Bitcoin Forum

Is bitcoin legally recognized by the Indian Central Bank?

As I know Indian relationships with bitcoin are pretty rough - Bitcoin exchanges are prohibit and permit operations with digital currencies are not expected in the short term.
Meanwhile Indian neighbour Bangladesh totally banned bitcoin. There transactions with every crypto may lead you to the jail for long period of time. I hope India will not follow this example and smooth their position to crypto currencies in the nearly future.

Friend, its not  recognized as a legal currency in India. Even the reserve bank of India has warned all the bitcoin users about its usage. But there is no problem in holding it or trading it. Very soon government will do something to regulate it . I heard that they are going to regulate it and make it taxable in goods and commodities section. Lets wait and watch what's going to happen in future. 

India is one of the few countries which find it difficult on deciding what to do with Bitcoin and the cryptocurrency in general.  The politicians and bureaucrats could not unite themselves whether to regulate and legalize Bitcoin or just like China ban the whole Bitcoin trading. However, let's give them time as we could not fully blame these leaders since Bitcoin is something new and there are expressed fears and doubts as to what impact it might have on its fragile economy.

I am always telling people that countries who are in doubt should look at Japan as the most successful and important model for accepting and embracing Bitcoin. They can indeed learn a thing or two (no, the lessons are enormous) from the Japanese. Japan is a rich country and Japanese are known to be good entrepreneurs yet they rolled out the red carpet for Bitcoin because they are sure that it is a blessing rather than a curse.

India is one of the most ripe and biggest possible market for Bitcoin. Once India would finally established the regulations on Bitcoin within the country then we can be sure that it would be a big hit and there would be exchanges to operate within its jurisdiction. India should not and must not squander this good opportunity.

I too believe that if India legalize bitcoin by following the Japan, then it will lead India to prosperity. A lot of people will start their own business based on the crypto currency and overall IT related employment will increase which will make the youth happy. Government will earn on taxes. So it will be a win-win situation for both of us.

But the problem is with the politicians and the bureaucrats who actually doesn't have the brain power to understand the fruitfulness of bitcoin and its impact on the economy. There was a Member of Parliament Kirit Somaiya who once said that bitcoin is a ponzi scheme. It proves, that they are simply not interested in understanding the bitcoin and the related technology. Whatever money matters goes over their head, become a ponzi scheme for them. That's laughable and hilarious. So I expect very little from this old aged politicians.

Their is still no law that justifies the legality of Bitcoin in India.We have still no answer that whether Bitcoin is legal or illegal in India.But it is said that a decision will be taken regarding the legality of Bitcoin in the coming month of April. Bitcoin is a type of crypto currency that has a lot of potential to improve the economy of India.So it is better for Indian government to declare it as legal by imposing some regulations instead of declaring it as illegal. Bitcoin has the caliber to help the Prime Minister of India to achieve his aim of making India a cashless country.

After the collapse of 30% last week, bitcoin over the past few days has grown by 33%. That was promoted by growth of demand on stock exchanges of India, the second country on a population number in the world. And it happened after the government of India recognized bitcoin as legal currency in their country.The efforts of bitcoin-exchanges in India on market self-regulation allowed the Indian government to reconsider sectors of bitcoin and digital currencies, despite the criticism of a number of politicians who don't have enough knowledge about the crypto currency ....
Despite the negative attitude of some politicians, the government of India has come to a decision on the future regulation of the market and ensuring equal conditions for bitcoin-exchanges, which have allocated a significant amount of resources for standardizing the market and industry ...

It's not illegal there. Reserve bank of India is not going to regulate Bitcoin, they stated  But you can't expect central banks to be friendly to bitcoin. There's still chances that they implement a total ban to Bitcoin. https://www.google.com.ph/amp/s/inc42.com/buzz/cryptocurrency-bitcoin-india-cme-group/amp/.  Anyway, bitcoin adoption there still small. So government should not alert by Bitcoin there. India just launched their own exchange. This is a good sign.

At present the matter had gone to Supreme Court and  court has ordered the govt to either regulate this currency or else ban it. If govt finds it difficult to regulate it so they are left with no other option but will be banning it. Also they may then bring their own coin which would be only legal.

nop, as of now bitcoin is legal in INDIA,bitcoin is still being used as its not illegal, but government has warn users about bitcoin and scams or frauds related to it and i am not sure they are going to help if anyone falls into this category of fraud.sometime before ,news was in air about legalization of bitcoin but still no law has been defined yet,decision of banning or legalization of bitcoin is still hanging in between.

Indian Central Bank or Reserve Bank of India is absolutely silent regarding any issue about bitcoin. They neither banning it nor supporting it. The trend is such that they have not even been able to draft a law for its regulation or taxation. This makes me quite dubious about future of bitcoin in India. It being a quite fragile economy is absolutely not in a condition to promote BTC. Still worried what will I do if it is banned.

True! We haven't yet heard anything from our Central Bank or the finance ministry yet on bitcoin. Which makes bitcoin's legal status unclear in India. It's neither legal nor illegal. It's good till the time they stay neutral, because if they start thinking about bitcoin, most likely it will be banned because our Central Bank runs under political pressure. Also we will see a lot of pressures coming from the commercial banks supporting the ban. So till the time they are silent, it's good for us.

Bitcoin is not legal in India and the Indian Central Bank warn the people of not using any digital currencies at the moment while the government is continue evaluating the digital currency in which they will regulate it very carefully to ensure that safety of the use of this currency in the future  therefore you should wait for a while until it can be declared legally to use.

Talking about legality of bitcoin in India, it is not yet confirmed or even there is no news about the topic . It is neither completely legal nor completely illegal in India . There may be some announcement in next year about the topic but still no heads up in any news. Still i think it is really important that bitcoin gets legal in as many countries as possible so there will be more stability and reliability on the currency. I think looking at the market status and growth of bitcoin India will eventually make it legal , may be they will have some rules and regulations .

As of now, bitcoins are not yet legal in India. Reserve bank of India has already warned the people to invest into bitcoins on their own risk and there are minimum chances for legalization of bitcoins.

No, bitcoin is not legally recognized by the Central Bank of India. And they will not make legal bitcoin as money in the near future. But bitcoin Exchange is legal . Gov is working with some Institute to track the bitcoin transaction and gov want to regulate the bitcoin but they have no intention to put a ban on it.

Not yet, Indian Central Bank Will Not Allow Bitcoin as Legal Tender.

BTC Legal Status is yet not clear in INDIA. But many INDIANS are getting into crypto-market nowadays. Seeing the popularity of BTC, Supreme court of India instructed Govt and banks to take reasonable steps to regulate BTC. Let's see what step Indian Govt take in order to regulate BTC, and will these steps able to protect BTC users interest in every way.

Bitcoin status in India is up in the air so to speak. But unlike Russia, India has been pretty much consistent with their statement with bitcoin. There are lawmakers who truly opposed bitcoin, but there are also a lot of financial institutions who wants Indian government to recognized it. But as far as I'm concerned, they haven't deny nor confirm it yet. Maybe they are really divided as to what to announcement. And to think that they are not yet illegal their, you will see that the price of bitcoin is high or at a premium price. So imagine what will be the price of it once the government has finally legalized it or put a regulation on bitcoin and cryptocurrency in general.

I can’t make judgement now as there is always bad and good news about the standing of cryptocurrency in that country.. And that is normal as most of the time,, it happens throughout each country.. But sooner that the government or the influential Indian people would realized that bitcoin can give more of advantages to them is better.. I know that there is massive bitcoin users in that country that profiting from it.. It might take time but it will soon be legalized in that country and I’m positive about it..

Supreme court has given clear instruction they should regulate it and if government finding it difficult or cannot regulate it they will have to ban it. There is no other alternative to it. So what will happen is that if they ban it and still they want to make use of this technology govt may bring their own coin and which would be only legal in India then. 

i think bitcoin is still legal in india. and i hope it will be forever.

Bitcoin is neither legal nor it is banned in India. Digital payments are all of the rage in India right now. That isn’t surprising, given last year’s demonetization efforts. Companies such as Zebpay, Coinsecure, Unocoin, and others are all competing for the top position. That is a positive sign, as it may hint at future Bitcoin adoption throughout the country. That will mainly hinge on the new regulations being handed down by the government, though. Indian citizens are certainly bullish on Bitcoin right now. This is not a big surprise, given the recent price trend for the world’s leading cryptocurrency. Moreover, it is not just the average consumer getting interested in Bitcoin. We also see high net worth individuals in India favor for the world’s leading cryptocurrency these days. It is evident Bitcoin is a great investment tool for anyone on the planet.

Firstly ,bitcoin trading is not regulated in India. So, just like SEBI regulates the stock market, there is no entity which regulates Bitcoin trading. While this makes it risky to trade in bitcoin, it sure doesn’t make it illegal as no law prohibits Indians from trading in bitcoin.

As far as I know bitcoin becoming recognized by the indian bank , but still not implementing bitcoin and yet it's not ban that's the common misunderstanding on some that they think bitcoin ban in india , no it's not. Here is some prove feel free to look at. The government is still talking about bitcoin , they just afraid because of the bad image of bitcoin , they just spreading awareness for the people of india who's been investing on bitcoin.

Link: https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

Bitcoin is legal in India.Due to some unwanted fake news,the investors in India is reduced.You make them to understand that bitcoin is legal in India.It's good work buddy.So the people in India can inverse their money in bitcoin to get some profit.Don't spread the fake news to make the investors panic.

I don't think India announced as bitcoin usage of Bitcoin is legal in their country yet,But it is neither illegal nor legal.So we can use bitcoin in India still but I think they will regulate the crypto currencies soon,since they are linking asking to link their ID to the local exchanges it means they want to keep track the bitcoin usage and will implement taxes according to that.

At some point India is one of the countries who are actively doing cryptocurrency, and we are thankful with it despite of the fact that the status of crypto their is not yet clear. Just like here in our country, they are not saying whether it is illegal or not they were just advising us to be extra careful on it.

I hope soon bitcoin will be legalized in India but with heavy taxes because India's current president is encouraging the citizens to convert to the cashless economy so bitcoin and other cryptos are also the way for cashless economy if he said for the benefit of people then he will legalize it,but implementing heavy taxes to the cryptos is unfair but I don't know it is possible to track all the crypto currencies in a country like India where the population is around 1.5 Billion.

Give attention to this root word “central banks” as a sign that they don’t like cryptocurrency. So if this word belongs to a question then expect an answer negatively. Or you must known the answer even before posting it, like a common response all the time. I don’t how they accept bitcoin, the Indian government as whole but when we talk about banks you should have a clue what to expect.

Central banks would probably never recognize Crypto currency. Cryptos take away their monopoly in determining the value of currency.

The decline in bitcoin prices follows investor concerns over regulatory upgrading in India and potential price manipulation in some major exchanges. Quoting CNBC, bitcoin prices even touched about 8,810 dollars in Coinbase, one of the leading virtual currency exchange centers in the US. A, bitcoin prices observed at 9,023 US dollars position.

Do you really think that possible Indian regulations can effect BTC prices significantly?

You live in a dream if you think that India will follow Japan. With their recent politic towards gold I do not believe that crypto currencies will ever succeed there. I guess with time their relationships with cryptos are going to become even more rough, like in Bangladesh where crypto users are going in a jail.

I don't know if you guys have read this article:

(https://cointelegraph.com/news/india-two-crypto-exchanges-halt-trading-blame-discouraging-government-stance)


What's funny is that both trading platform says that Indian government is putting a lot of stress on them that's why they stop trading. Do you actually believed this news? What irritates me is that those 2 trading platform are not that recognized and the main Indian exchanges are Unocoin and Zebpay. So I don't know what's the real intention behind why the government is not putting pressure on the main Indian exchanges? Is this sort of FUD from cointelegraph? (again).

The position of Bitcoin in India is unchanged as it was before. The central bamk of the country i.e. RBI has not declared Bitcoin as a legal tender that can be used as a medium of exchange. The finance minister Arun Jaitley has declared lately that Bitcoin is not a legal currency in the country.
The regulatory panel of the country is continuously warning its people of the harms of investing in btc. So they have not regularized digital currency for trading purposes. According to the Indian government, it is quite risky to invest in Bitcoin because of the associated drawbacks like no control n regulation, deventralized n open source mechanism, no authentication, illegal activities, etc.

as far as I know, he was not recognized...

Well as of now the indian bank is now recognizing the bitcoin , but still debating on the court , because they wanted to be assure that the people on india is safe on investing through bitcoin. So that's why as of now bitcoin is not legal on india.

For clarifications and for confusion of all the people stating that Bitcoin was banned in India is not true, according to the report by their government it is neither illegal nor legal, they are just saying to make extra cautious in putting your money or in investing your hard earned money their but they are not banning bitcoin.

How that even makes sense of comparing Indian monetary model to Japan's?

Japan is a country with only 127 million population and is technologically way ahead than India. Japan has already made bitcoin and other cryptocurrencies as a legal tender. But I don't see cryptocurrencies as a legal tender a working model in India. Where people are still struggling in adopting mobile wallets and credit/debit cards, Bitcoin as a legal tender hardly has any future. Also, the percentage adoption rate for cryptocurrencies is way to less in India.

Moreover, a government committee is analysing the scope of cryptocurrencies in India and will most probably give their conclusion before the end of financial year. According to me, they will most probably regulate them and will not ban them.

Just like Asian countries, India has also bring bitcoin and other cryptocurrency into success, they were the one who keeps promoting it and believing it in any way, they are really giving their all out passion into it. Although, Japan is quite far when it comes to success in their economy and here in crypto we are still thankful that India really did a great job here.

Bitcoin in india is quietly recognized by the indian central bank and it is true though , but still not implemented to be able to use the bitcoin on india because of the government still talking and debating on bitcoin if their implemented it.

And just like on asian country such as the philippines where I live , still bitcoin haven't legalize yet but not ban though , still their having a doubt on bitcoin , and I hope sooner or later it would be legalize.

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see what interests in India to cryptocurrencies, if you represent even 1% of the percentage of Indians want to buy bitcoin ,it will cost millions

To my knowledge, India's finance minister said that it does not regard the virtual currency as a legal transaction tool. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.