt allow users to buy BTC with Indian Rupees and move it to other countries without restrictions? This is one main reason BTC cannot be made legal. How to stop people who are doing it (moving BTC out of the country) is another question.

Second reason is that Indian exchanges are amateur operations. See how many times the Indian exchanges go down or face problems with withdrawals and deposits. They are dealing with crores of rupees and BTC - it's a joke. Users face so many problems with these exchanges that it is inevitable that govt steps in to do something.

Third reason is that India is still backward in technology awareness and investing compared to other countries. (Compared to other countries, very few people invest in the Stock Market in India). A simple sms is enough to scam users even in investing in the stock market. How will you stop users from getting duped in BTC scams which will be much more complicated for the common investor to understand? These scams will undoubtedly force the govt. to do something - and it probably won't be good for BTC in India.
*Just look at this thread and the replies. It's like kids fighting with nothing to add. If this is the state of Indians in Bitcointalk, wonder about the common investors/people.

Fourth is in the forex market in India, only Rupee pairs are allowed. Why will the govt. allow BTC/Dollars or Dollars/Crypto when Rupee can easily be converted to BTC and so it can be indirectly traded with other currencies/cryptos?

But the problem for the govt is, how will they stop BTC trading? It's decentralized and and almost impossible to stop it. The govt. is in a big problem and the only thing it can do is wait and watch what happens or ban BTC/cryptos.

It's stupid to ask the govt. to come and regulate BTCs or make it legal like the exchanges in India are doing because the hands of the govt. are tied by it's own rules and regulations. What the exchanges should do is just wait and watch and buy more time. As other countries come up with regulations for BTC, it will make it easier for India to decide what to do too. Right now, the easiest solution for the govt. out of this mess is to ban BTC which would actually be bad for the country.

well said. these guyz dont understand these simple facts about indian govt and people of india .

Plus to all the people debating for anonymity of bitcoin, bitcoin was created for anonymity only , the biggest fact till now : we still dont know who is satoshi nakamoto , because the team wants to remain anonymous :) , if satoshi nakamoto was identified then ,today there would be no bitcoins in the world :) .


BTC , TOR , JULIAN ASSANGE are all big players in anonymity . So you never know whats going on .

Bitcoin is not illegal in India. Bitcoin is legal under all existing laws of India. White paper are released by a leading law firm of india against bitcoin to be legal. Center of internet and society has also posted a nice article regarding this.

My personal view is that bitcoin is getting legal status in most countries so it will follow same fate in India.

please share link of whitepaper.

I cant post link here. I have send a link of pdf to your personal messege, you can check there. That has almost all legal knowledge of bitcoin. Feel free to contact me if any help needed thanks.

Its people like you because of whom my father was asking me the other day : " Is bitcoin illegal in India?" It isnt illegal and never can be. It only depends on the way you use it that can make it illegal. I have seen people using it for money laundry and at the same time I have seen people filling up taxes on bitcoin. Its just the way you use it.

If you have seen people using it to launder money then you should report it to the authorities and never aid those criminals because aiding them is supporting them. :P i am not a big time earner but i am paying my taxes and since the world is accepting bitcoin then there is no way India could oppose it,but you never know what stupid and surprising decision some people might take as some are willing to kill a human to save a cow.(those who follow the news will understand this)

Can you send me a link to the PDF as well?

Thanks

Edit: Sent you a PM. :)

transparent in which sense?have you ever read satoshi whitepaper ?,it clearly tell you that bitcoin is a anonymous asset.regarding black money,kindly check bitcoin price in during India demonetisation,do not tell me it was coincidence in sudden surge in bitcoin price.if you check bitcoin analysis report ,you will find there was a great amount of bitcoin transaction done during demonetisation period.

::) ::) ::)

please enlighten us about the simple facts...

it's quite apparent that YOU never know whats going on, others seem to have a clue.

Those guys were really organised and had more muscle power than I have right now. Plus they weren't harming me personally and fingering them would have been a grave threat to me. So i really don't care about what morals and ethics say, but I didnt have any reason to report them and it wasn't wise to report them.

please enlighten us by the clues you have.

and i told paypal is illegal or unauthorised , " IDK" . I got it , It is restricted . So all you people try to understand you are taking this topic oppose to me only for paypal. :/

if you read the news, maybe you would have a clue too: http://www.businesstoday.in/current/economy-politics/how-to-buy-bitcoins-in-india-sell-legal-in-india-price/story/253734.html (http://www.businesstoday.in/current/economy-politics/how-to-buy-bitcoins-in-india-sell-legal-in-india-price/story/253734.html)


do you know what PayPal is? have you used it? do you know what restricted means?

How to buy/sell btc in india? is bitcoin legal or no?

These are the clues you want me to know? LOL

mega facepalm. don't have time for ignoramus' such as yourself.

More and more comments from OP shows that OP is simply trolling here and has no intension of asking question for getting information. Just like youtube trolls! 

Its going to be legal in future because its got polular and so many people using it now.

Here lots of thing miss consumption paypal is not illegal in India and also Paytm didn't get wait for years to get permision to start bank the fact was that patm's huge shares hold  by alibaba so it became delay for establishing paytm bank. Of course i do agree government want to tax for all the earning so that only we are giving kyc with pan for exchanges.

It does not depend how many people are using, but the thing is that if its being misued than govt my think that they already have to handle money and handling bitcoin will be too much for them.  Because if such news keep occurring than ban may be come in place.


https://cointelegraph.com/news/bitcoin-currency-of-choice-for-scams-and-kidnappings-in-india

I don't think govt will ban it in the near future if it has been made legal in the coming days since you already have PayPal allowed in India which is like next to doing nothing with it.There are so many hiccups to use PayPal that it is better not to use it.Similarly, bitcoin will also come under strict security measures that trading itself will be next to hell.

i have heard that govt. of india decided taxes on bitcoin profit
(30% for stcg and 20% for ltcg)
then how it can be illegal ?

PayPal is not illegal here. Just some of their features have been removed.

But for BTC I don't think it will be completely legal here anytime soon.

Ok bro let it be leave the government on its own and leave the thing.
Use earn bitcoins buy and sell them trade and Gamble do whatever you want to man.
And PayPal is not illegal in India.
Thanks

Its not deemed illegal but in india we have to go through severe scrutiny which makes it difficult to trade in BTC

Nothing is clear yet, ministerial committee will decide future of trading of BTC. If govt. impose lot's of tax on btc trading then future of bitcoin will not be much bright. Let's hope govt. will take decision taking in mind of Indian bitcoin holder too.

RBI or the Govt. of India don't want Indians to make money that is why they put some kind of restriction or other in order to persuade us Indians to stay away from places that is easy to make money all in the name of income tax and money laundering.  >:(

yes man exactly !!!

SEBI opposes the central bank’s proposal, the publication noted, and then quoted a regulatory official saying:
""It (bitcoin) cannot be classified as commodity derivatives as per extant legal provisions.

+1 complete agreed with you .
thats why we say half knowledge is more dangerous than no knowledge of anything ...

Does that mean bitcoin would be banned in India? I don't think so.If they don't classify as a commodity or any kind of digital money how would be they sure to tax it and under what criteria would it be taxed? I think still govt has not come to a conclusion for this.

I think it can be legal if the government would make legislation to govern it, at the same time, do some tax reforms to hold taxes over bitcoin use in transactions. That way, institutions would now safely add bitcoin as an option for transaction and payment, even banks would soon follow suit because they have a safeguard through the law.

I think it is possible that India will accept bitcoins and flow of bitcoins. Yes, in India most of the government is operated by corrupted officers and peoples who only need money but if people in India take it seriously and try to make bitcoin more famous and help it to grow than it is possible to that bitcoin will be legal  in India one day.

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 that bitcoin is not authorized by government nor there is any news of banning.bitcoin can be taken as virtual asset that now a many indians are taking interest in investing their money in it so they can get profit

Now a days it,bitcoin is ligal in india.Pm also agreed with this. He is not against with bitcoin. So now it is not iligal. It is legal so we can carry it.

The government has started to take bitcoin matter as a serious situation now.They have not made any stance whether to make it legal or not but looking to grab individuals with higher trading transactions in fiat for btc.They may even close the  exchanges if they feel a lot of money is used for illegal activities

Read this for more information

https://economictimes.indiatimes.com/markets/stocks/news/war-on-bitcoin-govt-panel-seeks-crackdown-on-crypto-currency-dealers-in-india/articleshow/61450361.cms?

In India, i think the bitcoin trading is legal because many people do bitcoin trading in India and many trading sites are opened. maybe the bitcoin will become legal in India.

Making it legal or illegal has not yet been decided and we cant come to a conclusion that it will become legal since many countries are adopting it.Let's see what solution the government comes up in the next few months.

First of all use of paypal is not illegal in India you just require to get KyC done. Besides this I agree witb you Indian authorities have been quite backward in this approach but I think indians could surely find a way to trade in crypto even if govt doed not supports it as legal. Moreover its quite difficult to rule bitcoin as illegal.

Hi,

Why everyone is responding on paypal is legal or not, Stop replying on paypal, discuss about bitcoin !!

Latest news is this ->https://navbharattimes.indiatimes.com/business/business-news/war-on-bitcoin-govt-panel-seeks-crackdown-on-cryptocurrency-dealers-in-india/articleshow/61464930.cms

Bitcoin is very good way to hide your black money , Money is coming from there may be hawala too, this make it growing but what would happen to bitcoin price like when china bans the ICO its drop's Same will happen when India ban.

lets say if some excahnge get hacked like in Japan , then what this government will do , They will simply say we don't know why you even invested on it, so all exchange will go there home with your money and you as indian will not able to do any thing.

People who are saying that these companies are paying tax means they are legal but no they are not take an example of indi coin , they are doing 1 ICO for india which is very goo , but they registered domain name with andaman & nicobar address wow (not posting the screenshot last time admin removed it), yes but they are legal but they do no come under companies act , they registered NGO for it .

Paying tax will not make them legal else all MLM companies are legal.

Bitcoin is a horrible way to hide black money. Would you hide your black money on an irreversible public ledger? The IRS is already using chainanalysis software to triangulate and track Bitcoin. You know what's the best way to hide black money? Cash, followed by Banks. Who helped launder money during Demonetization? Petrol pumps and banks, with licenses from beloved government.
That said, in agreement with your point on ICOs.

Not all things are illegal The bitcoin is legal everywhere no matter it's a scam because there is nothing to show that even money.

Are you out of your mind? Its scam since you cant show it out as a paper money? Lol , you should be clear with your understanding of bitcoin when you join such a forum and wear a signature.There are many people in India who do not know much about bitcoin but are interested to get in due to the crazy rise in price from the last few months.

paypal has always been legal in India. but do not just abuse the bitcoin used to check the post on any bitcoin forum so sometimes it's a dev warning to you to remind you not to repeat it first, it might be off topic that's just commented, so it's safe to say that bitcoin India.

Our Govt do all good things as they rised tax 18% GST that is not called blackmoney. you should have some commonsense saying scam. If this is a scam then why are you here and you should be fine by doing something that is not a scam.

of course bitcoin cannot be legal in india and other states, because all authority belongs to the banker cartell that rules those countries, seriously one day we will get rid of them and their cartel and their prisons

Who told you that PayPal is illegal in India? Government of India has never restricted PayPal transactions although RBI doesn't allow keeping money on the PayPal wallet.

Right now, Bitcoin is legal in India. According to Supreme court it is currently in an unregulated state. But everything has a limit. If you do wrong things with Bitcoin like buying drugs and all, then that should definitely be illegal.

Let me clear this statement, Bitcoin is not legal or illegal in India.The supreme court has asked the govt to take steps to make it legal and follow strict regulations for whoever buys/sells.They want to have a complete track record of each bought/sold in India.

The Supreme Court of India issued a notice on 13 November 2017 to the nation’s central bank and related financial ministries to hasten their regulatory mechanisms with regard to bitcoin. Concerns about cryptocurrency’s lack of central control and potential use for money laundering have sounded alarms throughout the country’s bureaucracies. 

Also u can read article of 13 November 2017

People you can stop replying to this thread the OP is a troll.

Yes govt. cant legalise bbitcoins because in these cases govt.'s income from centralisation of money will get beaten up by tax free bitcoins.

Govt. if is really against money corruption, then you can be quite sure that it is not going to be legalised anyway.

I dont know about bitcoins too much and so i cant answer this; sorry.

Though Govt has not legalised bitcoins but has also not yet declared it illegal. It is an issue that is still in a whirl like as the paypal was.

Only explanation for this is that Govt is still in confusion about the route of bitcoin generation...

I would never suggest to enforce btc ecosystem as there are hacker root and terrorist organisation operating btcs

Govt formed interdisciplinary committee to set guidelines for bitcoin and usage and regulations how to trade bitcoins in India so we can expect good set of rules

Who said paypal is illegal? It has been legalised and many govt bodies accept payment through it.

Although India government doesn't approved or officially legalized BTC or crypto currency but they didn't state that it was illegal, also using crypto in buying things or accepting crypto as payment from someone, you should know about your customer, since people get caught receiving crypto by some one with laundered money. So be careful.

In my opinion it will be legalised very soon in India because of the popularity it is gaining and its versatility is not allowing anyone to reject it.Indian Government will declare BITCOIN legal in a couple of years.

It seems you are unaware about the ystd decision given by the RBI which states that their is only last 3 months to unwind the position for the banks regarding the btc or any crypto currency. Their intention is very clear and they will be bringing their own coin.