Bitcoin Forum

In india, crypto assets like Bitcoin, Ethereum and XRP,etc are not legal tender according to the govt. of India .In 2018 RBI (Reserve Bank of India) ordered to the all indian banks to disconnect there banking services to those websites which deals with  crypto assets and crypto transactions. And this order is going on.Due to this reason Many big Exchange shutdown in India. Zebpay is one of them.But the crypto community of Indian people is very large in India. That's why crypto community members files a lawsuit in Supreme Court in India.Supreme Court Made a committee for study about that.And the committee is working Hardly to get the crypto regulated in India.On 31 may,2019 the Finance minister of India is changed from Arun jetly to Nirmala Seetharaman. Hope She will Help Indian crypto Community members in regulation of Crypto assets in India.

Well, I think that is good enough that they have changed finance minister recently. It will all depend on how will yhey view cryptocurrency this time. As the most common reason why crypto is banned or regulated in some countries is because it can be used for money laundering and fraud acts, let's hope this time they can view crypto in a good way.

do you have any reliable source for this?
so far the only reliable thing i have read is that Indian Reserve bank has prohibited usage of their services to buy/sell bitcoin. and RBI is not the government so what they do or don't do has nothing to do with government's ban of bitcoin.

I think what he meant by the government is the RBI itself.

India is still undecided on crypto / Bitcoin regulation last time I checked, and there's no further update on this.[1] Though I'm not sure about the result of this ultimatum[2]. Maybe Indian user would know it.

[1] https://news.bitcoin.com/supreme-court-advocate-regulate-cryptocurrency-india/
[2] https://blockonomi.com/indian-court-ultimatum-bitcoin-regulations/

With the new Finance minister of India I hope that legalization and adoptation from their government can be implemented.
I hope that the new finance minister will realize how cryptocurrency is helping peoples in India.Theres a reason why they push to legalize bitcoin there and they benefit from it.

RBI is government bank and all the money supply is governed by RBI  .RBI will say and implement the things that government want so.
I do not understand what do you want to say when you are saying that "RBI is not government".

Reliable source link for you: https://economictimes.indiatimes.com/markets/stocks/news/anger-shock-confusion-as-rbi-bars-banks-from-cryptocurrencies/articleshow/63638799.cms

There are at least 10 threads here about the "cryptocurrencies in India" topic.They are all the same.
For me,if crypto becomes legal in India,good.If it doesn't-I couldn't care less.
Perhaps indians could use foreign crypto exchange platforms.

I'm glad to know that the supreme court created a committee to study cryptocurrency. This is going to be a long battle and I do hope the court will side in favor of the crypto community. The RBI move is just foolish.

The crypto community in India is apparently quite large, which forced pepesmotret the point of view on this topic of the ministries of finance, I hope they will find a compromise among themselves.

with that definition a lot of countries have "banned" bitcoin as most banks in the world even in developed countries that have actually legalized and regulated bitcoin, don't allow their users to use their services to perchance bitcoin.
for example there is a topic here from a user saying his bank (in Dublin) "dislikes" bitcoin and doesn't let him use their services for such things, while bitcoin is perfectly legal in Ireland.

To be honest they thought that they could regulate the people by shutting down the assets but the thing is , in a way they just asked them to do things that are not regulated , they could easily do P2P transaction , they could easily go to local Bitcoins , and many other sites.
They have actually lost access to all the data that they could have gained now, and I don't think anything have changed , we just have to pay a little more for the transferring fees, and they wallets aren't shut down , in fact they are still working also, Zebpay became worldwide now , also only systems related to banking are gone and trading pairs.
Other than that security is still there.

I am banking on the big cryptocurrency market of India which can definitely play a big role in making sure that we can soon reach the mainstream population. I know it can take years before we can get there but without the recognition of the government and the need to connect with the traditional financial institutions like banks, the job can be so difficult. Let's hope that people into this industry in India will continue on pressuring the government to pass regulations favorable to cryptocurrency.

What's the bottomline?? What point you are trying to make??

The court case you are talking about, has gone to cold storage long time back. Since almost a year now, we didn't have any hearing in that case. You better follow CryptoKanoon twitter handle to keep yourself updated!

I doubt anything positive would happen under this government because ministers are more interested in religious politics without any intention of development.

it's a good step if the Indian finance minister provides a solution, so not only does the government ban cryoptocurrency in india but it also provides a good solution. this is a good win win solution.

This is exactly what I mentioned in one of my recent posts. With BJP back in power, the crypto situation will continue to stay uncertain in India and I am not expecting them to suddenly adopt and regulate crypto in the near future.

Hilarious. Do you actually believe that the current government who hate crypto and never approved it will suddenly change their stance in this matter? The crypto situation in India will continue to remain uncertain unless a pro-crypto government takes over in the future.

I have heard about a demonstration or a rally demanding cryptocurrency adoption legally in India, I do not know if this is true. I have heard a lot of news about the legal situation in that country.
Ask your Indian local board for more detailed answers
I am not afraid of this in the long term as the government will regulate these currencies sooner or later.

In my country Bitcoin is not a legal nor an illegal tender but at least there are a website that cater the exchanging of our local currency and Bitcoin itself, thanks to that. Most of the government in the world doesn't have a department that will study modern technologies so they end up tagging Bitcoin as a form of money laundering then instead of extracting first what is its potential they will just regulated or even ban it without knowing the real reasons why people use it.

This Indian crypto saga has been on for a while now leading to the ban on all crypto related activities, nontheless all hope is not lost for the crypto community in Indian as the supreme court committee might at the end of the day see the good side of crypto and its underlying blockchain technology. I am very optimistic that the supreme court will favour the crypto community in this case.

Whether or not crypto is legal tender in a country has absolutely nothing to do with the fact that the RBI has placed restrictions on banks that process bitcoin related payments.

Legal tender simply means that if there is an outstanding debt, you can't be held responsible if you pay with that currency. There is nothing to restrict two parties from essentially "bartering" with bitcoin, even though it might not be legal tender.

The situation in India is a weird one in my opinion, because there were a lot of services that were popping up and a lot of adoption that was happening before the Indian government axed the whole regulated sector. I personally would have thought that if they choose to regulate, then the revenue they bring in would have certainly been worth any hassle to draft up that regulation.

India’s policies are largely hostile to the virtual currency ecosystem. While the government was expected to stipulate regulations for the industry, there is no predetermined timeline for the task. There are indications that the use of blockchain - the technology that underpins cryptocurrencies and a host of other applications - may be allowed in the country, but not virtual coins themselves.

Yes, in many countries of Asia, Bitcoin is not legally allowed to perform activities. In India, the Indian government has not accepted Bitcoin legally. Since many people in India are involved in this Bitcoin and other crypto coins, they have appealed in the Supreme Court. It is certainly a positive side to Indian Bitcoin users. Hopefully they'll get their expected results.

If it stays uncertain, it is a blessings in disguise for us! However, once Finance Ministry steps in, the ball will start rolling in opposite direction and then it will be very bad for us! Also the conception about bitcoin is still not clear for majority of the Indians, they still think it is illegal and they don't need cryptos in their life. I have recently joined MyLot and started posting one or two things about cryptos, the kind of bashing I have started receiving from Indians, is just huge! I don't hope anything positive under BJP governments in the next 5 years!

don't be dishearten in most countries that their government has not even been negative about bitcoin, people have the same attitude sometimes because they have been misinformed by the media and lots of false information they find on the internet. so they bash anybody who says the truth that is in contradiction with their mislead thoughts.