Bitcoin Forum

Indian Government said "cryptocurrency is not legal tender in the country and promised a crackdown on “illegitimate activities” involving crypto".This has been a official statement of Indian government since 2013.but a flood of misinterpreted comments warning of an outright ban appeared across the mainstream press and social media.

They never said they will ban exchanges or bitcoin, all they said is they will not allow concurrency to be used for illegal activities.

Please stop the FUD.

THEY get panic. And they started to sell insanely

Where you got this news? Bitcoin is not legalized in INDIA because of operated by unknown person including this forums. I am hoping https://cbi.nic.in should take care of proper actions on this Bitcoin.

I agree with you. But what what i am saying is Bitcoin is neither legal not illegal in India. All they say is deal with caution in crypto. It is not banned!

Latest Press realse from Reserve Bank of India. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=39435 (https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=39435)

It's always like these though... Everytime a somehow grey news happen, they all make it look dark and make up stuff just to create FUD. The annoying thing is the amount of accounts that spam the forum with the fake news, it's ridiculous...

im not from india, but usually thats normal for some people worries about this situation, nothing they can do, except waiting and hold or cut loose

Government don't know much about these Cryptos, however it should need to get ban since none of the companies exists. I am not seeing the founder of the Bitcoin and the owner of these forums.
People are thinking bitcoin exists somewhere, but it is only in air, not on earth.

The exact quote is:


So it could be interpreted simply as saying they don't want it used for anything illegal, but that it's not banned.  However, the last 6 words in that sentence, "or any part of payment systems" seem to shift the emphasis to imply they don't want people using it to pay for things as a currency and will take measures to prevent that.  Effectively, this would restrict Bitcoin's usage in India to that of a speculative investment asset.  It all depends on your interpretation of what was said.  It's not unreasonable to take either meaning as correct due the the vague wording.

It's certainly fair to say that financial officials in India are decidedly hostile towards crypto, but there are categorically no clear signs of an outright ban.

Sources:
https://www.newsbtc.com/2018/02/01/curbing-illegal-activities-is-not-a-crypto-clampdown-in-india/
http://bitcoinist.com/india-wont-ban-bitcoin-embrace-blockchain/