Bitcoin Forum

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Have you checked the Indian subforum here?
Please spend some time reading up on the various discussions there and make up your mind. No government controls Bitcoin so it is neither legal nor illegal. But in most instances, like in the case of US, Bitcoin and cryptocurrencies are tagged as 'virtual property' and are taxed accordingly.

In India however, the government is just waking up to the idea of taxing Bitcoin investments. Recently the IT department sent a bunch of HNI bitcoin investors and traders a notice where all the details of their portfolio and so on. But that was a fruitless effort.

I suggest you follow the Indian subforum closely and read the posts there.

As of now the government hasn't made is illegal. I guess the corrupt politicians themselves are using it to store as an asset for their black money hoarding. Recently the government has warned the people not to take part in Bitcoin or any Crypto related activities. Also there has been news about tax officials raiding certain exchanges.

All the government requires is you too pay taxes. If you are cashing out a large sums from Crypto and get a your taxes paid, there should be no issues whatsoever.

If the Indian government can demonetize currency notes out of the blue, I wouldn't be surprised if they put a ban on Bitcoin exchanges tomorrow. People will have to deal with it and there is no going anywhere.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

Thanks for your comments and I knew that If I trade Bitcoin from India I won't be criminal or I won't do any job against Law. Here I mentioned that I want to pay tax if I trade Bitcoin and what is the process.

Can you please provide some reference links where real discussion is done

Hi All,

I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.

As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.

It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.

Crypto is eating Fiat!

We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.

Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.

Trying to regulate something of non-regulative nature is quite a challenge.

As this point of time : kind of neither legal or illegal. You are at your own risk.  

Strictly saying, Bitcoin is neither legal nor illegal in India. But since it is not illegal, it is OK to trade in Bitcoin or any other crypto-currency. But you should remember a few things here. Although it is not illegal to trade in Bitcoins, you need to pay capital gains tax on the profits from trading. Also, check this article:

https://www.gadgetsnow.com/tech-news/tax-axe-finally-falls-on-thousands-of-bitcoin-investors-in-india/articleshow/62570839.cms

I am not from India but I have connections to some Indian individuals here on forum but I think it is legal on there country by now but there are rumors of banning exchanges there and those taxes involvement on the use of cryptocurrencies. I am aware that cryptocurrencies are healthy on their country hope that doesn't end just by government interventions on crypto policies. I know policies are good but hope every government doesn't overboard that crypto earners will not be in vain too.

What should we do now?

I need clear information. Can you please where I can get it?

Thanks for your referral link and read this link and got some information.

I don't know. But it certainly is a crucial time to wait and watch, we have to see what new policies will be framed to implement taxation. In the mean time if you have some money which you can afford to risk, buy more crypto.

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How Can I know that in details and need real information

in one word -It's not legal. no Govt don't declare illegal because it's a good source of tax. and country never wants to cut there earning. BTC is unstoppable if one way will close another way will open. This is a true fact.

Thanks for your valuable Comment

Bitcoin is neither illegal nor legal in India. Indian finance ministry led by Mr. Jetley has constituted a committee to discuss on the impact of bitcoin on the Indian economy and they are yet to come up with any proposal yet. Probably we will have some more clarity on 1st of February during the budget speech. So as of now, it is hanging between two decisions. It will either be banned or be taxed. No official decision has yet been made.

However, in the meantime, our central bank RBI had issues two notices mentioning bitcoin and crypto investment a very risky affair and requested Indian people to stay out of that. With such negative mentality from RBI and below average IQ of our uneducated ministers, don't expect any positive things to come out from government. Mostly they are going to ban it. So if they ban it and if you have transacted in some huge amounts, you may receive some tax notice in future.   

I want to pay tax it does not matter but is Indian Govt. Block my transaction? If I invest Huge money then happened a great danger

It is not illegal. As long as they say explicitly, you do not have to worry about it man.

Thanks for your valuable comments but I am aware of it

What should I do at this moments? I am new in this field for that I am aware about it

I think you need to read some latest news about the bitcoin legality and the Indian government as they recently said that they don,t consider bitcoin as a legal currency . But on the other hand they didn't even make it illegal completely. They just don't appreciate the bitcoin and there users as a whole. Maybe there will be some update on the topic in some months but till then no one say what the Indian government wants.
For more information on the topic you could check the article .
http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

Can you please refer any link where I can get all information

Thanks for your referral Link, I visited this link and got some new information

Thanks for your Reference link

Thanks a lot for reference link

Thanks, What a great link you share.

Thanks a lot for your referral link.

Thanks for your valuable post and I read the reference link carefully

I got this link Do you have any other reference Link ?

See I hear one of the major business wants to launch its own coin in India, but I don't know his name exactly. He is a very famous person in India may be the government is afraid of him and want to collect tax from those exchanges, maybe because of that, they have blocked the exchange accounts.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

I know that there are lots of indian citizen who are dealing with bitcoin and other cryptocurrencies. So i think that bitcoin is not illegal there.

My opinion is bitcoin haven't legal in india and to be honest it is banned on some reason and still doing research regarding this topic the link is down below. I hope this would help thank you.

Link: https://www.express.co.uk/finance/city/913101/Bitcoin-ban-India-news-BTC-price-crash-cryptocurrency

I think it is illegal not legal , but I think that are some just conclusion or a bluff but still I seen some article which you can look at the link is down below feel free to look , and share your thoughts.

link: https://www.express.co.uk/finance/city/903024/bitcoin-in-india-is-it-illegal-cryptocurrency-status-explained

It does only mean that they don't encourage people of investing in Bitcoin because scams are so mainstream in their city that's why the government have taken some actions to inform their people that not to invest to some 'too good to be true' aka ponzi scheme. It is widely reported lately as what i have read from the news but they didn't really ban Bitcoin at all they just pose a warning to everyone on their country.

I do agree on this which a lot of scammers are using the fame of Bitcoin and applying it to their pyramid ponzi scheme. But the Indian government has not yet confirming it and it might be one of the fake news that someone was spreading to create a negative effect on Indian investors. That's why maybe Bitcoin now is not yet moving up. People should learn to know the truth and do their own research if everything was too blurry.

Its not yet legal and not ban , this is the false of some that saying bitcoin is ban on india , no its not true dont be fool by the fake  news , the truth is the government see bitcoin as a threat they just wanted to be careful and spread awareness but as of now bitcoin becoming regonizable by government , just debating it.

Yeah that was rumors were created by the bitcoin haters but now they are in the regulation process.I heard that Indian government want to link the ID verification for the individual on the local exchanges.So it means they gonna make bitcoins as legal in their India soon but the problem with the trading crypto is you may have to pay high taxes.

Bitcoin, as a medium of payment, has neither been authorized nor been regulated by any central authority in India. Further, no set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks. However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India.

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

es bitcoin is still legal in India,but there is a serious discussion going on Indian

Fake news is faster than the truth. It is more relevant to believe in fake news than the truth. But this wasn't true because the truth will always be reveal at the end. India didn't pinpoint disallow crypto in their land but rather the leader would like to rearrange the role of bitcoin to the users and to make it better not for oneself gain alone but for the major.

bitcoin is not a legal tender in india but that doesn't criminalise bitcoin in the country. indian government is looking at recommendations so we believe it will be declare legal tender very soon

I don't believe it. India depends on lending from rich countries. Under their pressure, they will make decisions aimed at blocking bitcoin. I'm sorry, but this trend is spreading all over the world. Governments and bankers are waging an undeclared war against each of us. We ourselves help our politicians to come to power. Therefore, part of the responsibility lies with us.

In the view of Indian government bitcoin is unregulated there "not Legal". I repeat its not legal do not confuse it with illegal. It doesn't really matters how much speeches does Arun jaitley gives declaring bitcoin not legal until there is a full fledge law upon the regulation of cryptocurrency its hard to say that its illegal. Currently there is no rules no problem if you are dealing in cryptocurrencies if you are good at paying your taxes.

Indian government has not yet announced that bitcoin or crypto currencies are legal or illegal. Yes you can obviously trade bitcoin in the country. The RBI authority has announced that its going to launch a crypto coin.  We have another business man from India stating he is going to launch a crypto currency called Jio coin. 

This is another sign of accepting crypto in the country.  So we can very we trade. 

Currently, in India trading ain't illegal, but it is unregulated, so you can't seek help from govt. in any scams.

Also the tax infrastructure is being developed.

Nishith Desai Associates is India’s leading international law firm. They have published above white paper which concludes that bitcoin is legal in India.

The CIS is India’s leading Internet organization. CIS helped Internet remain neutral in India in the 2015 net neutrality fight. They have published a research post on their website which also states that bitcoin is not illegal under any existing laws.

In India the crypto currencies are not ilegal neither illegal yet because there is no official statement from the Indian government so we have to wait for them to officially announce,but bitcoin trading is not prohibited you are free to use crypto currencies in India either buying of products or buying and selling of crypto currencies for fiat.

Now it is almost dead in India, "great news" again. Some countries like Belarus support it, some countries are blocking. Wonder who is right

As far as I have been up to date with everything, banks in India are no longer allowed to get involved in anything related to crypto, which is harsh, but not the end of the crypto world in India.

I haven't seen anything indicating that crypto vs crypto trades are also prohibited, and as long as that remains the case, people will be able to still deal with crypto. Imagine this leading to more local crypto adoption.

Another thing is that people regardless of these actions will always be able to convert fiat to crypto and vice versa. Once you go crypto, you never go back. It's not only an investment, but also a safe haven asset. Freedom.

Bitcoin is dead now in India?

The banks started to cut ties with cryptocurrencies as BitHolder says that it isn't the end for cryptocurrencies there especially bitcoin.

Belarus has legalized cryptocurrencies and it isn't the only country to do that.

But going back to India, again the banks law is now implementing the ban to crypto but not the government.

Bitcoin is not officially illegal in India, but everyday the government is coming with more and more restrictive measures and harassing the crypto users. They are exerting extreme pressure on the crypto-exchanges and have banned banks from dealing with crypto-currency. 

I think India is planning to have their own cryptocurrency but until now there's no final decision when it comes to banning bitcoin. People should stop from spreading news about India banning bitcoin, lets just wait for the final decision on this matter.

It's not illegal, but people involved in trading and other things connected to crypto feel more and more pressure now, especially after latest news

Till now bitcoin is legal in india. Because it is not banned here. But i heared the news that RBI gives a warning. Iam ot sure about the news. I just heard it. In india another new crypto currency will be introduced by ambani that is jio  coin. As far as now bitcoin would be recognised by indian government. I think banning bitcoin in india is a fake news. Till we receive official announcement from government we can use bitcoin, and it is legal in india.

Right now I cannot say for sure is bitcoin legal in India or not. Indian authorities made thing very complicated during past few days

As of now it is not illegal, as per the existing laws. But the government is somewhat hostile to crypto-currency trading within the country. They are not banning it, just because they know that it is not possible without shutting down the whole internet.

As per the RBI statement they want the country's people to stop dealing with the crypto currencies within three months so maybe after that bitcoin may be banned in India.But bitcoin trading is going to be hard there now because wothout ban's involving we can't do crypto trades and face to face transactions are impossible for everyone.

I have a different assumption. When RBI announced its entities not to deal with crypto currencies, Jio has published a currency wallet as like Paytm. You must be aware of it. You must have been hearing a news that Ambani's son has formed a team to discuss on blockchain integration and in result of this, a new coin called jiocoin would be released. I assume Jio wallet will be used to convert the crypto into JIOCOIN and later exchange into fiats currency. Can you see the business moment here? As jio wallet should be in the market, Zepay and other Indian exchange are pre-warned not to deal with crypto currencies.

In India bitcoin is still legal. But the serious discussion is going on about the cryptocurrencies. Because many people in India use cryptocurrency and earn through cryptocurrencies. There are so many transaction done by local bitcoin exchange to banks. So government has noticed that and gives warning period of three months. Three months there is no problem after that we don't know whether it's going to be banned or not.

In India it is not legal now,  the government warns the  bank to close the transaction who made it through bitcoin.
It gives three months time for the bitcoin users. But serious discussion is going on about bitcoin banning. But not sure it is going to banned or not. After that we cannot do any transactions in bitcoin.

The existence of bitcoin has often been a problem that raises the pros and cons including the Laws in India that I know that the Zitpin Bitcoin exchange has revealed that the Indian government committee has decided to support Bitcoin.

Bitcoin's exchange efforts in India to self-regulate the market allows the Indian government to reconsider the Bitcoin sector and the digital currency, despite criticism from some politicians who are significantly less aware of cryptocurrency.

really? I have not seen that news. India is very technologically advanced, if they push Blockchain, that is a good thing

It is not officially illegal, here is the difference. The situation will change soon, indians understand

India needs to become the second world's cryptocountry afte South Korea. It will have a positive impact on the whole market and prices will go up for sure

Bitcoin is a great source of taxes, that's why it will not be illegal, I think

As far as I know, there were no problems with the sale of bitcoins in India in January, and there are none at the present time. A few days ago, the Reserve Bank of India recommended that other banks stop providing services in the crypto currency, but this did not affect the circulation of the country's crypto currency and the ability of citizens to use it. As far as I know, there is no taxation of the crypto currency in India yet, but it is necessary to check the local legislation, which can often change.