Bitcoin Forum

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

The government of India has come to the point where in they decided to legalize bitcoin. This is a good news to the community since it could spark another hike in the bitcoins value this coming months. But we can never deny that in every legalization and acceptance the use and coverage of bitcoin in India will be under the regulation of the state.

fiat is regulated and it is accepted everywhere without any problems!
regulation of bitcoin will only mean easier usage. more merchants will be willing to accept bitcoin payment, more regular users will be willing to buy and spend bitcoin. more investors will be willing to invest in it.

Well, they keep charging forwards and I think it's cool that they're doing that, but I don't know if the population there is really ready for something like Bitcoin if you were to go outside of the major cities. But I don't know India so I might as well just be talking out of my ass for the most part.

Seems like last time the Indians got their hands on Bitcoin they really did a number of the value, might be good to have another influx like that one.

The real concern for some people with regard as coverage of Bitcoin under regulation of the state is the tax that will be put in it. Though I really see this as a good way since it will make it more secure and if somehow someone commit fraud or money laundering then we can bring them in justice with the legal ways and put them behind the bars.

The last spike in the Bitcoin price was lead by the announcement that the Japanese government legalized Bitcoin. India has a much bigger population < 1.311 billion (2015) > than Japan, with 127 million (2015) people, but Japan has much lower unemployment and poverty than India. Japan also has the advantage that it's internet infrastructure are more advanced and widespread and this might slow adoption down in India. ^hmmmmmm^

The good thing is, India has the second largest amounts of mobile phones in the world. https://en.wikipedia.org/wiki/List_of_countries_by_number_of_mobile_phones_in_use

India seems like the perfect sort of country for currency exchange.
Lots of people leave India and move to Europe or America, then send money home using Moneygram or Western Union.  They get screwed with exchange rates and fees, as well as having to travel to the office to send money and the receiver having to go and pick it up.

Bitcoin could solve lots of those problems now, and all of them in the future.  They would still need to exchange the Bitcoin into Fiat at the moment, but hopefully in the future that wouldn't be necessary.

This is very good news and it will help more people in India also get out of poverty as many people have no jobs. I sincerely hope the Government will encourage blockchain start ups to begin incubators so that also technology sectors can improve as well.

Yeah , this is true , and I think I was the first person who posted the thread for the legalisation of the Bitcoin in India in this forum . Since only a indirect news was this so here we need to wait until 6 months to become legal official because this will really take some more time to make rules and regulations for Bitcoin .
But after this news , every people in my local and network in online don't want sell Bitcoin because the main thing is that they are saying Bitcoin is now legal and no risk to buy and hold and they will sell at price 10000$ at the end of the 2020 year .
So I think now in this case the Bitcoin price and value in the future may increase more than what we expect  because no one is selling .

Inflation =/= price increase.

Obviously India has indeed legalized bitcoin, and i think it was a bit of a shock to everyone. But since other world countries such as Australia and Japan did this I think the Indian government has been pressured by requests from the btc industry to come to an agreement.

I'm actually really surprised at how well the industry self-regulated before government officially legalized it. And this legalization is probably directly as a result of the industry being able to be strict on AML and KYC laws, even though they're not required to.

Price seemed to be positively affected indeed as well.

This news made bitcoin rally for around $200. And then another good news coming in few days this time in Australia. I think we can see segwit coming ahead.

I would be particularly careful with predictions now

Basically, we don't really know how much of the recent price rally from 1,200 dollars and all the way up to 3,000 dollars per coin had been due to the impact of the Japanese government legalizing Bitcoin as opposed to rampant speculation and relentless hype on this "excuse". As to me, the price rose too fast too much to be explained by real adoption of Bitcoin in Japan. Even if we completely discard the controversy about Bitcoin scaling going on right now (which we shouldn't), we could expect a massive rally and then a heavy correction (like it happened in May), all due to hype and hysterics

The news from Coin Telegraph is wrong. I have enquired about it, and my Indian friends have told me that the government is yet to make a decision on legalizing the Bitcoins. In general they were skeptical, given the hostile nature of the Reserve Bank of India towards the crypto-currencies.

Is it possible to confirm this news from reliable sources? I am a resident of India and I don't think that the government will legalize Bitcoin that easily. Tax evasion is a big issue here, and the government authorities view Bitcoin as a medium which can be used for this purpose.

The issue if acceptance is a good news for the community but the increase will be icremantal and not just a spike as you have suggested because with a spike, then when we have a challenge the price also falls with a spike too. The regulation I don't see as a  an issue because most people only want to be able to carry out their transactions using bitcoin without any feeling of engaging in some illegal among other functions.

I'm glad to hear that yet another country legalized bitcoin. This means that all the predictions about huge prices by the end of the year might be true. Great news. But the link isn't working.

Legalization or adoption of bitcoin by any state will mean that they are allowing the use of bitcoin but the use of it must follow certain rules and policies that is being set by the law. This means that the operation and uses of bitcoin will be limited by the law of the state. But it is not a bad news since it means protection to the holders from scammers.

How can you evade tax with bitcoin,you either have to run a elaborate illegal exchange where you give out bitcoin without any proper KYC documents,other than that it is not easy as you think to use bitcoin as a way to invade tax,first you need to hold bitcoin,how are you going to achieve that without using a banking system to send money for the coins,if you can bypass that then it might be possible,but that wont be the case most of the time

there are always ways to evade taxes but using bitcoin doesn't mean it will become easier. it actually is much harder to evade taxes using bitcoin because the first thing to do while performing a successful tax evasion is to not show how much money you own and forge documents, ...
with bitcoin all your transactions are public knowledge on the blockchain and with enough chain analysis the source and destinations can easily be found.

As they say, your mileage may vary

First, you can securely transact off-chain (just like with cash), and no fingertips will be left on the blockchain at all. Further, if you possess massive amounts of bitcoins that would justify tax evasion, you will most certainly try to hide your steps and cover your ass. And while it is still possible to track Bitcoin transactions using sophisticated tools and some arcane analysis, it may just be prohibitively expensive. In other words, if you are not the next Ross Ulbricht, no one may actually care that you didn't pay a few thousand dollars of taxes (at least, until they decide to go after someone and make an example of him)

Honestly, I am not sold on the idea. Those who really wanted BTC in India, probably already have it, legal or not. Over time, we MAY see an effect of the currency use (as opposed to just hold) spread, but that is only if they can fix the blockchain congestion.

How does this sound:

"MSN is regulated and it is accepted everywhere without any problems!
regulation of online media will only mean easier usage. more vendors will be willing to sell those contents, more regular users will be willing to watch and share the contents. more investors will be willing to invest in them.
"

Coin telegraph news will not post that kind of topic if they know that the news that they will place is not exact since it will affect their credibility if they will publish wrong information. But we must also not take some considerations on the possibility that your friends comment about the status of bitcoin in India. But anyway if they will accept it we can expect increase in bitcoins value but if they will not legalize it then we will wait for the adoption of Australia and the UASF segwit activation. In the end, even with or without Indias acceptance or legalizing of bitcoin, the value will still spike.

It is a good statement by India to legalize bitcoin.Indian people are known as for computer.So it is the state of large number of people.So if they are came more familiar then more people will invest from India.Which can lead bitcoin as well and also as well as India economy.

Maybe...maybe not. Don't get your hope up too high about the price hike. Most of India's population is undereducated about Bitcoin and its advantages. I would presume that they would continue to use fiat for a while before Bitcoin becomes adopted by the population itself. Moreover, the fact that only a select few of the population are rich enough to buy Bitcoin, it becomes unlikely that people would use Bitcoin for payment. Only time will tell.

It is great news that india already legalizes it . It will be a big help for india that they will legalize it. I hope that they will  teach the citizens too om how do they earn bitcoin so that people there will have an extra income and they will not be poor anymore. Proper education might help them so  much.

You will have to double check before accepting news like this. Apart from Cointelegraph, no other media house has reported this. I think Cointelegraph jumped the gun here.

Great news that India accepted bitcoins after Japan...

now waiting for some more details on how will be taxes on it

I am already researching for some news about India and bitcoins. I been scouting other bitcoin news website to check if there are news related to that and has a different views compared to cointelegraph. And upon searching I came to visit this site that tells about the current debate of lagalizing the use of cryptocurrency in India. But this article was older than what cointelegraph had posted since this was posted last April while cointelegraph posted their article last earlier this june. (see http://www.zerohedge.com/news/2017-06-20/bitcoin-surges-back-above-2700-india-legalizes-cryptocurrency) .

I will be updating this topic again if I find some article falsifying the articles being posted by cointelegraph but in my own opinion cryptocurrency including bitcoin  will be legalized and be regulated in India soon.

the link you posted has a date of 20 June meaning about 7 days ago.
but you are right cointelegraph is not to be trusted when it comes to news like this, they read something somewhere and the write an article about it without caring if it has any truth to it.

about India we should look in Indian news for real deal, maybe even the Indian board can help. but as far as i know they have been working on legalizing bitcoin for a while. i've heard it first earlier this year around Jan i think. so maybe they have finally came to a conclusion and decided to do as other countries did and legalize it.

Yes that’s right increasing prices made a simple bitcoin now into very precious and its also going more and more higher it will lead us to the very rich point where we will be able to earn enough for our future and will be able to invest through constant and proper investment plans.
India is already trading with premium rates for bitcoins, regulating might guide rest of world to follow into new level of premium prices.

That indeed is one positive move. So as it is, only few permitted exchanges will be on ground which would be regulated. I'm still trying to curb my head around how that is going to work though (know all your customers). Well, with the statement by coinsecure regarding the increase in number of bitcoin users in the country, I can imagine the effect it would have on the market. I hope the news is genuine anyway.

India accepting BTC will be a dream, because the government is not so supportive towards the crypto currencies. People still think it as a Ponzi scheme to launder the money. If this happens then it will be a huge boost to BTC as India is 2nd highest populated country and people are turning towards digital transactions.

There is a difference between something being illegal or unregulated. Just because something is unregulated doesn't mean it's illegal. Also just because something is regulated doesn't mean it's legal. In fact, something can only be illegal if it's regulated. Otherwise, how would you know it's illegal?
In the case of India Bitcoin is not illegal att all. It's simply not regulated. Regulating Bitcoin can be good and bad... Not just good.
People can use Bitcoin in India and always could. I'm not sure what this thread is suggesting.

This is indeed another great achievement for bitcoin considering that India is the 2nd most populous country in the world. I know there are so many rich people in India as well as private companies. This will significantly increase the demand of bitcoin causing the price to gain more. It is rather sad, however, that the great majority of Indians are poor. These are the people to whom bitcoin might prove hard to reach.

idk why does it matter, as people from anywhere can buy and sell bitcoins., making it legal means they are going to tax it.
it would be better if more and more people started using bitcoins, and indian exchanges charges hefty fees for buying bitcoins., while bitstamp's btc price is appropriate.

after cointele published it, the price of BTC weren't pulled up still. my patel friends knew bitcoin but swear won't buy btc. they would rather want to earn btc by providing services in exchange. i have few indian friends and they're good at online marketing and webdesigns, they were aware of btc but not interested on earning. maybe some indians who are into it.

They have lots of sources to make money. Only a certain user group who were in the middle class try hard to earn bitcoin taking much risks. Rest of the get the luxury through different other platforms, mainly through their skills, because India has got all sectors of industry.

This is BIG for bitcoin, considering how PayPal tried for years to get legalized to conduct transactions between indians and the reminder of the world which they will never capable of, considering India's growth potential and number of citizens, a HUGE step for bitcoin.