Bitcoin Forum

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

Regulation for cryptocurrencies is pretty much inevitable, sadly. The question at his point is when regulation will come, and how it will be implemented. As for India's case, it doesn't look like anything is set in stone yet, so it's too early to talk of bans. The way it usually goes, though, is regulation is announced and is typically is slated to take effect on a future date. This way, there should be a small window for you to cash out. India is a very populated market though, and it would hurt Bitcoin's future outlook if it gets banned there. For now it doesn't look like there's anything you can do but hope for the best, and avoid getting involved in anything shady to stop Bitcoin from getting an even worse reputation.

Yes, India is a huge market. If the happens, it will really be a huge blow to bitcoin.But I just want to know if we can cashout our bitcoins even after the time  window for cashing out has finished.It would be good if any completely decentralized exchange is there.In my opinion if paypal accepts Bitcoin, it would be good.

The days of the crypto wild west are coming to an end.

Scammers have been running wild and it's time this ends. Unfortunately this requires some forms of regulation.

You are correct. If ICO's are regulated then it will be Ok.But what if Bitcoin is banned completely because of its volatility?

Anything that's stay unregulated will always have some criminals activity inside it, it's a natural law that bitcoin which currently stay unregulated in so many regions considering its decentralized nature will eventually regulated by every government in the entire world once they find out how to regulate such things.
I've predicted this to happen in the future as it's such an obvious future of bitcoin and the only step for governments to handle this "unregulated state" in their economy.

India is a huge market for bitcoin. Not even 2% of Indian people know about bitcoin.Imagine if Indian people invest in bitcoin, how big it will be. Thankfully this news s not confirmed yet.

The regulation is done to have some control over the illegal activities which are creating monopolistic control and practicing the wrong decision. Similarly with growing popularity of btc the scammers and hackers are using it for gambling and sale-purchase of drugs and other things which are banned.SBI the largest bank of India is adopting blockchain technology to its system which clearly indicates that government do not want to loose control over fiat so they are taking such decisions.But it can give w blow to large individuals.

Well, the government also wants their presence on cryptocurrency. I think they cannot control the blockchain transaction but from the exchanges, they can get your data through their KYC files. I am hoping this will be put into good use in combating fraud.

That's somewhat not good for the crypto community of India. The current and the previous government had failed miserably to provide a decent lifestyle, job and healthcare to the citizens of India. The number of Private hospitals are growing in numbers because government has failed to provide a decent healthcare to the citizens. Most of the politicians of India are uneducated.  They don't have the power to understand what internet is, leave alone the blockchain and crypto currency. 

The biggest joke of India is that, you need to be a graduate to get a job in a government office, but you don't need a minimum education to become a minister to run the entire department. So we can expect a very little from them. If Indian government is planning to take a stance in this debate, that is most likely to be negative. I am not having a good feeling about it. 

We need to keep a close eye of the development of incidents. If we see any such banning is going to happen, we need to sell out our bitcoins to the international exchangers and get back the cash. Or else, we need to use it illegally. There's not middle path to take.

I think that gradually the governments of all countries will begin to regulate the crypto market. And this is not always a bad thing. The question is only how it will be realized.

its really good because INDIA is a big market.for every country .and there is a lot of users of bitcoins and other digital currencies in india..

I agree. I have said many times that as governments would see its potential and the great possibility of how it can help their local markets improve. It would be so inevitable for these institutions not to control the bitcoin market and its use by way of making laws and/or taxing it for their gain. The higher the potential bitcoin carries, the more it would likely call the attention of the government to do something that would do something in their favor.

Is this good or bad though?
The regulation of Bitcoin to me makes it better. It shows it is big enough to be noticed by authorities now and encourages further adoption. Why is this bad besides criminal usage? Oh also, if it really does dent the price (which it currently isnt), it will help burst this price bubble so we can get back down to a real value.

Well that's the problem with centralized exchanges, they can be easily shut down or hacked. Anyway, if things get well done, and even if a ban or shutdown happens, like we saw in China, exchanges should be given time to perform the shutdown, and their priority should be to allow it's users to withdraw their coins. I hope the ban doesn't happen of course, but I still don't know what is their position regarding bitcoin.

I'm actually in favor of regulation, because that would speed up adoption, if bitcoin gets accepted of course. If it doesn't get accepted it's not all lost, since people will still have the option to use it, since bitcoin is able to go around governments. All these news just make me love Japan more.

I guess it will come down to an analysis of capital flows. If Indians in the UK (say) use Bitcoin to send money home, that that is a positive flow for India. If the recipient cashes in the Bitcoin for local currency, then the exchange will have to do something with the Bitcoin. If it is held as an investment, then that is aan improvement in the capital asets for India. If it is exported back to the UK, then that is neutral for India. Governments are not very intelligent in the main, and they may just look at the perceived capital outflow of Bitcoin as a negative factor. It becomes more complex if one considers miners based in India.

if Bitcoins are banned by Indian Government there are some direct implications-

Bitcoin exchanges like Unocoin, Zebpay needs to shutdown.
There will be the price drop in the bitcoin value.

May I know what is your basis there will be a price drop for Bitcoin value? Is it because according to what you've said that the exchanges Unocoin and Zebpay will shutdown? I don't know if Zebpay and Unocoin are popular exchanges. This is the first time I've heard of them.Bitcoin will not be affected just because those exchange sites will close. It is already stabilizing its value and might increase more this coming months.

Don't be worried about how you can sell your bitcoins to fiat, there is always a person to buy bitcoins whether from India or a different country. You know what, following this kind of news/circulation will only spread the nasty news which may cause FUD. Just buy and HODL until your target price, that is the whole point of having bitcoin. You shouldn't really be bothered about how are you going to convert your bitcoin to fiat if it hasn't reach the target price in the first place.

I do not live in India but it's important to get Bitcoin either neutral to local Indian law or implement regulations like in Japan.
India is big country and it's very important to see Bitcoin and cryptos are legal there.
It could be worst scenario to see people trading or holding BTC illegal, trading in the grey or black market.
With wide internet usage and VPN service, it's not any technical problem to trade or keep BTC in other countries.
Let's hope the coming regulations do not harm use of Bitcoin and alts in India.

The growing value of bitcoin makes it more interested to government to regulate them to have control over bitcoin this is very obvious why many countries are now looking into bitcoin, they are afraid of the capabilities of bitcoin to rule the economy. I don't know what's gonna happen but if many countries will ban bitcoin this will result negatively to bitcoin market and maybe the value will drop anytime soon.

We still don't know how the regulation is going to be implemented and whether or not the exchanges will be banned. It is still a pending decision and in India's case the decisions have always been delayed ;D No offence since I am from India too. There was also a misconception that India is going to ban Bitcoin and other crypto curencies but then the news said that the court was just asking for a decision and not banning the exchanges.
I believe Indian government will make a decision in favor of Bitcoin since it is being used and implemented by many other countries now and India never sets a foot back on developing the country.

India is a very big market, I hope this decision will not have too much impact on the market. Maybe the norm is a good thing, but the news takes time to digest.

wooo big news

There is no way they can REALLY regulate cryptos and if they ban it.. lol good luck. Then they will crush an already thriving startup culture killing a revenue source.I think Just buy and HODL until your target price, that is the whole point of having bitcoin. You shouldn't really be bothered about how are you going to convert your bitcoin to fiat if it hasn't reach the target price on top.

India is such an insignificant market that nobody cares about it.
1 billion people but it doesn't matter since their entire wealth is below that of 80 millions germans.

Seen a major exchange in India?
A large company using bitcoin?

Even if we speak about bitcoin full nodes, India has only 50 of them, and it ranks 27 in the world.
https://bitnodes.earn.com/
Put your pride aside and face reality.

I don't think anybody questions a governments 'right' to regulate bitcoin.
It's actually the wrong sort of question.
The question is:  HOW can they possibly regulate bitcoin?

It's like asking the postmaster to regulate email.
They simply don't have the tools.
We aren't going to hard fork bitcoin to code in some regulation.

I think it is a little bit early to talk about regulations in India. However, it will happen in the future and we all know that as India is a big market. Question is how they are going to regulate it. Let's hope it remains legal

these two have no connection and most probably the Indian government will regulate bitcoin and ban ICOs like everywhere else did.


regulating bitcoin doesn't mean banning exchanges!!!

and it always depends on what they will do when they regulate bitcoin. sometime the rules they set for bitcoin and trading it. in most cases they are not that bad and it helps bitcoin move forward and increases the adoption and as a result increases the price because a lot more people will be investing in bitcoin from then on.

looking and bitcoin price over in India it seems like the good part is correct as the bitcoin price is rising fast over there and is higher than western markets.

i dont understand why all countries are rushing into bitcoin only ?

is it poor marketing from other better coins ? :P

Regulation on a certain market is actually a good thing, it will help people understand  what cryptocurrency is. Also with regulation it also suggest of legitimization of the cryptocurrency market. There are always Pro's and Con's but if we really want cryptocurrency market to succeed we need to face the reality that government will try to regulate it.

How do you think that a country would be developed with bitcoin?

He might have been talking about potential. An India ban means 1 billion less potential bitcoin holders.

India wanted to regulate the work of crypto-exchange exchanges. Have not you done it yet?

Most governments are going to want to place some kind of loose regulations around Bitcoin to protect it's citizens against scams. That's somewhat natural.

I think bitcoin regulation is predictable and sooner or later, every government have to do it. But you all should think that would be a good step for strengthen bitcoin because if they regulate bitcoin, user should think more secure when holding it, the price would be more stable and there are less dumps like before. Ofcourse it brings some bad affects like tax for payment but just a little problem.

The Supreme Court of India has so far asked the government to introduce the regulation of the crypto currency. This does not mean banning it. Moreover, I know that in India the government, although with a history, but rather loyal to the crypto currency. And the regulation of crypto currency is waiting in the near future in almost all countries. So we hope that India will join the list of countries where loyal rules for crypto-currency will be established.

There are enough laws to protect citizens from fraudulent individuals. You don't need to establish stringent regulations for Bitcoin use. In countries like India, the question is how much power will the government be willing to surrender to Bitcoin? Otherwise, you can expect a crackdown on Bitcoin.

i think they will stop ICOs as china done .
but they never will bann bitcoin completele , maybee they can thake taxes on it :D



regards

They have to do it, India is one of the biggest country in the world and it's also like a sleeping giant. Regulations are expected to come since people who are scamming will use bitcoin or crypto currency for their bad intentions. And another thing is that bitcoin can be a good source of hidden wealth and profit, so they just want it to regulate and in the end bitcoin will be taxable.

Yeah it is necessary since bitcoin network cannot be controlled by any entity and also the anonymity of it makes the cybercriminals make a fraudulent transaction like drugs so, they had to put some sanctions to bitcoin services like bitcoin exchanges to control bitcoin from the outside and also to stop the cybwecrimnals doing illegal activigie on the internet

Some countries had understood thats is better to regulate crypto then try to go against it, since at the moment there is no way to stop more crypto world, the best thing they can make is to regulate it soo investors can get some kind of protection agains scammers. India is doing the first step before the legalization that is regulamentation, soo as China they are taking care of the people wich does invest into crypto.

Good news. Regulation = legitimacy, meaning people will not be afraid of bitcoin, allowing it to expand even more.

Regulation itself is not a necessary bad thing per se. If done properly, it should better the environment and facilitate further growth in both value and acceptance. However, there is always a fear of the influence of those who are powerful and have influence on such choices.

It’s a very great news and I knew that India will regulate bitcoin because I know that India need bitcoin for its people because still in many part of India there is still poverty and bitcoin is only currency which change a life of people and India is such a largest country in world so I think if bitcoin become regulate in India so it will help to bitcoin as well.