Bitcoin Forum

The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.”
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.

“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”

https://i.imgur.com/pCsgOiP.png

From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1

Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox

Do you think Bitcoin being legalized will still happen for Indians?

I'm guessing for that they would have to allow exchangers returning to online business again.

The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency

Seems like they really are against cryptocurrencies even after some groups in India have already lobbied for the legalization of the said financial tools/assets. This is the second time the draft and framework was reviewed, and also the second time they have rejected or showed negative signs of accepting the said proposal which sucks since there aren't anything really that could harm India's economy should they accept the legalization of crypto. Perhaps people of India need to show more interest regarding cryptocurrencies before RBI and the government of India see this venture as somewhat gainful for their end after all.

The Indian government is unable to understand the depth of bitcoin the technology and the government will probably devise a plan to seek a mutual ground with the crypto-exchange firms to regularize it mainly i see that via KYC implementation to ensure no more black-money or money laundering is implemented as they have suffered through that in the past and are trying to avoid the same problem.

From article

Sometimes, no regulation is not bad news. It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” Shetty said.

i think like above.In that case and like in many other cases no regulation is not bad news
Better no regulation without ban than regulation what can create problems for users
Tell me in what country we have real crypto currencies regulation
Regulators are trying to avoid regulation
Crypto currencies are to popular to ban them and too much decentralized to fully approve them
However i think that India can follow France and create some space for ICO made in India
There is so many startups there

so can we expect another huge bitcoin price surge over in India? how much higher is it going to go this time?
i remember last time they started cracking down price was around $2000 in USD markets and about 40% higher over in India markets at a premium price of $2800. if they keep it up again we may see that be repeated and new ATH be reached over in India while the rest of the world watches Indians fill their pockets with bitcoin :D

It is difficult to judge the country in which you never lived and the culture and traditions that you do not know.In this country, a very large number of residents and if they are all categorically denied the use of bitcoin it is very sad.Although I have met many startups from India and I think that the published news is only rumors.

As bad as we want crypto to be legalized everywhere, I think in this case  the government is avoiding underselling itself or drafting crypto regulations which will see them shooting themselves in the foot, maybe they need more time to learn about this financial instrument/ technology.

The Indian government have always been against bitcoin and the entire cryptocurrency industry because the can't control it and is running on a decentralized mechanism. I have never expected any approval from Indian because the bank is in control over all the financial transactions that control the economy.

Countries are cautious about this. There is no country that offers serious legal infrastructure yet. But for some reason there is an expectation from India.

lets see.in a few years they will decide to make them own coins who agains to crypto now.its just a matter of time.they will do that when they realized they already miss the train.

Only applications using blockchain technology may or may not be permitted but still has not passed out any law for or against it so no legalization or non-legalization is mentioned.

Not intending to regulate doesn't equal banning. The bank wants to make the most of new technologies while keeping everything under control. Moreover, the bank statement is most likely not legally binding. So it's de facto regulations, not de jure. Furthermore, it might be that the government and the bank disagree on this matter, and the government is still committed to regulating the market. Anyway, I guess we'll have to wait to see the general tendency and the authorities' attitude to Bitcoin.

Yes, until now there isn't anything specific has been revealed officially from the government whether crypto is illegal or legal. India being a big country with the increased population serve as a big market. Making it legal from a democratic country is not that easy and if it's been given legal support, a big impact can be felt on the price of bitcoin as well other digital currencies.

I read somewhere recently that the Supreme Court of India have been delaying the crypto case against RBI for months now and no verdict on it has been delivered yet which is why I don't think what op mentioned is completely legit in this case.

As far as I know, Indians are still actively trading crypto through P2P and OTC solutions.

Bitcoin is NOT illegal in India. Being illegal means that there is some particular sanctions for holding, using and accepting bitcoin. This is when your government provides a policy when you can get in jail (or at least get charged) for being related with BTC. If such things don't happen in your country then Bitcoin is not illegal.
If there is no clear statement about cryptocurrencies in the law it doesn't mean that it is illegal.

Anything may happens in this technology, those who do not like bitcoin may love bitcoin in the future and vice versa.
In case of government regulation, it may change if there is a chance on the government such as new President and new government staff.

It seems that India has no intention to study the real purpose of cryptocurrency. As what is mentioned in the article, it only means that India doesn't see cryptocurrency as a matter of immediate concern. Let's just hope that they will reconsider it somewhere in the future as many countries in Asia started to regulate and adapt cryptocurrency.

The ones in touch with Govt. of India or RBI needs to explain the job creation aspect of Bitcoin in India. Otherwise, they give a damn about Bitcoin's benefit in general.

I was expecting this from the beginning.so no wonder it happened again as the Indian government has this treatment for cryptocurrency.but in time since theres some issue that Indian government is just waiting for some expert opinion so they can decide the better way and for the whole countries concern

I cant fully understand why the India government often declines the legalization of btc, i think the govt actually needs a better understanding of blockchain and cryptocurrence and then btc, the positive impact it will have on the teaming India youths who are enthusiast about crypto, the govt just has to realize that crypto is globally now and the need for recognition and legalization is very important, it is inevitable, it could be now or later but it will surely happen.

India has a rich and poor economy, and you can see it clearly in this country. I do not agree with the ban because it is making this country unable to help the poor who can access society to become rich.

It's a shame that India is so restrictive because the nation has a very strong IT sector with potential to become a global economic powerhouse. The issue appears to be the concern by the central planners in that country that bitcoin and other cryptocurrencies will become more powerful than the rupee. Remember, the country has placed restrictions on the importation of gold. Hopefully India will wake up and fully embrace the blockchain space.

India will eventually legalize cryptocurrency, they are a technologically driven country, in fact, they should be one of the countries that should embrace cryptocurrency, they will have to compromise or set up strict regulations, the worst thing that could happen is countries are getting ahead of them in terms of blockchain technology, they will become a laughing stock.

its very  true so they shouldn't bother, if their concern is about scam ICO then i guess we can all care to give warning to investors from Indian projects.
i don't see it affecting Indian users in BTC being not legal, they can still use BTC as i can see there are tons of them using btc since time.

Regulators trying to avoid regulators i guess is because there is no concrete thing see as an example.

It seems to me that this is all in vain.  It is a pity that India refuses such a strong means of managing funds.  As for me, the blockchain technology is very important for each state.

It should not be forgotten that the Reserve Bank of India is only the central bank of this country. In India, while there are no laws regarding cryptocurrency, neither the legislature of this country, nor his government have yet adopted relevant regulatory legal acts. Therefore, in this bank there are still no instructions from these state structures to regulate cryptocurrency.
As far as I know, the government of India is generally positive about cryptocurrency and now the world is following the future decision of the Supreme Court of this country regarding some of the prohibitions of the Reserve Bank of India regarding cryptocurrency.

Of course, there could be some sort of legalization for Indians. Although I don't think that this would be easy for them since the Indian government has a stand for bitcoin and it could be changing but I guess they need to persuade them more.

you must ask yourself

Why does not the government of India legalize bitcoin? Is it because the government of India thinks bitcoin will be used to commit crimes? how many crimes were committed in India using bitcoin? What can bitcoin threaten to bring to India?

How many people are there in India, and how many people in India use bitcoin and how many people in India do not like bitcoin? governments have legalized bitcoin if they are pressed by the majority of its people

Crimes can be done with the USD or even INR can be used. Then how they can conclude the Bitcoin is resource used to make the crimes. It is not fantasy to think in those aspects. Believe it I personally know 5 and more traders who deals in INR as well in multiple currencies at LBC, Kraken and etc.

How come the government declines the bitcoin without doing proper research about it but many developers who are working in ICO are mostly Indians.

I believe that will still approved it but in a matter of time because it is not that easy for the government to accept what they can't see and also the status of market right now is not that good it can be the reason why they don't approve it. We should just wait for the right moment.

Seems like the bull is coming -again-. Those kind of news are the indicators of bull season.

Hold tight guys!  ;D

It seems my friend you have never heard of the deep web or dark net, so let me educate you on them, there are sites and online shops that you can only access and buy from them through bitcoin, these sites sell all kinds of illegal stuff, drugs guns stolen cards, anything that your illegal fantasy can think about and this has been one of the many reasons why government are rejecting the though of using bitcoin as a legal payment method, because they are afraid that it will enhance the already going on illegal transactions that are made through the deep web de to the anonymity that bitcoin provides.

Pretty well said but I think this statement is quite diplomatic considering the vast amount of people dealing in cryptocurrencies throughout the whole country. India is a pretty renowned exporter of technology services and undoubtedly many of them are already receiving their remunerations in cryptocurrencies & other such forms. So I think that crypto is the major issue for this country. Also, that elections will be over in a month or two I feel that soon a ban could be levied on the use of cryptocurrencies. However, scrutiny of such ban and its enforcement will be an altogether different challenge for the government considering the anonymity of blockchain.

Doesn't matter. What do you mean by legalized? Will users have to pay taxes on the usage of bitcoin then? Or the exchanges will be controlled by the government? I think it's better the way it is. Bitcoin is still booming regardless of whatever decisions RBI makes.

Exchanges based out of India are scams anyway. I hope the Indian government bans them first.

I'm sure by doing more research the Indian government will going to understand the concept of a cryptocurrency. But it seems that they were trying to avoid something in the past rather than risking it again. Their government might have been playing safe here, but maybe sooner or later they will agree like the rest of the world agrees about legalizing cryptocurrency.

I agree that the India's government want to play safe and don't want to try to understand crypto more deeply, the truth is bitcoin had helped so many of their people to get a better life but the government only see bitcoin as the tool that being used for criminal, it such a pity decision when every country already start to open the door for crypto, some countries still try to ban this technology

There’s still a chance for the legalization of bitcoin in India since there’s no final law about regulating their people from owning bitcoin. Don’t panic yet, they are still studying the potential and benefit of bitcoin to them, they will come up to a great result and Indian people will be more happy to own more bitcoin. Its not easy to accept bitcoin, they need to be fair in all aspects.

India is in the middle of Election, so any decision in regards to legalization of cryptocurrency will after the new government formation. Apart from that the previous Indian government was already asked by the Supreme court of India to prepare guidelines on Cryptocurrency this year. So you can expect a decision by end of this year or early next year. It is better to wait few more months, rather than coming into any conclusion. CCN is famous for creating FUD. It is better to do a prior research before coming into any conclusion  ;D

lack of knowledge about cryptocurrency made the Indian government do that
maybe they should lobby the government by offering to take taxes from bitcoin
but I think Indians still have many ways to get into the crypto world even though the government

There are actually many, but also many who are losing the interest since RBI has banned banks from participating with crypto individuals.

Crypto trading was profitable business already as governments were used to get taxes from exchanges, but since the ban they don't get it anymore. Some left and some are using p2p methods.

I still don't understand what was their reason for ban.

It seems India is not yet ready to adopt bitcoin. If we think acceptance and legalization is not a simple thing to decide. More of netizen of that country will be affected. Especially those are employed there is a big possibilities that they will loss their job because all the transactions will be online. Next is upgrading system. Maybe government and merchants are not yet ready also in upgrading their system to make it possible.

I completely agree with you. They need to be educated about the technology. Also, it is time that some new generation person take up the debate against the ban.

Nobody is panicking but instead many are just irritated the way they are handling things. One side they ban banks from accepting bitcoin deposits and the other hand they allow startups to use blockchain technology with certain terms. They aren't committed to whether they should/shouldn't legalize the currency and the Indians who don't know about crypto keep telling that it's illegal.

They are now doing it, because they want a documented and well-studied structure of explanation why they should ban or regulate Cryptocurrency, I doubt if they will totally ban Cryptocurrency, India is one of a technology powerhouse, they will eventually adopt it sooner or later, because Bitcoin and cryptocurrency is a technology that will not just go away.

I think the India government having seen the complexity involve in trying to regulate bitcoin, they choose to look away for now, while watching how other advance countries will handle theirs, they may draw reference from a more advance nation in the future. No government will want to been seeing as guessing working. So there is need for proper understanding on how bitcoin technology work and functions as a currency. This is just my thought and submission.

I don’t believe that India bans Bitcoin or even illegal to use them. It’s just that they don’t want their people to use it as the primary currency because it could have an issue with their culture and their government. Both coinbase and bittreo (https://exchange.bittreo.com/?utm_source=ccexchange) are good exchange when you want to start doing crypto in India, or anywhere.

They will regret this in the future when they're left far behind in the dust by other countries....

It is bad news for the cryptocurrency market. However, things are heating up slowly and the bull market is started to come back again. Curious about the actions the Indian government take in several months. If the hype comes back, they may take some serious actions against cryptocurrencies.

India is in the eye of the crypto community because of its large population just as we have with China. We believe the mass adoption could have a boost if these countries with very large population get crypto friendly. Otherwise I don't think we should even be looking that way. Erratic policies have not helped advance any course, even in business. Let's continue to hope that with time the government of India will do the needful.

Being a resident of India, I have to say that this was along the expected lines. The Indian Rupee is not a very strong currency, and it get devalued every year. So there is obviously an incentive for the Indians to use Bitcoins to store their wealth. On top of that, tax evasion is very rampant in India. According to some sources, only around 3% of the population pays income tax. There were reports of BTC being used for tax evasion.

Almost a year discussi g about indian goverment for bitcoin guidelines how it regulate because they scares of crypto high volatility fluctuation. Government of india is interested abouy digital currecy to become legal but the problem is some official investing in bitcoin is look like gambling and gamble is not allowed to the muslim country.

Two things we have to keep in mind 1) Advantages and 2) Disadvantages.

India is a democratic country. So the ruling government must have willing power to accept global economic and technical trend. Most of the time, ruling governments think about disadvantages rather than thinking of advantages.

Main disadvantages are not controlling or monitoring the flow and price of BTC. Another issue is no framework for tax calculation on the usage of Bitcoins. And a very important factor is price fluctuation, which is more than 30% against fiat currency globally.

And some considerable advantages are as transparency in accounting and monitoring, speed and governance. Government must have to focus on the advantages of this revolutionary technology by legalizing for a better upcoming future.

I want to give a different opinion here. I have a friend in India who thinks that the current Indian government is not open to new technology or the options it is providing. Also, right now, there is election time, and no government is ready to take a chance when it comes to digital/decentralized currency. I hope that the stance changes soon when the elections are completed, and everything settles down. Let's hope for the best! Legalization can open new doors for cryptocurrency and blockchain in general.

I am glad that they are at least not banning cryptos in their country. I have some Indian friends and they can trade on international exchanges and can buy and sell cryptos through p2p. They don't have any regulations as such at this point. That's enough for an investor, trader or believer. Yes, this hinders the crypto awareness to other masses. The way India is behaving, I hope they don't end up banning it .

This is really a bad news for crypto community as one of the most populated country is ignoring crypto to announce it as a legal one, they want to check the mass adoption of crypto across the globe and how user friendly it has been used. The government want to make favour for the public those who are interested to invest at their own risk, rather than declining it.

Well I dont agree that the Indian government is really 100% against bitcoin legalization including other cryptocurrency. Though the RBI or the reserved bank of India have made a statement last 2018 to declare all bitcoint related transactions as illegal and advised banks to refrain from transacting digital assets; but the government have a two sides of the coin on this matter. Several meetings were held to discuss the legalization of cryptocurrency.  There are two groups involved those who are with cryptocurrency and those who are against it. As I have heard RBI lost their battle and the crypto groups are now continuing using bitcoin in India.

I mean I don't want to become too optimistic but I think that more and more countries have made BTC legal and as the years pass by more countries have realized how beneficial BTC would be to their citizens and might as well improve economy though I don't know if India will legalize BTC but with many countries legalizing Bitcoin then I am sure India will decide to make it legal once and for all.

I totally agree with you, they're still trying to understand how to deal with it.

I can't say I'm surprised with such decision of government of India but I'm pretty much convinced this is not peemanent. At the moment they probably don't know how to deal with Bitcoin and other cryptocurrencies but I'm sure they are looking for some kind of solution, maybe from examples from other countries.
Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.

India pretty much stopped the legal importation of gold to try to prop up their currency not to long ago. It should not be a surprise to anyone who knows even a little about India that government would be against bitcoin. If India somehow legalizes it, it would be huge. Indians are often unbanked and are huge buyers of gold. A lot of that money with flow into btc. That could be a catalyst to push it to new highs like I was talking about it my other thread.

At this rate, I am sure the government has what it is they are facing right now and the main problem is not the government, but the cooperation between the government and banks. I think these two parties are trying to trick us. Banks want to be exist and the Government got what they want from the Banks

But to my knowledge India stands next to China in population, and a decision made by the particular government will surely make some difference with the cryptocurrency growth. Already it has got a good number of userbase, and if it is given some legal aid automatically it'll make the growth of bitcoin tremendous. As stated it will not stop as well it is impossible to stop people from using bitcoin.

It would be a very stupid move for a country that has one of the highest unemployment figures in the world. Crypto currencies will open the global micro payment network for their people and this will create a lot of small informal job opportunities for people without jobs. <Working from Cyber café's and earning a small basic salary on the internet>

I hope they will embrace one of the most exiting breakthroughs in the financial world and use that technology to lift more people out of poverty in their country.  :P

It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.

It is a sad news indeed, but we cannot do anything about it. It seems that their mind is closed and they aren't open to cryptocurrencies. Well, just continue what we are doing, maybe someday they will realize the benefits and things that bitcoin can do for them. Maybe if we continue what we are doing, maybe they can adapt this technology. That they will soon think that it is inevitable to adapt this. That they will realize that it is the same in what they doing and the only difference is it is online. An example is trading. They obviously do trading physically, maybe one day they will soon realized that trading on an exchange site like Darb exchange (https://darbfinance.com/?=crowd) ,it is the same on physical trading. That in physical trading, they can trade materials to other, just like trading on Darb where they can trade cryptocurrency that will allow them to earn money. Maybe someday they will see that.

I have no doubt that eventually the government can be coming up with its long overdue regulatory sandbox for Bitcoin and the whole cryptocurrency industry. This is a matter of time especially if crypto-leaning leaders within and without the country will show their support for this movement. Though I am sad that it is taking some time for this to happen, we have to respect the government's decision on the said matter. I am encouraging cryptocurrency enthusiasts and lovers in India to continue expressing their support for Bitcoin so that the government will eventually see the need to make it legitimate.

If their government is greedy then he is smart to reject crypto because he cannot possibly taxed crypto even if he legalized it since cryptos  are known to be decentralized kind of currency  . governments can still taxed local establishements or exchanges that are accepting cryptos  .  or they can also taxed local online exchange and local stores  that are under their ip range  .

Maybe it would benefit for them, but with the declination of legalization I think there's group of leader who have bad perceptions against bitcoin that's why it seems hard to implement proper bitcoin adoption. Hopefully that preparation wouldn't take so long and behind that declined actions there's great news coming in the future. They should be more particular on a certain aspect, that taxation will always be a concern specially when trading site's operating using bitcoin transactions.

Bitcoin does not need government permission.

If governemnt wants to control Bitcoin the have to shut down the Internet, turn off the electricity, and ban handheld devices and personal computers...
Lots of luck with that!

The cat is out of the bag!

Bitcoin is a warning to government and banking cartels, to end their corrupt and theft from the public.

They have been warned, now everyone with a handheld phone can be their own bank and make p2p transactions without government permission.

Government is going to have to shape up.

In July Supreme court hearing is there by then we may expect positive news regarding guidelines for cryptocurrencies and thereafter we may see positive developments until then Indians should keep patience nt to conclude any news

I doubt this is going to go beyond the draft. I haven't noticed a push towards banning crypto altogether from either of the governments. The current government is against black money and might limit crypto in some sense. As for legalization, I doubt it will happen. It has always been and will continue being a grey area with no complete legalization or it being illegal.

I strongly agree to your point, Indian govt is perhaps not prepared yet to deal with use of Bitcoin and cryptocurrencies and its related issues thats why they are not in hurry to legalize Bitcoin. India is a big country in terms of population but only a few people are familiar with blockchain technology, yes some of people have heard about Bitcoin but for them its just an investment and that too thr some third party in which many frauds happen, even bank people are not aware of blockchain and its use and that may be reason Indian govt has not taken any decision to legalize Bitcoin.

Agree, the government actually are getting something reasonable from the Banks and are afraid to change hands with Bitcoin. Decentralization cannot earn any corrupt government good becasue they will always want to steal and cheat others for their selfish interest. Most of these countries where Bitcoin is not be accepted is as a result of the Banks colliding with government to stop decentralization.

India's Government might be thinking that if they allow Bitcoin or other cryptos, the fraud and the money laundering will increase. Atleast the fact that they tried to legalize is good, showing that the even few of them wants it to be legalized. I hope the others who are yet to understand from all over the world that how important this technology and this system is, gets to understand it fast enough.

I have repeatedly read the news that India rejects Bitcoin, again. What is the influence of the Indian state on bitcoin?
honestly, I don't know in detail about this

I don't think india will legalize crypto in 2019 but yes its very much possible but after 2027, currently they are making bit coin lovers life harder  :o

With the huge population they have and the amount of tech savvy work force in India there must have some influence if they are taking bitcoin seriously but what are the contribution at this stage is questionable as they are not having a volatile government and their economic growth is hampered by the decision of demonetization and when that happened people have taken notice of bitcoin and it might be the reason for for delaying the legalization.
Asian countries do have a huge population and it matters if it is an educated crowd.

Not only for india also other countries from south asia like beside country of india already ban cryptocurrencies and no one can use bitcoin it's a punishable crime yet!  I think government is better understand and know over their countries economical way and government do can take any decision about their countries economical system.

Maybe the Indian government is still studying about how bitcoin work and when they are done, they have no choice than to give it all full support, let's hope it's still within reach when the government finally tells the public it's safe to invest. The wise fellow don't listen to government on finance, they are responsible for many economic manipulations to keep citizens under control.

They are studying the crypto-currencies ever since 2013. And even after 6 years, they haven't decided whether they should allow it or ban it. To say the truth, India is a third world nation and the vast majority of the politicians don't have enough educational skills to understand the basic concepts of cryptocurrency. So they are dependent on their advisers, who on most part are ex-bankers.

Their problem is lack of understanding of the new technology, many third world nations like my, have always be backward when it come to new technologies, so, never blame them (Indian Government) for their inability to understand the technology, but one thing is certain: Nobody can Ban Bitcoin, Kill Bitcoin, becasue Bitcoins is a technology.

It is regrettable for India, a country with a weak economy with an average farmer's income is very bad for the people of India by not supporting it bitcoin.
I hope the Indian government can follow in the footsteps of other countries that support Bitcoin, I am sure that Bitcoin can generate the economy of the Indian people if Bitcoin can be received by the governmen.

There is no ban for crytocurrency in India, exchanges or companies dealing with virtual currencies cannot conduct regular business with the banking system as the RBI came up with a circular to stop dealing with those entities, Bangladesh have an outright ban and if you are dealing with virtual currencies you might end up in jail, there is no clear regulation in India regarding that and the government is not having the knowledge on how to deal with the new technology and that is the major issue in India.

That is also what i've noticed in the system of India they are not fully open to those improvements that can change their country including bitcoin that can be revolutionary in their country. I am just wondering if they are just not thinking carefully or they are still not ready for cryptocurrency.

It is not your fault that bitcoin is not accepted on India. And it is also not your fault that Indian Government lack knowledge about cryptocurrency. I guess even though they decline its legalization, I guess that nothing will change on your country. Bitcoin will still be usable the way you are using it. 

Accepting bitcoin is not going to help India get out of their bad economy at least not right now. A lot of people there live in poverty and can't even afford a smartphone or pc so they don't have any options for storing and also buying/selling their cryptocurrencies. It's not only government fault that they are not supporting bitcoin because people have to take action first.

How large number of resident categorically deny ??. There is no possibility in india when there is very few are trading or knowing about bitcoin and other crypto currency. The rules have been done by RBI and government there should be some proper reason for that . Most of the crypto startup left country like Zebpay  . Some are Closing  business like Coinomi its backed by Billdesk one of the biggest payment gateway provider.

More and more firms that were completely focused on cryptocurrency related businesses have moved to other countries, still there are large number of cryptocurrency users within the country. There is continued arguments going on regarding the legalization of cryptocurrency usage. Probably if India support cryptocurrency usage surely it'll make a big change in the entire market of cryptocurrencies globally.

current technological developments, for people who don't want bitcoin to be able to love bitcoin in the future and vice versa. every government has its own rules, if there are opportunities for the government, maybe that can change ...

The users are facing practical difficulties and harassment. A huge number of "suspected" users were served tax notices during 2017-18 (the number is rumored to be a few hundred thousands). Almost all the exchanges have closed down, and the remaining ones are moving out of India. The only option for Indians to purchase BTC now is localbitcoins. But I am sure that the government will soon start its crackdown against LBC.

It is a basic problem for these third world countries, they do not know how to generate new jobs and technology but they oppose innovation too and so is the reason they are not coming forward in terms of economic growth and still termed as a third world country, the main thing they do not understand is that they cannot ban it and if people wanted to trade them they will find a solution, i know India does have a lot of IT experts and why don't the government ask their help in reaching a solution on what to do with it ::).

The government is to be blamed in this situation, if they really care about the investors and the businesses they have to make it legal and monitor the entire process, the reason the government will come up with declining the legalization is that bitcoin will be used for illegal purpose, they do not understand the real concept of bitcoin and so is the reason they are coming up with those silly verdicts, they neglect the fact that many criminals dealing with bitcoin were caught and there is no way anyone could bypass that.

It seems to me that it is difficult to suggest decisions that are made by the government of India.  Nevertheless, it was not for nothing that the desire to apply criminal liability for the use of cryptocurrency, even imprisonment up to 10 years, was officially announced.  I hope that the results will be different.

The time of India will come. It's impossible to prevent development endlessly.

Although a negative devolpment, it is not completely a bad one. It wasn't legalized, neither was it declared illegal to transact using cryptocurrencies. This means that the potential for it to be legalized in the nearest future still exists. Let us keep being optimistic.

Yeah is that's correct mate, pretty smart strategy for indian government to make guidelines for those people or their country want to use bitcoin to protect the interest of the people and the givernment before to decide become legit. Good luck

It looks like there is something wrong with their application and the commitment of their people. What actually be looking for such thing is that the government could take some benefits from it but crypto is different which decided to decline such application. It is really some sort of money problem and wanting that they could earn from crypto when it becomes legalized.

There isn't any illegal statement revealed from the government authorities of India stating the usage of bitcoin to be illegal. Recently with the news from an unauthorized article stated a ten year imprisonment and mentioned it is completely banned in India. Till date there isn't any legal action taken or legal framework for Cryptocurrency usage.

India is neutral to Bitcoin, since there is no complete ban. Remember how a few months ago the government of India created a blockchain and crypto training course, so it was made for some reason, isn't it?. I think the country needs time to accept Bitcoin because there are many pros and cons

I do not think that we need to worry now about the decision of the Indian government regarding cryptocurrency. Because when cryptocurrencies are used by a large number of people as a means of payment in many countries, the Indian government will understand that they are missing the opportunity and are lagging behind other countries in economic and technological development. After that, they will be forced to recognize Bitcoin as a means of payment.

Global Bitcoin legalization, in case it ever happens, will occur in many phases. During the first phase, libertarian states such as Switzerland are going to legalize Bitcoin. This phase has already happened. During the next phase, the developed nations, such as Japan, EU, US, Australia.etc will legalize Bitcoin. And I think we are midway through this phase. The legalization in third world nations like Indian and Pakistan will happen only during the last phase, and it is not going to happen in the next few years.

The acceptance and legalization of cryptocurrencies would not just happen in a day you know. All these negative feedbacks would come up but as time goes on and they come into the true realization of the benefits of cryptocurrencies and blockchain technology.

Do we really need to care if one country accept or reject bitcoin as a means of digital currency?

I dont think we need to be dragging that so much as lot of country has accept the crypto and any country left behind will cashup with the tech in future because I believe the technology is here to stay and the worst that can happen is to accept it and regulate.

Seems like the Indian crypto community are really struggling for their freedom to manage cryptocurrency on their folios.it has been a lot of topics concerning the status of bitcoin and all altcoins in this country I feel sad for hem since there’re so many people in India that only wanted to trade and profit but denied their rights

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lol government is what interfering here and that’s the hardest part of reality here.lets just hope that the next Indian president will have a soft heart to consider letting Indians to have free life on crypto

Today the news came out that India is going to ban cryptocurrency right now. Is it a finish of our discussion or will it be another unsuccessful try of regulators?

There is no clarity on this issue. Please wait until the bill is tabled in the parliament. Once the bill is tabled, it is going to take many months before it is signed in to law.

A few days back Dharmapuri Srinivas (a member of parliament form the Telangana Rashtra Samithi) asked Anurag Thakur (Minister of State for Finance and Corporate Affairs), the following questions in the parliament:


(Source: News.bitcoin.com)

The answers given by the hon. minister are as follows:


(Source: News.bitcoin.com)

So going by this, we can assume that owning BTC is not illegal in India right now and the situation is unlikely to change for the next few months.

Well it's just a draft that is been submitted to the Indian government for approval. I don't understand why people behave like it's the official announcement from the government.
There has been several hearings in the Supreme court of India on the regulations/ banning of crypto but no such law has been officially implemented in the country.
Though it's a great FUD, people should stop acting to these and wait patiently until official announcement is made from official sources.

This is actually a big hit for those Cryptocurrency Users living in India. At least 4/10 Cryptocurrency users live in India because there are a lot of knowledgeable users in the country. The people of India have a wonderful mind that creates unique ideas in different fields of knowledge. Crypto Users in India will be very much affected and may lay low for the time being because their assets might be confiscated forcefully if they keep showing that they own that much asset in terms of Bitcoin.

Bitcoin in India is not legalized enough but it is not illegal too! From the last of 2017 to now, India did not come to a final solution for the cryptocurrency! For this behavior, some of the big Indian crypto exchange already shut down in India. A couple of months ago, I read a news that Crypto is going to be legalized in India, but again it declines! I hope Bitcoin supporter of India will get a good solution very soon and this dram will end!

India is a democratic country so there is nothing in the hand of government. Mainly because the government always get elected to offer better governance. So if the government fails to accept this global change of economical affairs that means they are incompatible to run the government. And should have to think for their performance.

And as per my knowledge in India, many of user get lost their money in BTC just because of networking investments. which is a completely wrong way of marketing of BTC in India. And due to lack of knowledge and literacy, many individuals and groups get lost their hard earned money.

They don't want Rupee to Bitcoin conversion, as it can negatively impact the national currency. However, the good news is that Subhash Chandra Garg (ex-Economic Affairs Secretary) who was probably the most rabidly anti-Bitcoin government official, was fired by the finance minister last week. It is not yet clear about who will become the replacement, but for me it is a good sign.

I wonder when governments will learn that you cannot "Ban" a P2P technology like bitcoin. They have been trying to ban torrents for the past decade look how that has turned out.....

i ever read that India government still consider to manage crypto market, because many people play and some big exchanger try to manage their market by themselves. and they wont to legalize bitcoin because they are lack of knowledge. and it same case with other country, that they still make research on bitcoin.

It is a pain in the ass to use internet in India. They have banned all the torrent sites, porn sites and even the online casino sites. The only group that has benefited from this is the VPN providers. Millions of Indians are now using VPNs and the providers are making a killing (I just use the free "Secure Connection VPN" which comes with the Kaspersky Anti Virus whenever I visit India).

And you can't say that the government action has been without any success so far. A lot of people sold their cryptocurrency holdings fearing government action. And all of the local exchanges have closed down.

The Indian government does not accept virtual money or coins as a legitimate payment instrument and will do everything to save the use of crypto assets in connection with illegal activities or parts of the payment system. Even though in India itself, the growth of users of virtual currencies is quite rapid. Reportedly, there are currently thousands of users of virtual currencies in the country. Worried about possible abuse

Well also regarding this you should know that the person who was responsible for the drafting of the bill ,  actually just took an early retirement.
Therefore I think maybe it was for either 2 reasons :-
1. He feels responsible for this bad draft
2. He might be trying to get away from being criticised by people.
I don't think , might be either .
But I don't think this is what a democracy is like.
They are taking away the very freedom they thought they might protect.

You are talking about Subhash Chandra Garg, the former Economic Affairs Secretary. As far as I know, he was fired and not given VRS. The reason given was "poor performance". I am not sure whether his dismissal had anything to do with the cryptocurrencies. But it was known for many years that he had a very hostile relationship with RSS, the Hindu nationalist organization to which the PM and the President belongs.

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

This type of information states that India has taken again against this blockchain system what they have offered by some group of people.
I think this isn't a good initiative for the future purpose, day by day Blockchain system is being developed and organised whole around the world, not only that but also Bitcoin is taking its seat in the monetary world, already it's been recognized as one of the potential future's payment system. Since India has one of the largest population so they have taken a proper initiative regarding this issue.

The Indian government is not interested in the fact that a large part of their population can become wealthy.

People without money are easier to control.

India will soon solve the problems and activities that involve bitcoin as a sure thing, they are forced to acknowledge the existence of bitcoin in their country because as you said, the number of people who care about and use bitcoin here has become much more, it has spread with a too large scope, denial or legalization, everything is meaningless, this system can't stop. Instead of constantly retaliating and receiving many complaints from the people, India should probably accept bitcoin, looking for better management options, blocking bitcoin has been too late

How can the people expect some rapid change when the same government who is against the very idea of a decentralized currency is still ruling. The fact that most of the exchange who were running in India has shut their door and most of them migrated to other countries and that is the best option for companies if they want to survive and to make some profit in a new market and not to stick on to a country to does not care about its investors.

The people might want to use and take advantage of the bitcoin market, what if the government has other ideas and want to ban everything and promote their centralized shit coin  :P.

I don't think that anyone in the government (including the finance minister understands the concept of cryptocurrency). On top of that, the Reserve Bank of India (RBI) which took anti-Bitcoin measures earlier is an autonomous body, independent from the influence of the government. The draft bill, as far as I know was the brain child of Mr. Garg. Now it is up to the finance minister (Nirmala Sitharaman) to decide whether she want to accept the bill in its current form or not.

Ideally, India may gain a lot in case they legalize Bitcoin and the other cryptocurrencies. The Indian Rupee is not a weak currency, at least when compared to the national currencies of its neighbors. It had increased its value by 6% vs USD, ever since the NDA government came in to power in 2014. And at the same time, many of the other currencies such as the EUR and GBP went down against the USD.

That is none of anyone's business. The government is yet confused, instead of dealing with what they have at hand they are chasing shadows for selfish reasons when other developed nations are exploring ways they could benefit from Cryptocurrency. I don't care how the Indian government is going to run their country but they should just give the people freedom.

Bitcoin BTC appears to be in support of the criminal portion of this society. Purchases can not be verified. From my understanding the bit coin = e money. Crypto exchanges which are not transparent. Blockchain Training in Chennai (https://www.softlogicsys.in/blockchain-training-in-chennai/)  :)

Sadly, the Indian authorities in whose hands fall the verdict as to legalize Bitcoin or not, has a limited knowledge on Bitcoin and of the potential advantages if the country legalizes it. They seem to have more of a negative view on Bitcoin rather than an objective one. With this, perhaps a change of personnel in some of the offices might be of great help. If not, efforts such as Pomp's attempt to get a connection to the highest offices and convince them himself through a healthy dialogue might help them guided into enlightenment.

First government should ask for literate people's who had no jobs but has other skills and they are Telling them to fry pakodas instead of giving jobs.and Bitcoins giving them some financial support and moral support also.

i am from india and i am very sad by the news i had got that bitcoin is not legalised again in india. RBI has refused the legalisation of the bitcoin in india again. but i am sure that one day bitcoin will be legalised in india. hope it will become as soon.

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

The possibility of the Indian government to adjust to the adoption  of Bitcoin is very minimal as they never want to see the country growing technologically as in the case of digital money. But with due time, they wll adopt digital money to improve the welfare of their citizens. Hope the next time they come up with this they will accept Bitcoin.and legalize it in the.country.

Dude, the adoption of Bitcoin in India is not huge, but at the same time you can't term it as "minimal". There are millions of Bitcoin users in India and some of the local exchanges (before they closed down) had more than a million users each who underwent the pesky KYC procedure to trade cryptocurrency. There is a lot of activity in the social media channels and this has put some pressure on the lawmakers.

The question about a probable ban was raised in the parliament by an opposition MP from the state of Telengana (where large number of users are concentrated) and this shows that the Bitcoin users form a large enough chunk of the electorate to act as a pressure bloc.