Bitcoin Forum

http://www.financialexpress.com/economy/why-finance-ministry-panel-said-no-to-bitcoin-and-other-virtual-currencies/790455/

Govt may declare Bitcoin illegal in India.

Declaring bitcoin illegal isn't small step. Government needs to provide suitable evidence in regards of its decision which I don't believe government is competent of. However on the same note I am sure enough government won't even declare it legal as government seems to have clear cut negative attitude towards bitcoin since it is obstacles in government's fight against black money. So on whole, in my views bitcoin will continue as it is and this is best in our interest.

Went though the article and seems to be little concern now. Previously it was more about giving a green signal to btc in  India and with this article it seems again a precaution needs to be taken. Though they admit there is a huge rise in number in India but will this make them go ahead or will they decide to just ban it simply is what needs to be watched out now.

I read through the article and all I can say that it says same the things said months back with only a misleading headline perhaps to make catchy.

The article also says.
" The panel, however, did not recommend a blanket ban on digital currencies, as it is difficult to implement."
It clear that government will not ban bitcoin but warn people of its potential dangers.

I feel there is a chance for Govt to close down bitcoin exchanges in Indi since it says that commercial establishments and firms should not be allowed to accept bitcoins

If that happens that would be sad

Ya after reading the column fully it is clearly mentioning of some strict action will be going to be taken against Cryptocurrency as they are mentioning it as virtual currency. But how much real news it is dont known because it is not from the reputed source of media.

I don't think so that Government of India is going to ban Bitcoin.Because Bitcoin popularity is increasing day by day and it will be not so easy for any government to ban it. It is true that Government of India is observing the Bitcoin delivery.Because government  want to ensure that whether Bitcoin is going in safer hands or not.

Good to hear that government may declare it legal

Indian Government should not ban bitcoin because it is a digital currency which is growing rapidly, so should neglect the thought of banning and should accept the new technology which will be useful for all in future.

Actually i also dont trust Indian government,they can ban the thing they cant control >:( >:(

Govt wont make bitcoin illegal, infact they will legalize and put some regulations in that.
declaring illegal would be a loss to govt in terms of revenue

It's very misleading why they had to ban if they can get enough money for it? A fool government will ban bitcoin.

It's still not yet clear if they are going to ban it, but the official report is already in the hands of FM and he may do an announcement at any point of time whether to ban it or tax heavily on it.Let's see what happens in the coming months.

unlikely it will be banned.....

Well it cannot be said anything because as this government are trying to get the corruption away from India, bitcoin can be used for illegal things too. Govt may not like to add another thing through which such things can take place because they are already struggling with existing things to do. So lets hope for the good things for future.

Better if they will do some taxation but please don't ban bitcoin!!

Bitcoin is a easy system to secure own money and there is more facilities than others by which people can easily save their money.Now a days  technology is developing day by day and we should adapt with it otherwise we will go down . At these reasons ,if India take this type of decision they will do the big mistake for their country. I think, they shouid not do it.

I dont think it to be a good idea to ban Bitcoins.

First things first, India is already a competitor in the race of being a developed country. So, banning such a currency would be a major hurdle to not lag the race.
Countries like Sweden just announced their acceptance.
Few days back, JAPAN issued a Bitcoin Bond worth USD850,000.

The Govt of India has to understand the values of such developed and decentralized currency. It will also help India to stand financially in the global market.

If the government tries to nail down each and every transaction that occurs through Bitcoin from India to outside and if they find that it is being misused or used for illegal activities, then there are chances of a ban of bitcoin.

Govt is yet finding a way to earn in btc , which they are not able to do :)

I dont think it will be a good idea to ban bitcoin in India, As it is accepted and legalized out of India in many countries, it should be also legalize in Indai so that everyone can make use of this fast growing technology.

These babus want the poor to remain poor that is why they want to ban bitcoin in India. My view.

Actually very very confusing statements from Govt. last week Jaitley was given a report of a commission on Cryptocurrencies and message was Govt. thinking about regulating etc...etc.. Confused as to whats going on

The government has trust issues,this is only temporary
Soon a body will be selected to regulate bitcoins and crypto-currencies in India,most likely SEBI

0℅ chance of  banning bitcoins without proper justification

Dont worry, decision not yet taken..
possibly they will regulate and put some taxes in it

Screaming here definitely won't work. We all want what you are saying and we completely support Bitcoins and Altcoins. But what I felt was that Government was wary of Bitcoin from starting since the RBI showed their apprehension towards Bitcoin and warned people about it. But we shouldn't jump to conclusion of Government banning Bitcoin just because some anonymous sources said so. There is discussion going on and as many developed countries have already legalized it, India might think in that direction too. There will definitely be regulations and taxation. But ban is less likely to happen as many countries(Russia) who had ban earlier have lifted it, this shows Bitcoin need not to be banned just on the basis of being used in illegal activities.

Thats the news everytime even though there is no clear real news regarding the ban of bitcoin.
Had the Government really wanted to ban this i don't think there would be any exchange in India.
I think the real picture is that the Government doesn't want majority of the people who are new to cryptocurrency jump into it. Maybe they have their reasons why its not yet legalise but i don't thin they will ban BITCOINS.

Are you Indian citizen ? Yes they can declare illegal like notebandi or the rule under which paypal user need to link there account using PAN anyone dare to oppose them.

If you have problem then you need to file case in court , are you ready ???

Ransomeware make use of bitcoin no more evidence require to ban bitcoin its easy when government want to ban they will just ban it no matter what you and i think

there is really a small thing to block bitcoin in india , they already raided the exchange.

Tax -> all users are hidden so they will pay tax to government ??? dont you guys ever researched on bitcoin ? i can have multiple wallet how will government know the owner and impose the tax , if they can know then satoshi can be found till this date.

Pls come out of dream of virtual world and start living in real world.

Thanks

Bitcoin buying, selling, trading, and mining is not an issue. In the Indian law it is not mentioned. But in the central bank is not accepting the Bitcoins as the transactions. This is the problem the central bank was opposed the legal documents of usage of Bitcoin in India. Because to prevent India from corruption.

they will do it...because some people are using bitcoin to hide there black money..

Well than if it happens it will be a huge setback for many Indians because many have started or on verge of starting some businesses related to bitcoin. And this means that exchanges who have put so much money will end up in loss.

As of now whatever is heard does not seems to be getting banned but in the end they can change the decision as well and a ban may be placed.

Time to declare indian Government illegal.

lol  ;D

Why India ban bitcoin? this is good!  it can be developed for future.

Tell the reasons why bitcoin is good for Indians ?

1. No Trace : Good for politician and block money
2. No governance : MLM company  and chitfund companies will do fraud with it
3. No Trust : Seller take your bitcoin and never deliver the product or you have to use escorw services which again take fees like paypal etc
4. Mining : No average user is able to mine it now

Thanks

lack of knowledge and awareness doing the damage, not bitcoin!

Some say gov will ban and others say gov will legalise ..Let's ses

Most chances Government will ban because they are not feeling good with this and have many reasons to ban but on other hand if they legalize then this can create many opportunities for many youths and developers to create digital way in India

.

There is no lack of knowledge , one who is using this forum should not have lack of knowledge at-least

There is no way government is going to legalize it , no government is going to legalize it because bitcoin is widely used to hide blackmoney and ransomeware

Government will legalize the use of blockchain but not bitcoin , Before bitcoin in year 2007 paypal is legalize with attachment of PAN and withdraw funds in a week after receiving it and you cannot spent via paypal what you received (That Time Congress is ruling)

Now with  Mr Modi with strict hand to hand with Black money 99% no legalization of bitcoin .

Thanks

POST REMOVED

Its not about stopping , paypal is allowed too in india but with restriction and large fee make it unusable for freelancers.

Thanks

A complete ban is not possible ;D this is India, people find Jugaad easily.  ;) :D

Better they just legalize it and earn some tax and revenue.  :P

Banning or legalizing bitcoin in India needs lot of things to take into consideration. Let us hope with some taxation they can discourage use of it

Six months ago supreme court declared that bitcoin is not illegal.

Hi,

I think you are just trying to increase your post count without posting any source of information

https://news.bitcoin.com/india-supreme-court-bitcoin-legalization-taxation/

Thanks

most of the politicians in india are illiterate..
most of them having cases pending in court.

bitcoins wont benefit them, but for the masses it will be good..

most of the politicians in india are illiterate.. --> Thats y they have there money in swis banks , how is it possible ?

People are doing scam in the name of paytm , credit card and now with bitcoin , to really make use of bit coin in indian will atleast take 5+ year not less than that because there is no trust between people which bitcoin lacks.

Even people do not want to use simple paytm app how they will use bitcoin and serve you tea of rs 10 ?  yes may be CCD will accept bitcoin but how many of us go there ?

Thanks

China tried to their extreme best to block Bitcoin and they coudn't do it. They finally have to accept it and now they are holding the largest chunk of cryptocurrency and world leaders in mining equipment. They understood that if u can't control bitcoin then better to adopt them for their best.

Now we have a Govt. which is too stupid to understand the concept of Bitcoin.

Well its getting more scary now as Central bank of India have has informed a parliamentary panel on virtual currencies that bitcoin and digital currencies are “susceptible to misuse”. As per them it also have benefits but as its not that easily traceable so misuse can happen easily. Will this change the decision of govt is need to wait and watch. Read the full article in the below link.


https://www.cryptocoinsnews.com/bitcoin-prone-misuse-indias-central-bank-tells-virtual-currency-committee/

After reading the entire content, I believe there won't be a ban in place.Since if they wanted to ban it they would have done that in the first place rather than setting up a committee and ask for a suggestion.They feel that technology like this have some high advantages and want to make use of it and also regulate to get tax and also have an eye on the money launders.

They cannot ban at first place before actually finding out merits an demerits. Since now they have setup  committed so they have the reports and finding and based on that if people object also why are you banning this currencies they can easily say that they had setup committee to study and form their finding it could be easily misused which could be a major threat. So actually now its very easy for them to ban. Hope so it does not happen like this.

They may ban bitcoin and exchanges may have to close down but use of Bitcoin will still continue. They can't stop Bitcoin.

But how much real news it is dont known because it is not from the reputed source of media.

Why will bitcoin still continue when the ban may be in place just if the govt decided to do? And inspite of banning if you trade then it is illegal so then be ready for the action as per the laws in place. Certainly their will be 90% of the trades may be closed and only few people may want to do illegal activities.

 

World's largest bitcoin wallet has entered a strategic partnership with Unocoin. Does that mean we will be easily able to buy crypto coins from indian cards?
https://news.unocoin.com/

A modification of a post I made earlier... too lazy to type again  ::)

There is no way to tie an identity to a bitcoin address. I can generate a million bitcoin address and send how much ever I want to all of them. Suppose a law comes out that bitcoins possessed by Indian citizens should be declared and taxes must be paid for possessing them... or suppose another law stating that if you are found in possession of bitcoins, you will be jailed / fined, etc. As absurd as it is, there is no "Indian" bitcoin address that is "mine" like how I can say about my bank account. A person can send bitcoins to ten different addresses. It can all come to me or it can come to ten different people. There is no way to identify who owns a bitcoin address. They don't reside in my computer or my or in my possession physically. Anyone possessing the private key of an address owns those bitcoins. Anyone in the world can have the private key to my wallet (if I choose to give them / get hacked). There is no way for a govt to figure that out. For banning for work, centralization is mandatory. A law that cannot be enforced is not a law. It is wishful thinking at most. Hence I think a law cannot come into effect like you are saying.

At most there can be a law forcing Indian exchanges to reveal the withdrawal addresses of their customers. But then what? Its transferred to another address... could be another address of mine... or it could be Bittrex or Kraken. By some magic, they were able to confirm that it was indeed a Bittrex account... and what... the Indian govt stating the new Indian law and demanding they confirm the identity of the account holder? Watch out for that big middle finger! You see where its going? At some point the Governments across the world will need to unite and become a centralized "authority", kinda like the UN for anything like that to happen. Even then all it takes to shatter that foundation is one country to make a killing by announcing "Hey, come over here and open your exchange here. I don't have any ties with the other networked countries".

So you see, the scenario you are talking cannot happen even if India was under military rule, simply because the law cannot be enforced. Its like saying all the people who like Salman Khan will be taxed. How on earth is a law like that going to get enforced? Just because I purchased the ticket does not mean I watched the movie. Just because I watched the movie does not mean I like the idiot. At most they can ban his movies (please do!), just like they can ban the operation of bitcoin exchanges operating inside India. But they cannot ban someone possessing bitcoins. Banning the exchanges will simply lead to a very lucrative black market for the commodity in India. People will rush to Indians to fill that price gap in approximately 3 seconds. Throughout history, anything that was banned, shoots up in market value, not down.

Good to hear government may be dickliard is legal

I don't know how the gov could ban it, they can ban the exchange for companies like Unocoin and Zebpay but people will still use it. Maybe it's better to tax it and regulate it. We use agents in Russia, China, and Indonesia all the time, banning it won't prevent its use. I see your point but hope that is not the final outcome.

Indian politics will ban bitcoins because of their mentality as they dont advanced their mind with update knowledgeable areas from which they can also can benefit, if they pay attention seriously on it they will get know value of it, how can they use these in there system.

Thought bitcoin is a easy and very profitable

Hi,

May be India will also ban ICO like China is doing bitcoin exchanges ban

https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20


https://cointelegraph.com/news/china-ban-on-ico-is-temporary-licensing-to-be-introduced-official

Many startups in New York have left the state due to the impractical policies proposed by NYSDF and the BitLicense. Specifically, even large-scale startups like ShapeShift, which remain as one of the most widely utilized cryptocurrency exchanges, have left New York because of the state’s strict policies in regard to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

Bitcoin is going to be ban in India for sure , As Mr Modi want fight with black money and Bitcoin is a form of black money

Thanks

Pls stick to being a dj and reserve your legal opinions to yourself.

It's easier to regulate and tax than to ban.... Look forward to some sort of guidelines and regulations for cryptocurrencies coming from Indian govt in next 6-8 months.

I read thought the airtical is bitcoin

If you aware of it that RBI has published detailed report that 99% black money is not caught and demonetisation was a failure.banning bitcoin will not do anything as plenty of blackmoney holder have their money in foreign banks or in the form of assets.

bitcoin, can't be banned there is number of ways to use. bitcoins

government is dick, corrupt fuckers

Why bro while it is not illigel.

What you have stated in your point 1,2 and 3 is applicable on our government issued currency as well. Think about "Demonitization" for a second. Why did our government initiate that? To curb down the black money holders. But even after that the cunning part of our society knows how to handle the situation and they are still holding black money in new currency. Several kidnappers use Maruti Omni but that doesn't mean we should ban the vehicle altogether. It's nonsensical.
Moreover, regarding your 4th point, yes mining is not in mainstream anymore but the high hashrate it is producing each day is making the overall network stable. At the end of the day, what would you want? An unstable network with few miners available or a stable decentralized network? Period.

Botcoin is to be ofecinly lagale in india

There is certainly now chance that bitcoin will get ban. Bitcoin Executive Director have stated that RBI is not comfortable with the cypto currencies. this is direct indication that in coming time India will ban cypto currencies. So all the exchanges, ICO who have raised money etc will be suffering losses it seems as per the below article.



http://timesofindia.indiatimes.com/business/india-business/rbi-not-comfortable-with-cryptocurrencies-bitcoin-executive-director/articleshow/60491916.cms

Are you really saying this laughable , Regulating of Bitcoin !!!! Really

Then you even dont know what is the bitcoin .

No one can regulate it , This is the one of the primary goal or feature of bitcoin .

Indian GOV cant even regulate porn which china has done , now china is not able to ban Bitcoin and India will do , go get some real coffee then come for discussion

http://www.thehindu.com/business/Economy/use-of-bitcoin-illegal-says-govt/article17702483.ece

Thanks

china already banned btc trading , which i feel will spread out to india also .

Nothing till now.. This is the last update for India.. So lets just enjoy VCs..



Date : Feb 01, 2017
RBI cautions users of Virtual Currencies
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013.
The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.
Jose J. Kattoor
Chief General Manager
Press Release: 2016-17/2054

TRUE

My 2 paisa on the topic.

India is not a dictatorship like China, it will take another Mudi government to get there but I digress.

There are laws in India and RBI, government need to work in ambit of law.

To ban Bitcoin government needs to make amendment to ITA act, making exception for Bitcoin as "Virtual currency is not an electronic document". Only center and not RBI can do this. One of the many reasons RBI stays away from Bitcoin is that it cannot amend ITA to ban virtual currency or it may have done so long time back. This is what law firms means by "under current legal framework bitcoin is legal" because it fits the definition of electronic document.

RBI has to amend FEMA, RBI act ot declare it a currency, which I doubt it will do. Declaring Bitcoin currency opens a pandora's box for central banks. This is why RBI wants SEBI to regulate it as "virtual good" or movable property. SEBI is pushing back saying it is not a commodity.

The government can ban Bitcoin but it will need amendments to the act.

Banning is hard to enforce and will push Bitcoin underground. India is not like China and it is not easy for central government to enforce compliance. Remember AP government is part of Ethereum alliance. It is easier for Finmin/government to regulate it, get the taxes and keep an eye on ledgers to track money laundering.

Its not true. You cannot come to an outcome with this news.
Government of india is trying to understand technology of blockchain and bitcoin. And soon its going to regulate in India.
Bitcoin and blockchain based technology has very bright future in India.

Apparently there was a committee set up which then submitted its report to Jaitley and wonder what happened after that???

India and China have two completely different ideologies, with India being identified more by the policies of United states than China , so we can guess what we are going to follow,
And Why China is cracking down on cryptocurrencies is obvious. US and some other democracies are doing the biggest ICOs in the world. AND THEY ARE CONTINUING WITH IT in some kind of regulated manner. China is a communist country, cryptocurrencies will free people of China's economic hold, which it can't allow. Communism is very strict with having state control over important items. That's why China also has many censorship laws.

Chinese users used Bitcoins to invest in foreign markets, which is somewhat prohibited in China and is allowed only under special conditions. Also, China aims to launch a cryptocurrency built by state to replace its other currency. So ICOs run counter to what it believes is its exclusive right.

and the Chinese exchanges and whales, traders have already shifted to Korea, look at Bithumb's volume.

You have much faith in Indian policymakers to compare them to US ;D I don't think they like Bitcoin. India has capital controls like China and an ongoing "war" on "black money" (which excludes government employees apparently).

China had a massive adoption of Crypto with a lot of mining. India is still in infancy of adoption so it is much easier for the government to shut down exchanges and ban trading in India without collateral damage. All these things may tempt Government to ban crypto.

But fortunately under current legal framework it is not straightforward to do that. Ratan Tata has invested in Bitcoin remittance startup. It will be a setback for Fintech ecosystem. AP government is part of Ethereum alliance. All these reasons confound government attitude towards Crypto.

This delay may be a good thing because probably government is trying to figure out how the best use of this technology can be used. Because even government has a vision of digital India and this fits into it. So they may be trying to figure out the misuse of it or how can they regulate the bitcoin space or is it better to introduce their own coin. So many things would be going at present with them.

clickbait.

Declaring bitcoin illegal isn't small step. Government needs to provide suitable evidence in regards of its decision which I don't believe government is competent of. However on the same note I am sure enough government won't even declare it legal as government seems to have clear cut negative attitude towards bitcoin since it is obstacles in government's fight against black money. So on whole, in my views bitcoin will continue as it is and this is best in our interest.


He is absolutely Correct

Just the Same...

indian govt may declare it illegal but is it possible to ban bitcoin completely ?? one of my friends discussed the same with me that how any govt can ban blockchain and digital currency , they can only regulate bank accounts but regulating bitcoin digitally is not so easy which it seems .

Bitcoin should be declared legal , all big nations have declared it legal although its not illegal in India

New coin LAXMI is coming. Happy diwali

India may ban Bitcoin ? Why & on what basis?
I dont think government of india will bitcoin instead it will have conditional permission to it or put some regulations on it.
Current government is more concerned abount the Black money.
A parliamentary committee is about to report its recommendations in India.
Currently there are many bitcoin exchanges operating in india like Unicoin, Zebpay, Coinsecure, Coinmama etc.
Many of these have popular wallets also.
In recent cyber attacks, "ransomware'' hackers demanded ransoms in Bitcoins due to events like these RBI have flagged concerns and urged Indians against  use of these cryptocurrencies.

There is 50% chance of legalization of bitcoin in india but another 50% chance is to ban bitcoin in india. Since it is a revolution in economy and it is in same thought of demonetization, and use of digital wallet. But government will loose control  over it, since anyone can keep secretly bunch of bitcoin in their private wallet. Oversea transaction cannot be trace out.

The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).
 Currently, they are neither illegal nor legal in India.
“The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley 4 Months ago month,” the official told The Hindu.
Banning will give a clear message that all related activities are illegal and will disincetivise those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base,” said another official privy to the development.

Ban discussion started in India

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

There is discussion going on and as many developed countries have already legalized it, India might think in that direction too. There will definitely be regulations and taxation. But ban is less likely to happen as many countries(Russia) who had ban earlier have lifted it, this shows Bitcoin need not to be banned just on the basis of being used in illegal activities.

If they ban,what will we do?any solution?

no ban , can only regulate
there will be a short-term ban before the regulations that is the most which they can afford to do

India may ban Bitcoin? The Interdisciplinary committee report on cryptocurrency, submitted three months back, has sought a complete ban on cryptocurrency, reports ET citing unknown government sources had already reported over the ban speculations, it had also filed various RTIs seeking government’s current understanding as Bitcoins led cryptocurrencies’ market penetration has been increasing exponentially in India. In its response, the government had maintained its status quo which is in sync with  RBI’s statement dated December 24, 2013. RBI had cautioned the users, holders and traders of virtual currencies including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.

According to recent statement,crypto trader need to pay taxes as crypto is taken as capital gain.for there is no news of banning crypto or btc.government has just issued the warning to  user which are new to btc that they should avoid taking risk  in crypto and government will not be responsible for any loss.

I don't think so government would do so. Indian government also don't want to be left behind in cryptoworld

Who cares! Political person can eat chara, suck coal, air, water and we dont have right to show my faith in crypto.... it's sucks

No Govt can ban Bitcoin it is impossible to even US tired to ban and find owner they failed now Bitcoin is legal in USA and 200 countries try to restrict Bitcoin no country able to ban Bitcoin

Government should not ban it, there should be some legal provision for taxes so it can generate more tax income to the government too.

if they ban it will be the stupidest decision by INDIA

Like the demonetization game

India government should not ban bitcoin because bitcoin Bitcoin is biggest popular digital currency, Now bitcoin market price is 14029.93 US Dollar so should neglect the through the banning ans should accept the new technology.

They won't ban bitcoin. But there will be regulation that we will see soon.

If u think demonetization is stupid game , then i m afraid that you are not a financial person and your opinion is really biased with media.

https://aajtak.intoday.in/story/bitcoin-investment-finance-ministery-warned-tut-1-974162.html

Bit coin is easily used by Black money and should be banned like china done with there exchanges and ICO.

Now take an example of current railway tickets hacking , person is also using bitcoin as payment.

Railway is running in loss due to corruption and demonetization really help this , We indian never appreciate anything , we always blame but we dont check our side.

India should ban bitcoin and start real blockchain thing like Russian GOV started .

Bit coin will definitely fall down and a major risked asset.

Current rate of btc is 14663 in coinbase @ 12.49 pm IST
Exchange rate 63.91 = 937112.33

Zeb pay : 1 BTC in Buy Price : ₹ 11,75,135    Sell Price : ₹ 11,29,124
Uno coin : BUY BTC: 11,83,986|SELL BTC: 10,83,347

So why they need this much of difference ?

I also invested in BTC because i knew people are dumb enough that this one is not at-least fail too soon but its going to be fail after some time.


Even i invested in bit coin , but bitcoin should be banned , because our Leader are also investing in it in majorly they should be punished.

Thanks

Government to provide a evidence is regards of believe government is competent,government declare it legal in government seems to have a negative attitude is bitcoin, bitcoin will continue is best in interest and recommend a blank on digital currencies is bitcoin Though they  is a bitcoin

I think you have not done your research on demonetization its a complete failure with loss.

Read this

http://www.businesstoday.in/current/economy-politics/rbi-annual-report-loss-demonetisation-printing-notes-note-ban-data/story/259391.html

All politicians are making money by robbing general public , BJP have bought most news channels and news papers hence they are just following their orders to print and publish negativity for Crypto Currencies so that people do not pull their money from banks and convert to crypto. Politicians and leaders are DUMB they do not have any clue on how crypto works and they even do not give a shit about it because they have enough of new notes,


The railway scam you are refereeing that guy had 2kg of gold bars and lot of gold jewelry , he also used hawala and over 50 lacs in cash.


Hence Indian Govt should ban Gold and Notes as well. Railway is in loss because of bad administration and Government.


Our PM is also corrupt he made lot of money that we cannot even imagine , our country Actual PM is Ambani and TATA they run our economy with corrupted leaders.


As far as China and Russia is concerned you can pay to supplier using bitcoins from anywhere they are accepting it as mode of payment.

Hope this explains everything.


Thanks

Now in this forum both our thought is posted lets wait for future and see who is correct

The way government has been warning common people each time, I sense a partial ban going to come in at any point of time in 2018.After that depending on the situation, they may legalize it with a lot of formalities which are enough for us to stop trading.

They can only stop trading with fiat using bank account but we can always trade crypto to crypto and sell for cash in person or bank transfer showing other purpose payment.

There is no way they will be able to stop.

When it looks like India is going the china way. first the raids or technically surveys, then arm twisting banks and payment gateways to cease operations, it looks increasingly likely that they will ban exchanges. not the right decision - but u can trust them to do wrong.

Indian govt terms bitcoin as ponzi scheme.

Banning bitcoin now govt will lose huge tax money

Lets get rational and understand pros and cons crypto currencies... not just botcoin but beyond.

Major pros
Low few transctions(NOT BITCOIN)
High speed transaction(Not Bitcoin)
Massive ecommerce tool
Reshaping the industry and existing eco system

Major Cons
Black Money
Money laundering
Illegal activities
Volatile

Now lets dig into what a ban will achieve. Imho a ban will only take out the positive aspects of crypto and all the negative points are still gonna be there..
Like a person whos gonaa use it for illegal activities will use it regardless of Gov banning it or not I mean a ban will only take out Indian exchanges off of the game ban is not going to restrict blackmoney, launderinng or any other negative aspect but it surely is going to kill all positive aspects.

This have reasons to ban but other hand is legalize this can create many youths and developers to create digital way in India I believe won't be a ban in place.Since if they wanted the money launders But so much real news it is done  because it is not from reputed source of india.

First you have to understand one thing,all political parties are corrupted,where do you think they are getting the money to serve their organisation and political campaigns.
Talking about ban on bitcoin is absurd thing.before bitcoin corruption was not there? No,it was and it will remain.bitcoin is just a medium to increase your amount of money and gain profit.before it gold , valuable asset and capital asset were used to hide black money.
Blockchain is new thing and government is doing right thing to tell people to be careful while investing in cryptocurrency as here majority people do  have less or no knowledge about btc or blockchain and they are likely to get scammed.
Btc is old tech and can not be used as day today transaction ,only used for limited transaction asset due to high fees .i personally think only IT related or share market traders should invest in crypto,it is not meant for general purpose due to lack of knowledge.

Creating Your Own Cryptocurrency
https://bitcointalk.org/index.php?topic=2622444

I don't think Indian government has issued any rule regarding the legality of any Virtual currency. Banning virtual currency would mean we will not be able to trade it for INR as it(banning) would be a result of shutting down many cryptocurrency exchanges and wallets. But we can still trade it for other cryptos.
To ban entire trade of cryptos would mean shutting down the internet which of course we know is impossible.  :D

Indian government not ban bitcoin but it will be regulation that we will see soon because bitcoin is still growing popularity as it has been around for a long time now.

are there any alt coins that can be used in India?

 8) 8) It would be good , atleast people who have no idea what they are doing , It'll stop their unnecessary hype

Please stop this FUD, India will not ban bitcoin.

Ban Bitcoin !!! Every Government on earth wants to do this since Initial days of Bitcoin popularity, But its beauty of the code and community like us that they know they will not succeed. Do not fear and Enjoy !!!

Hi,

https://navbharattimes.indiatimes.com/business/business-news/mukesh-ambani-might-be-planning-his-own-cryptocurrency-jio-coin/articleshow/62469848.cms

https://navbharattimes.indiatimes.com/business/business-news/bitcoins-not-legal-tender-in-india-reiterates-jaitley/articleshow/62338102.cms

Pls share your views on this ?

and Why South Korea bans Bit coin ?

Thanks

till few days ago arun jetly was saying bitcion is fake ponzi scheme , now since his boss ambani will start their cryptocurrency suddenly it will be symbol of digital India  , blah blah !!! Feku Govt, Disgusting govt

infect if big giants come and play a role in crypto then every chance we may see bitcoin as legal tender or smth else which allows us to continue crypto world..

+-
if they legalize it  ban it or do whatever they want ; but people who were using it , will still continue using it

Just declaring that it is illegal will not help. They will have to close down all exchanges and also stop people from buying from exchanges from outside the country.

That will be a big blow to the people in India who had invested in bitcoins. I know a lot of friends who are still thinking to enter this field but I guess they are late now.

This will be hard to implement practically. If they make transactions illegal, people will ask their friends outside India to buy and send them the money.

I think bitcoin will never ban because it is digital currency and it adopted by so many people's bitcoin is very important. And now one team is trying to make bitcoin as legal. It may legalized then it's very good news for us.

They are starting new coin , means they will be rival for bitcoin and like what happen with videocon , reliance , idea, airtel will happen to bitcoin

I am expecting good debate on this here but no.

can anyone tell why bitcoin rates are declining then ?

https://www.express.co.uk/finance/city/905222/bitcoin-price-news-latest-manipulation-cryptocurrency-surge-plummet-stock-exchange

Newbies pls dont post a useless reply to increase post counts.

Thanks

In 2008 paypal started to ask for pan , then freelancers are not allow to hold money in paypal more then a week due to this reason and 1 to 2 millions freelancer get affected by this and paypal froze the accounts , they already done it they will do it like notebandi people died in lines.

Nope there is no news like they are making BTC legal in India, and more on that they are trying to put a tax for bitcoin users this year. if everything went fine they will charge 30% tax on bitcoin users. This is not good for BTC users.

India seems to be pushing to tax BTC to have more control over it in their country.
Still, with many people still unbanked, BTC is a great way to exchange value in the impoverished areas of the world.

Unbanked people will use ambani's coin not bitcoin

Bitcoin cant be taxed if you hold bitcoin but you havn't used any exchange then how they will identify ?

Also if bitcoin is taxed then its against its core values then what will be its use ?

some more news

http://www.moneycontrol.com/news/business/cryptocurrency/biting-bitcoin-rs-1-lakh-invested-in-bitcoin-a-month-ago-is-now-worth-just-rs-62000-2484445.html

Thanks

Blockchain and bit coin is different entity , Blockchain is legal every where bitcoin have the issues

So Before reply to bitcoin leave blockchain news , Bitcoin is going to be banned or not supported by gov which leads to death.

Latest news with zebpay , now zeb with new upgraded app stopped purchasing and selling , now only user can trade between them .

Any zebpay user express your views of the starting of bitcoin death in india ?

Thanks

Zebpay was a broker earlier and now turned into an exchange where users can set their own buy/sell rates.Don't spread rumors of bitcoin being banned in India.

Nishith Desai Associates is India’s leading international law firm

Zebpay is exchange from starting show me where they siad we are broker ???

This is not a rumor as as responsible company they should inform there user for this major change ,

Its not rumor . zebpay may be going to be bankrupt due to high decline in recent days that y they done it without informing the user

now what i do with my bitcoins no one is purchasing it ??

I cant even buy a samosha with bitcoin.

 a simple question for my wedding i ordered zebpay caterer to give 100 samosha and zebpay come and say no we are not caterer we are just broker and now we dont have samsho take kachori instead of it ?

Now tell me the legal action i can take against the zebpay else this is no rumor zebpay is going down or doing fishy

Thanks

Hi Guys

I found the reason now

http://www.punjabkesari.in/business/news/big-steps-raised-by-banks-against-bitcoin--it-department-sent-tax-notice-741579

Look like zebpay want to lip from indian official thats why they updated and no trace or anything that they changes the service

Now they sol us there bitcoin and now we own them and we cant spent it

Anny one tell how i can i sell these bitcoin now

indian govt first will take years to think what should they do , so just chill .  ;D

India observing how cryptocurrency work and forming regulation so bitcoin is on verge of legality on the edge new rules will be formed very soon

I am sure we are close to regulations being ready across the country as they have been working with technical persons to have a clear overview of the taxation abuse/laundering.
The announcement date would be a shock and that too at a perfect timing when many things would have been favorable to BTC holders.

What about this ?


http://www.moneycontrol.com/news/business/cryptocurrency/noose-on-cryptocurrency-exchanges-tightens-as-roc-stops-registration-2488799.html

yes it looks like they are tightening the rules on crypto trading by seeing the unexpected interests and investments. soon they might introduce some new rules and tax or temporary ban these trading . who know.

ZEBPAY have delinked HDFC bank accounts now. So you cannot buy or sale with HDFC. I am not sure if they are planning to do with ICICI bank the same. Also if i look at the other exchanges in India, BTC volume is much less compare to global market. So Ban can come anytime.

On another hand,GOVN and big celebrities have invested heavily. So i personally dont think Crypto will be banned in India. Crypto is the future.

All country will regulate but he will not BAN because it's all about TAX MONEY. As like our Govt already declare GST. And more importantly, when something tries to ban incorrectly use of that thing increase dramatically. As a Crypto Community member all we have to do stop using crypto for illegal use it will save our crypto world.

Jiocoin is fraud , you can search post for it here in forum

Mukesh Ambani is working in blockchain not in coin

Who ever is investing or using bitcoin must understand that bitcoin is a sample app which shows how blockchain works
Its hello world program for blockchain


Thanks

i like this idea very much, look china, they did tried to control this, but all we see is more and more chinese around, i think our gov will not lose the opportunity of getting tons of new taxes from crypto traders and earners. they will surely regulate that, but ban will not be an option, we just need to see how they will respond to this growing market in near future

till now all is gossips, just hope if they want to do sth, do it faster so we can understand where we will stand

China not only controlling it they are stopped ICO's and miners need to pay full electricity bills before that they are getting subsidy for it

Now new news

https://www.prabhatkhabar.com/news/economy/cryptocrycency-investment-bitcoin-dangerous/1116598.html

Thanks

The upcoming budget might throw some light on the status of cryptos being legal/illegal in the country.Still, doubt whether this again will be taken as a big thing with many other big issues to be addressed by them

India will never ban Bitcoin as many of the politician and almost all business man are invested in this. And also making their black money to white. If, India ban this the Govt. own self will go collapsed. As of today we are listening Jio coin is coming which is promoted by the Mukesh Ambani the big giant of the Indian business world rather whole world also. If Govt. want to legalize a mere cryptocurrency then how it will ban the Bitcoin which has a great digital currency ever and fully decentralized.

Do you have any data to back your claims with politicians/businessman invested in BTC? If that was the case it would have been made legal some months back.Jiocoin from Ambani doesn't seem to be a coin which would be promoted by the govt when they have rupee already.

Correct ,

1. Now let us know the reason why banks are stop supporting companies related to bitcoin ?  
2. Why Zebpay changes it nature of business in middle of the night without informing its tons of users only after income tax guys visited them ?

http://www.thehindubusinessline.com/money-and-banking/investors-in-a-bind-as-banks-pull-the-plug-on-bitcoin-accounts/article22545347.ece

one more thing Mukesh join coin is not yet came all other are fake https://economictimes.indiatimes.com/tech/software/reliance-jio-coin-at-least-22-fake-apps-on-play-store/articleshow/62695209.cms

Gov may block bitcoin but not blockchain

India already banned Notes which was held by hell lot of people they can easily do ban of bitcoin too.

Thanks

it is a green signal to btc in India.this article it again a precaution needs to be taken in India but will this decide to ban it simply is what needs to be now.

Hi,

Check this out too

https://www.express.co.uk/finance/city/911583/bitcoin-price-news-mining-value-usd-ripple-ethereum-latest

And now facebook ban ads related to cryptocurrency

So who is saying india never ban bitcoin !!! Facebook is earning hell lot of money from them and they banned it how silly mark is!!!

One can't ban Bitcoin genius, it runs on blockchain, no one can stop blockchain. Get some education on the subject instead of blabbering nonsense

I think india banned bit coin (crypto currency).. 🤕🤒

Nope, Arun Jaitley did not said that government is banning the bitcoins or other cryptocurrencies. He said these cryptos will not be considered as legal tender and government does not recognize them. It means people still can continue to invest at their own risk and government will not be responsible for any losses. He also pointed out to finish the illegal use of the cryptocurrencies. Government is also planning to explore the blockchain technology.

Check it out for your reference. http://www.financialexpress.com/budget/budget-2018-bitcoin-is-not-a-legal-tender-but-government-will-keep-exploring-blockchain-technology-says-arun-jaitley/1039815/

Dear Educated user you r right , but can u utilize it ? can u spend it ?

And Are you saying the people protest in Korea are totally uneducated people because bitcoin cangt be banned how silly Korean people .

Chinese also most uneducated people like me they are dumb enough and allowed china to impose bans related to bitcoin

Tell me MR educated person , India want to know .

So we dont not need to pay taxes correct ?

Does anyone know,
Is gold a legal tender in India?
Can we hold govt responsible if gold gets stolen or prices fall?
Does anyone from govt puts his signature on gold promising it some value?

Not banned.  Just another FUD

That's right. It would have a lot of repercussions that would actually bring about more negative stuff that good stuff. The Bitcoin, or in general, the cryptocurrency market, is such a big market that yields great profit. It has exhibited how it can increase one country's economy, capital stock and global transactions, which ultimately helped their economies prosper to greater heights. Also, since India inclining on technology and communication as one of its main means of business, cryptocurrency ventures are right around their alley. It could be a big asset for them if they just embrace it and find a way to actively utilize it.

This exactly what Arun Jetlag said word to word about crypto


Full paper is available here > https://www.scribd.com/document/370488687/Budget-2018-full-text#fullscreen&from_embed

i think it is good not good for bitcoin user so don't ban but apply some more taxes and legalized

"The Government will explore use of block chain technology proactively for ushering in digital economy" which is good.

Lol a government can't directly control me if I'm sending Bitcoins to you. There is also provision for taxation on Crypto Currencies, so you as long as you pay the taxes on your Bitcoin gains, you can send receive legally.
Did you know Bitcoin trading in China had only increased even after Bitcoin trading through exchanges were banned? I bet not, there are always  means to send Receive because no one controls Bitcoin.
And its South Korea, not Korea, there are two countries. The news were just fud, even the ministers there trade Crypto Currencies, they had insider information about the fud and sold their holdings soon before the fud came in.
Just because exchanges are banned, it doesn't mean Bitcoins are banned, what have you even learnt if you think Bitcoin can be blocked/banned from being transacted?
I already gave you the reason, Bitcoin runs on blockchain , blockchain cant be hacked/manipulated or "banned".
Learn the difference between Bitcoin and Bitcoin exchange, they are two separate things.

And how is Facebook banning Crypto Currencies advertising relavent for comparison? Facebook banned the ads because of the scam icos which are popping up in large numbers and giving Crypto Currencies a bad name, and ignorant people fall for these scams and think that whole Crypto Currencies are scams, that is why Crypto education matters.

For a change instead of blindly believing every nonsense told by idiots, who know nothing about Crypto Currencies, please read the exact statement by Arun Jaitley

https://preview.ibb.co/bVw7uR/IMG_20180201_145756_007.jpg (https://ibb.co/mGMJ16)

We had a panic sell today on zebpay due to this fud, it went below 3lakhs with many new investors losing their hard earned money.People should not invest if they cant control their emotions for such baseless fud.

yes i saw 2.5lakhs too, just hope that they are just fud and crack down wont happen.
i am watching tv since morning in order to find a good news, but nothing yet. lets see if they are fud

FM said they will not allow crypto coins  and allow blockchain

You should understand the difference between blockchain and bitcoin.

You can send me bitcoin but they know that you and i both have bitcoin because we already gave PANCard to zebpay, we are all under there radar.

Now how you get insider story of south korea ?

and China if trade is high after ban then why prices are not going up ?

About taxes , if its not consider as legal tender then why tax and  where FM said to pay tax (show me  a single gov gazette where it say pay tax for cryptos ) ?

"Some newbie asked about gold to raise his post count .

Gold is worldwide accepted , you shouldn't ask this question . if someone stole your gold you can go to police and complaint

some one stole your bitcoin , police will kick you out

thats the difference between gold and bitcoin "

Now i think why zebpay changed its model just before this budget , they are aware of this like you have insider story south korea they also may have it like ?



 

So much fud in India :( government is very dumb

This guy didn't even bother reading even after I posted a picture of what exactly The Finance Minister said, DUDE, he said he will stop Crypto Currencies use for illegitimate Activities (criminal Activities), HE NEVER SAID CRYPTO CURRENCIES WILL BE STOPPED

ZEBPAY IS A BITCOIN EXCHANGE.

BITCOIN DOESN'T REVOLVE AROUND ZEBPAY, YOU ARE ONLY AWARE OF ONE BITCOIN EXCHANGE AND THINK THAT THATS WHERE ALL BITCOIN TRANSACTIONS HAPPEN?
YOU ARE HOPELESSLY OUT OF DEPTH ON CRYPTO CURRENCIES, EITHER GET EDUCATED ON CRYPTO OR STOP MAKING IGNORANT COMMENTS

The insider information came out in the news in South Korea after the fud.Really hope you sort out your ignorance, jeez


https://news.bitcoin.com/south-korean-officials-caught-trading-on-insider-knowledge-of-crypto-regulations/

YOU ARE SO EDUCATED THAT YOU DONT EVEN READ MY MESSAGE FULLY !!!! NOW TELL ME WHERE FM SAID WE NEED TO PAY TAX YOU EDUCATED PERSON ?

INSIDER NEWS ON NEWS WEBSITE ????  THERE SOURCES ARE NOT 100% CORRECT READ there disclaimer Dear EDUCATED PERSON .

AND TELL ME WHY ZEBPAY CHANGED ITS MODE OF BUSINESS  SHADY ?

1) Taxation
https://m.timesofindia.com/business/india-business/i-t-will-tax-bitcoin-trade-has-issued-few-lakh-notices-cbdt/amp_articleshow/62755763.cms

https://timesofindia.com/business/india-business/it-notices-to-4-5-lakh-individuals-trading-in-bitcoins-across-the-country/amp_articleshow/62121048.cms

https://cleartax.in/s/bitcoins-taxes-india

2) You should have read the disclaimer about investing in Crypto Currencies, Crypto Currencies are speculative investments, no one guarantees profits.


3) I couldn't give a flying fuck what zebpay's business model is or was, because i don't use it, nor do I need it.

I think Indian government is not ban bitcoin but it will be make some rules and regulation

I am hearing news related to Bitcoin since 2014 and everytime they said " we will think about it " , but so far neither congress nor bjp took any serious step to finalize there view on Cryptocurrency.

Hope it will get fixed.

Hi,

NOW US Bank is doing the same as Indian bank

https://medium.com/@Michael_Spencer/banks-are-banning-bitcoin-buys-via-credit-cards-76e956e73cde

Dear Friend

Looks like i don't know English very much but cleartax clearly used the term "would be" and "may" Which means they also dont sure that xyz type of tax we need to give.

And for the fucking notice is for traders who heavenly invested like 10+ lacs in bitcoin nothing new about it

So still you r not provided proof any thing new here just false if but may be infos . If you go court with this info they will surely kick you out, Discuss on facts

Tell me a single gov doc  where gov says pay tax for your bitcoin .

If you are not concerned about having invested in Bitcoin, what are you moaning about here?

As I said, you are speaking without fully  understanding Crypto Currencies, get educated, until Crypto Currencies are regulated you won't find stuff that are 100% accurate.
The Income Tax department has already sent notices to many people to pay taxes on their bitcoin trades, and I did post a link to the same, you could read it up, but no, you're still here cooking stuff based on bit part Crypto knowledge you have acquired
Why would they send notice for paying taxes if Bitcoin was illegal?


I'm not the idiot here who is confused about Bitcoin and Bitcoin Exchange, and thinks that a pan card is needed for send/receiving Bitcoins.
A pan card is what you submitted because you only know to trade Bitcoins through one Exchange.
 
Understand that Bitcoin is P2P and is actually supposed to be stored in a personal wallet like Electrum etc where you have your own private key, an exchange is just a place where you choose to sell, buy Crypto, which you can perfectly do without an exchange.
No one owes you any explanation or proofs here..Either learn about the matter you speak, else don't speak making arguments based on incomplete information you learnt

Same for You Learn and speak

http://premium.thehindubusinessline.com/portfolio/your-money/cryptocurrencies-not-legal-tender-what-next/article22645271.ece

https://economictimes.indiatimes.com/markets/stocks/news/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says/articleshow/62816635.cms

If jio comes with their cryptocurrency then there would not be any banned it will automatically be legal in India.

Regulations are on the Doar, MARK MY WORDS
enough of media manipulations all these are the media FUD means the regulations are close.
very close.

MEDIA MANIPULATION are done to help JIO and big players this is all that happens in INDIA
PAYTM COIN LINED UP TOO.

This topic will always be alive , we will see.

Regulations are unlikely this year. What may come are the recommendations of the committee, which will create more FUD.

Bitcoin and other cryptocurrencies will never get banned.

Getting banned by one country will be a loss for that country and government when others are adopting it and these things governments understand. That is why they are very careful in making statements.
They are worried about bitcoin because lot of black money is flowing and they cannot control it because black money is huge. This is the reason why China is having so many troubles with crypto-currencies and they know that this tech is the future so many new companies are coming u at the same time in china related to crypto currency.

So this is clear same thing is going to happen in India.
As far as bitcoin is considered , it is the grand dayy of all these coins and it has breathed life into all these coins so if bitcoin goes away others will loose value which noboy will want to ever happen.

There are lots of big institutional investors in space now and lot is at stake for even big players. So only thing that is possible is this space getting mature and stable .


So hold on to your coins with strong hands. Don't be a weak man .

This year regulations will come and market will become mature in India too. There may be some strong steps from government to make a crack down on some illegal looking investments but that should not be concern as long as you are playing fair in this game.

 

There is no any legal proof till now in India. The Govt. not written post bitcoin is the ban or not. If the govt ban it then no one work freedom now this time may be about 60% person work in bitcoin and India Govt. want to Digital money so I think Govt. not ban it.

I hope India may not ban cryptocurrency but may limit it's transaction. User may get permission to transfer only in Indian exchanges and wallet. Otherwise oversea transaction will be track by government. Now all is treated as assets not as currency but mainstream media already spread out rumor, wrong statement about it's legalization. 
If India will create it's own cryptocurrency then it may raise fund using crowd fund. Cryptocurrency have huge market already and a huge collection for that ICO will be. I don't hope India will miss this opportunity.

lol its nothing about black money its just about tax .. they just put or increase taxes for bitcoin nothing else .. mark my words :)

you nailed it ,

they are only thinking how to get more n more taxes . but still it is ok if they charge 20-30% tax on these .

but as per some news it might be 40-45% so that will be really ridiculous .

Agree, as long as government get their share it is all ok with them. I doubt any country will ban Bitcoin - it just don't make any sense.⭐️

I can bet my portfolio on what you are speculating is false,
1. Modi has no control over blockchain or any kind of cryptos even he has no control over the shittier ones. lol
2. Modi has no idea about bitcoin hence he has asked his think tank to get him a report which identifies how the govt can suck out taxes and can be profited through this
3. and lastly I feel demonetization was the biggest scam of the country we used to have no KYC on zebpay or any Indian exchanges before or during the demonetization, AS SOON AS THE BLACK MONEY PROPOGANDA ended these exchanges started KYC. and we have seen the dramatic price rise of BTC  after the demonetization.  I am not saying anything but all the black money was converted then and their itself.
4.india follows the USA , being a democracy they will always follow them so you can check out the historical references of crypto regulation in the US and you will find out how the fake media from the US did the same what Indian media are doing.

India has not followed USA for porn then why should he follow it for bitcoin , it may follow china and korea where they banned ICO's and miners are levied with separate electricity rate means the government has control over it.

Also How can they tax people who have bitcoin mined ? no exchange in-between , they just cant track it so even if they impose 50% tax nothing they will get from small miners.

India can control it, not fully but partially like other countries done.

As of now Indian is forming regulator guidelines for Bitcoin trading in india it is good move for bitcoin investors

Yeah , even I have read articles about the government planning to ban Bitcoin because it's bringing up it's own coin called the "Laxmi".
Indian government has also stated that Bitcoin is not a trustworthy currency and people may lose their money .
On my opinion this is absolutely wrong , they can't declare that Bitcoin is risky only to launch their own.

Yeah , even I have read articles about the government planning to ban Bitcoin because it's bringing up it's own coin called the "Laxmi".
Indian government has also stated that Bitcoin is not a trustworthy currency and people may lose their money .
Indian government can partially control the transactions of Bitcoin like some countries but I don't think they'll ban bitcoin.

actually currently govt focusing to impose and collect more and more taxes ..because indian economy is near to crash because of demonitisation etc. and if btc is taxable then govt get a huge amount of taxes .. because after 10 lakh the taxes will increases as hell .. (upto 40-50%) and most of btc investors have invested more than this amount  ;D

From where do you guys get those figures of 40-50%, if implemented this would be really disgusting to see so much of higher tax and indirectly forcing people to stop investing in cryptocurrency.

exactly from the places we here these things "does the mining fee is sent to satoshi who has an empire somewhere". lol.
Fake media!

If it is going to be banned really then why just india? Every country has to close it why would india only be unable to get enormous profits?

i Think if you search for hardly you will surely grt it one they

Notebandi is done by India only , I do not understand why people compare Indian policy with other countries , are we followed policies from other countries like only graduates are eligible for police services. no, we allow 10th pass to join police force  and beat graduates .

I think it may happen due to insecurity in it and also in support of fighting black money spread in india.

I think may be Ico id good companies and they are sending money in frawd ways emrging  as online recruiter.

It may become difficult to buy bitcoin or for that matter cryptocurrency using banking, as many banks are considering it as risk n easy way of siphoning off money. Though it is incorrect and crypto are becoming scapegoat for the mistakes of other. I dont think GoI may ban it.

No it would continue to reign as ever because banning bitcoin even in a democratic country like india because for that we have to close about dozens of newly p

I dont know what this ICo actually is :P

I dont think it would get banned because its people's choice to whether get decieved or not; its just duty of government of make aware of its potential dangers

I havent invested in cryptocuttency in recent but did so in dont know what the hell is happening.

As of now Govt. of India has no legal position on Bitcoin or crypto-currencies.

It is highly unlikely that trading in coins will be banned. At most it might be brought under regulation.

I found the bitcoin topic useless; who asked you to look into the matter; you yourself get into it and if govt even bans it you can fdo nothing.

Some say gov will ban and others say gov will legalise ..Let's ses

If INDIA will ban BITCOIN Then why RELIANCE and Sahara is planning for cryptocurrency
They will not make this legal, they can only stop people for doing any transaction in BTC

No security is provided if any fraud will be done using BTC in INDIA

The government won't ban Bitcoin, if it was the case they would have done this earlier in 2017 rather than setting a regulatory body to look into it.I am happy to see the PM praising the blockchain technology and asking for a rapid adoption on his twitter handle.So there won't be a ban ever :)

This is highly unlikey, if not impossible. And it is impossible for any country to ban a cryptocurrency (decentralized system). The most they can do is put a ban on exchanges or regulate them, which works fine for us I guess. China has been trying to ban it since 2013, and yet it is one of the most prominent trading centre of cryptocurrencies.

It is utterly impossible for any government to ban cryptocurrencies. Don't forget it is a decentralized system. Regulating its trading by regulating exchanges is the most they could do IMO.

Not happening any time in near future.

So while the banking regulators in India were bashing bitcoin for being "unregulated", a $2 bn fraud ring was growing under their noses. One of their biggest banks (regulated) was doing all the money laundering.

Honestly, it's almost as if money laundering is the job of banks  ??? !!!!

It is because Govt will lose its income if it legalise btcs and fiats will disappear.

India wont ban cryptocurrency>>BTC. Howver, Govt has committee which comprises of RBI and SEBI chiefs to identify how to regulate the exchanges and crypto trading. By end of march the will present its results. It is highly that Govt will introduce cabinet approved bill which will ban intro several regulations to ban illegimate transactions. They may introduce TDS on exchanges for collecting taxes.

I will support govt in banning. I don't want my country to go to wrong path.

Why for you were in the forum. Such users need to be given ban, because we need to promote and make it grow reach next levels. Such words from the above users will generate negative thought among other users as well spoiling the growth of bitcoin as well other digital currencies. In my view India has shown positive sign for blockchain technology, so possibly they'll accept bitcoin.

Its not that easy as govt have to provide supportive evidence against the decision which is difficult.

Before making any comment , first understand the difference between bitcoin & block-chain

Blockchain provide a way where you can keep record and can not be altered easily .

Bit coin is sample app which is used demonstrate the use of blockchain.

You can either treat as currency if someone is willing to pay else its just a value .

Jio is making solution with bitcoin they can call it as coin but its not a currency .

Its like porno is legal in india but child pornography is illegal , but police use that law for normal pornography and try to make money from common people.

Block chain is legal in whole world but implementation are banned.

Bitcoin's main aim is to disturb censorship, control and you as a bitcoin user want to ban who say to ban other user .

First clear your ideology, if you say banning of  LORENthetiger  is correct then the same law apply to bitcoin also ban it too.

You are acting as government and guess what people say government  ;D :P

The bitcoins in India were banned long back and are considered illegal.

Bitcoins are illegal in India according to the new guidelines.

Stop spreading false rumor without proof . Nothing is Banned in India , Govt. still not decided Crypto position so do not spread false rumor and FUD .

They are illegal in India as per the new wave and the policy.

The bitcoins have been made illegal by the government on India.

WTF. Don't spread FUD here.

I don’t know anything about it as it doesn’t matter to me much.

No government can block bitcoin.. People need to understand that bitcoin will help governments and countries eradicate poverty.

No government can go against such a great level of innovation

The country has banned and declared bitcoins illegal.

I don’t think people in India know much about the bitcoins and its anyways banned.

The Bitcoins in India are dead and no one even uses it.

in india bitcoin is either illegal or legal u can trade on exchangers nt on cash and u cant use it as payment processor

The finance minister of India considers Bitcoins as illegal and its of no use.

The government of India has made Bitcoins illegal.

Arun Jaithley said bitcoin is illegal but not the blockchain technology
They may adapt blockchain technology in future for various government schemes or related services, but regarding both the legality and such adaption there is no specific guidelines or info provided yet.

So it's still wait and watch as Companies like Zebpay and Unocoin still operating.

This is just a speculation. Why would India ban bitcoin if people are paying tax on cryptocurrency and government is getting benefitted. Government is Greedy... Whether it's a pan shop or bitcoin... As long as these guys will get taxes they are not banning anything

They are just spammers, until they get a bribe, but Bitcoin needs to remove from India as this is not a known company or known person who runs Bitcoin.

With appointing Ajeet Khurana, the CEO at Zebpay, as the head of Blockchain and Cryptocurrency Committee, government has indicated that they aren't going to ban cryptocurrencies in India. But are in the process of formulating the regulations for the same. Recently Zebpay joined hands with ClearTax to help investors file tax on Bitcoin gains. This shows that there ain't any ban coming in future, but a proper framework to tax and regulate cryptocurrencies. Also, the recent G20 verdict regarding pushing the use of cryptocurrencies and giving them a boost also indicates towards a positive conclusion from the Blockchain and Cryptocurrency Committee.

That is a shit company and they are looking for their own food instead of investing into unknown companies.
For Govt too they are looking for their own food by taxing poor people.

Do you know Bitcoin will strive forever or does it bring profit?

Government have already banned all the Cryptocurrency in India. They are fools because neither they have a brain to understand what Cryptocurrency is nor they can understand how useful it will be for future.
I hope soon the Government changes and someone reliable and intelligent person hold the chain of government.

I agree ,because Indian Government is now supporting technology a lot for benefits of the Indian citizens .Many programmes run by government are utilizing internet ,advanced technologies for fast and better services.So cryptocurrency will also be very soon legalised.

Did any one listen to the RBI monetary policy today ? There was a mention of Bitcoin operators to be made illegal - I didnt quite catch it , but if anyone who heard the RBI Governer talking today, maybe he could explain ? Else will have to wait for some news bytes to come in to make a clearer picture.

This is the minute from todays RBI monetary policy report -

"MPC has decided that entities regulated by RBI cannot deal with or provide services to any individual or business entities dealing with or settling virtual currencies like bitcoin."

My understanding on this is that Banks (entities regulated by RBI) would not be supporting any of the bitcoin service providers in india ( zebpay / Unocoin etc ) in any of their settelment processes . That means that  linking your bank account with these service providers to withdraw INR from bitcoin exchanges would be deemed illegal from now on. Not sure how banks would take into account the already liked zebpay/unocoin accounts . Its wait and watch .
Anyone having any other view ?

Here's more news on this

http://www.financialexpress.com/market/cut-all-ties-with-bitcoin-cryptocurrencies-rbi-tells-banks-financial-institutions/1122629/

So the big investors will have to set up accounts outside Indian to invest in crypto now. This is a bad news for small investors.

Finance minister just said that it's not legal tender. Govt. Of India has maintained same stance since last three years.

Hi,

So bitcoin is finally banned :)

http://epaper.bhaskar.com/detail/56625/4614031911/mpcg/map/tabs-1/2018-04-06%2000:00:00/172/12/image/

There are many rumors spreading like these in the market. But I don’t think so this will happen because banning Bitcoin is not a small step. As there are so many people investing and having faith in Bitcoin, it won’t be easy for the government to ban it. Yes they can try to add some regulations regarding it to minimize frauds.

yes, bitcoin is going to ban in three months after so finally ban in Indian and indian government told in all news channels.

https://www.quora.com/Is-bitcoin-going-to-be-banned-in-India-in-2018

It is unlikely that bitcoin it will be banned .....

India didn't declares it illegal yet , and I hope india will never do it in future , crytpo is the future , blockchain technology is the future , that's why they made a committee to understand it and if it possible and beneficial for economy, they will implement it ,

Check the news

Committee head clarifies cryptocurrency not illegal india  (https://www.google.co.in/amp/s/yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/amp/)

Govt may not ban bitcoin officially. It has already taken action on it through RBI.
RBI announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship.


Read more at:
//economictimes.indiatimes.com/articleshow/63769567.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

I think  government can't ban bitcoin. Because it is the most popular cryptocurrency. Most probably  government  can put some boundations on it. Even government  taken action through  RBI and announced to ban it within  few months but the may not do this.

bitcoin is not a plague or deadly disease for government to waste time on it, there are many issues in India which needs immediate attention.

really, No security is provided?

As per RBIs new regulations, btcs has already been identified as an illegal currency in India.

  A former Public Relations Officer in RBI told me "The RBI absolutely has No Rights on bitcoin, because bitcoin is not a currency issued by any Country or Government. According to the RBI Act of 1935 RBI has rights only on banks and fiat currencies"

Blockchain is the technology of future. Its a new platform in this globalized world. All the developed countries are accepting the importance of Block chain as a technology. Many indian banks and companies have started partnering with crypto firms. That itself indicate an acceptance of this technology. Yes there are certain problem that are faced by the government due to these crypto trading such as money laundering, tax evasion, capital outflow, Black money. Definately some regulation can be expected to solve the problems. now the fight is that crypto currency talks about decentralization and government would be preferring regulations. Now the question is what would be the ultimate solution. Now whatever may be the future, its for sure that completely banning this would not be the solution.  :) 

India will not ban crypto and banning crypto means banning blockchain sector projects and banning opportunities of youngsters. Cryptocurrency are the fuel of the blockchain. We all are seeing the rise or blockchain technology and it's pottential to help society. Indian government are praising blockchain technology and several government have also announced they will be using blockchain technology to control property related data, medical data etc. Then chances are lower of banning cryptocurrency and in future Indian government may leavy some tax implementation and regulations on cryptocurrency for sustainable development and adaption.

Now amidst all the FUD regarding India banning cryptocurrencies and I would like to make everyone understand that it is only the banking channels through which usage of bitcoin and cryptos is being banned. Not exactly bitcoin. RBI clearly said in supreme court hearing that it does not has the authority to ban bitcoin and nor can take relative measures as to it. While this power vests with the government they too won't ban it that easily because of large vote bank behind it and upcoming elections. So now the whole responsibility of this case is with judiciary who are in process of considering every fact and figure and this hearing has been shifted to july. So no ban till july for sure.

 RBI is  concerned about investor protection, the anonymity of transactions, and lack of intrinsic value of the cypto.

I don't think it is going to be banned, this country does not fully understand bitcoin and it's implementation as of now. People always mould everything according to their need, bitcoin might end up with limited applications into the system.

There is still hope, Check out the article published today, there might be a possible regulation.

source-https://www.moneycontrol.com/news/business/cryptocurrency/indias-cryptocurrency-regulation-in-final-stages-3447481.html

Government may declare bitcoin as illegal but circulation of cryptocurrency will still be going all over the country and also they can cash out their by selling small parts of their cryptocurrency by converting usd into inr through PayPal or any other providers. Also there are chances of being crypto legal in India as the digital India pattern is being followed. Also their were news that RBI and Reliance both will be introducing crypto coins. Only problem is the taxation system or else all other things are perfect in cryptocurrency to adopt it. Also the court has still not decided whether bitcoin will be legal or illegal. Let's hope for good news

This is a wrong concept, even if a government bans the crypto currency market they could very well use the blockchain for several projects that are useful for them. But banning a revolution in the financial sector is not a good idea in any terms, they need to come up with regulations to protect the users from scams and other hacks.

If every transaction is made public and cannot be removed or edited how can that transaction be of anonymity and all the exchanges are strict with their KYC implementation and this is another wrong concept some are thinking even after ten years of bitcoin inception.

This has been under discussion for a long. India being the biggest democracy in the world has got lot of cryptocurrency users. Once after a ban statement the functional government of India took back the ban and now it seems to be under discussion whether to allow or not. Now regulatory compliance were under preparation for bitcoin usage.

I don't think INDIA will ban BTC. Modi is a cleaver man,  he knows it is important to adopt new and trending technology to match the world development speed.  Moreover INDIA follow USA in terms of technology development and to get outsourced work. BTC being an easy and cheaper mode of international transaction(ie transaction around the globe), therefore it is used to get paid for outsourced work in India. So no govt.  Want to loose their foreign business,  so banning BTC seems to difficult at this point of time.

I don't care about the government anymore. If somehow government is being able to ban cryptocurrency(correction, RBI will ban cryptocurrency) I still going to trade cryptocurrency it's just I cannot bring that money in Indian community or economy. But I can still spend them outside India for example on a service or I can buy a course or whatever it takes there are hundreds of option I can go for I can even buy Amazon gift cards or any other method I can even convert that money into the stock. There are literally hundreds of options some of them are legal actions and some of these are illegal as long as I did not choose the illegal path it is safe for me.

Yeah he is clever in certain ways, just a simple google search and you can see many clever things done by him :D.
1.As Gujarat CM, Modi got his caste in backward list for poll gain (https://www.hindustantimes.com/lok-sabha-elections/as-gujarat-cm-modi-got-his-caste-in-backward-list-for-poll-gain-mayawati/story-qFWVU6RZWntXaONaQRpzoO.html) No doubt it is a very clever move to get votes.

2. PM Modi’s affidavit reveals he had gifted himself a plot as CM of Gujarat (https://www.nationalheraldindia.com/india/pm-modis-affidavit-reveals-he-had-gifted-himself-a-plot-as-cm-of-gujarat). This is another clever move, gifting himself a plot, i am not sure how he was planning to cover up these things  :D.

3. There are many intelligent moves by him when it comes to demonetization, GST  and recently his degree claim but no class mates  :P :D.

I am stopping this here, the government is planning to ban the entire market, they have almost destroyed the traditional exchanges a year back and now they will come up with stupid findings to make some waves and terrorist funding through bitcoin will be their main card as if fiat currency is not used to fund terrorism, if they use bitcoin it is imprinted in the blockchain and the money trail will be there, that is not the case with fiat and still that will be an excuse. Either way serious traders will continue to find a way to trade and no dictatorship will live for a long time. ;D

If they ban it, the chapter is closed as even if people illegally try to trade it, it will be the same like buying illegal goods. In my area, majority of the people are Gujjus and Modi supporters but I haven't seen any big positive changes brought in by BJP. Even this budget tried to prove itself as a positive step by increasing the tax bracket to 5 lacs but they did not actually increase it but just gave 100% tax rebate. Banning bitcoins would make them appear as they have taken a  great step in curbing money laundering so I don't see why they wouldn't do it as many Indians already hate cryptos.