Bitcoin Forum

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

Legalizing bitcoin in India will bring in a huge positive impact on the crypto community as a whole. Because India is the largest democracy in the world. So with millions of legal bitcoin users will definitely bring in good amount of investment in the crypto market pushing the price up to another high level. However, the current government of India is lead by a hypocrite government who doesn't want their citizens to stay wealthy. However, I know that a parliamentary committee is debating on this matter since some time now. If they come up with a positive news, it will be great news for all of us. But since nothing has happened yet, it's too early to talk about it. Lets wait and watch.   

If theres a certain country which would decide to adopt bitcoin then I would say it would positively affect bitcoins price but as being said above I don't think it would really be easily to be recognized or the government of india would decide such thing knowing that they are really very keen into things.For now we don't have any plans or news regarding on such step for them to make but one things for sure if theres an adoption it would really have a positive impact on the price and at the same time positive impact for those people who do live on that place.

Ideally thinking legalization of BTC around India will attract a lot of crypto investments in the country as more and more people are going to come up with their own ICO's but before making such legalizations they have to come up with a whole new tax system to tax such persons dealing in cryptos. India is making some large steps to avoid money laundering they will never just allow people to use BTC as a tool to evade taxes. But for sure it will increase value of btc across the whole world.

That would be amazing if bitcoin gets legal in India . I read the news and there is a huge potential that bitcoin might get legal in India . India is one of the most active users of Bitcoin and legalizing it is much needed . That would make everything so simple and less tactic . There will be no fear of " how to handle bitcoin " and how to declare the source of money . But there s a huge possiblity that they impose taxes on the transactions or on the money you earn from bitcoin.                           

Hmmm. Let's see, India is one of the most populous nation on the planet, so obviously if they legalized bitcoin like Japan did and everyone went on-board, there will be huge impact on the prices. Right now India's bitcoin community is alive so just imagine if one day the government declare bitcoin legal. It will be a welcoming news not just for India's community but the whole crypto as well. Sadly, I think there's so much do to before they are going to accept bitcoin. It's gonna be a tug of war, there are a lot of of government officials who are anti-bitcoin. But we will see, it looks like the government is still open for tighter regulations against a total ban on bitcoin and crypto's in India.

Legalizing Bitcoin in India will surely foster bitcoin transactions in India. People will use btc much openly. A large mob around the country suspects the legality of bitcoin which really stops them from dealing in it. Moreover Indian media and press have created such a terror regarding bitcoin which further stops people from buying bitcoin. Legalizing it will create a huge demand in the country and increase the value of cryptos

Legalising bitcoin in the country with second largest number of internet users will not only boost the local Bitcoin price, but would bring a positive wave globally pushing in more demand and adoption and hence, boosting the price. Whatever recently happened in India regarding taxing capital gains and a thorough check of exchanges indicate towards a positive response from government.

I feel soon Indian government would make cryptocurrencies legal!

The Central bank have no plan to make BTC legal. There is a news spreading around that Tax dept have send notice to several people how have exchanged huge amount of btc to flat.
And almost the same thing about gambling. Gov have completely overlooked the online gambling but there will be no permissions for any real casinos.   

This sounds right. I would be very surprised if India legalized bitcoin. They could, but only after a few other countries.

I have no idea that in India bitcoin is illegal?

In every news that there comes an adoption or it's a positive one for the sake of bitcoin then that's something that will increase the price of bitcoin.

And if they will legalize it with gambling then there will be too many Indian's that will gamble through bitcoin, simply gonna make the demand higher again.

Gambling and bitcoin are 2 different aspects and Gambling is banned from starting itself.  Regarding bitcoin govt is still not much in favor since they have already told that in terms of legal tender it cannot be accepted.  Now they would collect the tax on the income earned through the revenues of the bitcoin and once they receive it they may ban it or make the stringent laws if they do not want to promote such virtual currencies.

The Indian government is debating this topic for 2 months now. A country can only make the exchange of a bitcoin illegal. Because cryptocurrency can't be traced and is protected by blockchain, these transactions are secured.

What is meant by "banning a CURRENCY"?
It actually means that the government will not consider it as a legal tender for exchanges. But we can still exchange it where it is a viable option.

Effect of legalizing
If the Indian government makes bitcoin legal, there will be a huge impact on the value of bitcoin. It's a game of demand. When a certain phenomenon is acknowledged by the government, the trust for that phenomenon in the citizens increases. This increases in trust will lead to increase in demand and hence a shooting increase in value.

And why did I say "shooting" increase?
With the building of trust and increase in demand and hence value, people will start demanding it more. And hence a cycle of increase in demand and value will form. The only difference in each circle will be its size. Due to its large population and booming IT sector, more and more people will be getting involved. This can increase the value of bitcoin to new and unimaginable heights.

To the level of statistics around bitcoin users now, India is still not very much mentioned. The population is there but how many percentage of the whole bitcoin enthusiasts around the world that they control this is key and that is why the legalization of bitcoin might not make the same amount if effect it would have if same thing would have been done by China in addition to India not part of the world powerful country. What this will bring is some sort of relief around the community.

The world markets of trading determine the price of Bitcoin based on the supply and demand. Not the government. Price will continue same.

Forget it. They will never make it legal. The Indian government is full of idiots and they have already sent tax notices to almost 600,000 Bitcoin users. In case they legalize it, then a lot of Indians will be ready to make investment in this asset and we can expect the global exchange rates to jump by at least 20% to 30% as a result of it.

From where did you got this info ? As per my understanding, state governments are the responsible to formulate laws for the gambling and not the central indian government. There has been old central gambling act which prohibits indian citizens from being involved into gambling activities. But there are few states who has legalized gambling eg. Goa.

I am banking on India and that by next year the government would eventually allow Bitcoin to flourish within the country under a strict regulatory framework that participants have to closely follow otherwise there would be heavy penalties outlined in the law. India is representing a big market potential and this can even rival that of India. With strong base of entrepreneurial people, cryptocurrency can thrive within India's society and economy. With many young people already into  online activities including that of cryptocurrency, once this market is opened we should be expecting a gradual increase in its adoptions and popularity. The only problem is that the Bitcoin right now is not ready for expansion as it is continually suffering from clogging and ridiculous transaction fees -- this is not the kind of first impression we wanted that those in India to greet when they started tinkering with Bitcoin. I am then hoping that Bitcoin can already surmount the challenges thrown its way before we let in a big country like India get into the Bitcoin rollercoaster ride.

Sad but it’s totally unexpected from Indian government to be so strict regarding cryptocurrency while most Indian individuals are into it.. Hope it eventually change in a better neutral environment for the bitcoin users that might help more economically that country.. If they find a good reason on making it reversed in the future to a more legal and regulated bitcoin that’s much better..

Yes that's 2 different thing, gambling is for gambling and bitcoin is for crypto's.

That's the only way to make bitcoin legal anywhere in this world. Government can take the advantage of those people who are earning through bitcoin and other cryptocurrencies as well.

And that is by taxing us.

On a "not so light note", it would bring heavier traffic and congestion in the network which would result to slower confirmation AND higher fees.

With or without India, Bitcoin's usage is increasing on a daily basis, meaning that we'll see the network get flooded with many more unconfirmed transactions in the coming months and years.

If we look a bit further, it's safe to say that the entire crypto industry isn't ready to deal with this magnitude of growth. The only thing we can do is try to catch up, but in most cases, the growth will always be a step or two ahead.

It's clear that we more than ever need off-chain scaling solutions to be implemented, otherwise we'll be up for much more network congestion, and that's not something we should allow to happen.

That would be a step in the right direction if the so called intent of *digital currency* associated with demonetisation in 2016 was genuine. In fact, I would hope that there are some serious discussions underway already, while there is none. Paytm that was suppsoed to be the biggest benefactor of demon in 2016 isn't even doing great if the hearsays are true.

Notwithstanding the government support, crypto adoption in India is increasing at an alarming rate; so who cares about what the government really thinks about it.

If Indian government doing this imean they legalized BTC then its gonna be a great step for India to moving forward.

India is a great market for cypto trading, I think if India goes for adopting bitcoin that will be beneficial for them as they can find it as a new source of revenue collection.

As a immediate impact, Bitcoin price will shoot up high after Bitcoin legalizing news in India. Many traditional investors who are investing in stock market will likely shift to cryto-market. A lot of Big corporates also jumps in crypto-market by introducing their own coin/ICO in it. It would be really amazing and exciting to see such a economical transformation in the country.

bitcoin is not a currency own by a government, bitcoin is a crypto currencies that valued by a thousand u.s dollar so it means that any currencies that trad-able by us dollar have a same value.

It would be very positive. And everyone would benefit from it.
It's just needs to be regulated and they have to find out how to regulate it (control it).

If india make bitcoim legal in their country. There will be a huge effect on the value of bitcoin. Because the population of india is too many. There will be more potential investors and traders that will enter bitcoin.

If Indian government makes bitcoin legal by issuing an official circular, it will benefit the market and bring in huge cheer in to the market pushing the price to the next level. Indians are pretty much active in this sector but most of them are doing it secretly because of the current unclear legal status. Legalizing bitcoin and other crypto currencies in India, will have dual effect. It will benefit the government as more people will come forward and declare their earnings in the tax information sheet to pay taxes. Secondly, market will see an inflow of Indian traders and a rush for buying. It is mutually beneficial.

But I am little skeptical about gambling. Goa is the only state where gambling is legal. I heard that Maharashtra is planning to legalize gambling which will be controlled by the state government. But gambling is still portrayed in a negative way in India. So unsure about its end. But crypto currencies will have to be legalize because government doesn't have any way to stop it. If they ban it, it will still be used by many Indians, but just the government will not get their share of the cake.

Let us just remember that Bitcoin or cryptocurrency trading in general as well as mining cryptocurrency is legal in India. The only thing prohibited is the use of Bitcoin as some kind of currency which in by their constitution is not allowed just like most of the countries where Bitcoin is banned as a mode of payment. Now if Bitcoin is allowed as a mode of payment I don't think that it will have much affect to its price as I don't think people are striving for Bitcoin to become a mode of payment now.

As I know bitcoin not yet legal in India, I know bitcoin legal in Finland, US, Japan, South Korea, and Denmark. Maybe legal you mean just only can do transactions in India. But still not yet legal from the government side. I hope one day bitcoin can legalized in India by government.
I know in India bitcoin can be potential grow fast.