Bitcoin Forum

Some great news: https://economictimes.indiatimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/articleshow/74470078.cms?utm (https://economictimes.indiatimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/articleshow/74470078.cms?utm)

It's been legal for ages?

Coindcx has been publicly functioning for a good couple of months and released news today they're partnering up with an Indian Bank....

Sort of. India's central bank implemented a ban on digital currencies in 2018 (https://www.bloombergquint.com/business/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies), barring any regulated entity (bank) from serving cryptocurrency businesses. This effectively killed centralized cryptocurrency exchanges in the country. It was never illegal to use or trade bitcoins, though.


That's because the Supreme Court just struck down the RBI's ban. Banks are now allowed to partner with exchanges again.

That's good news our Indian brothers are one of the active community here in Bitcoin community, some of them are developers themselves, I thought it will never come because just last year there are so many bad news about India government banning Crypto holders and services.now it's time for our brother to move forward.

And it was the centralised cryptocurrency exchanges who lead the charge to the highest court of India.

The case was dragged for two years, many postponements, adjournments, but it was worth all the hardship as India's Supreme Court decided in favour of the petitioner, thus striking out the circular RBI released in April 2018.

Yes Indians for great day. Indian Government is allow to trading. SC allows trade in cryptocurrency, quashes RBI.

It has been legal , RBI proposed to make it illegal ( even holding any cryptocurrency ) but they didn't ( although they directed regulated entities not to participate in it ) and told they will be monitoring it for now and if any Indian lose their money , its the individuals money and also RBI couldn't ban it as community interfered and our Honorable Finance Minister told they will discuss it up , then it went to SC which squashed it . It surely is a great news as people like me were reluctant to buy huge amount .

I hope the decision is final because sometimes there is a motion for reconsideration but if it is enbanc then the decision is final and the Indian community, will now have a good opportunity to buy and trade Bitcoin and other Cryptocurrency and remember some of the best coders and developers comes from India.

It's only RBI that looks to bitcoin as illegal but thanks to the court, India has been free from this issue. The issue brought fear to the people there to buy huge amounts and even trade.
They have the rights to file for reconsideration but let's hope for the best to our Indian brothers that this should be the final verdict.

When will this drama end? The debate on this matter has continued for several times. The state allows circulation, the central bank issues a warning, then circulates the ban, and then Parliament returns to deny that.
India is one of the countries for this model and I do not think that the huge platforms will be based in India as individuals will not consider investing huge amounts of money. Lack of clarity is a bigger problem than the ban.

Isn't it over now? The RBI ban was appealed to the Supreme Court, who finally struck it down. There are no longer any prohibitions on dealing with Bitcoin exchanges, so several like Unocoin and ZebPay have just re-launched.


That's debatable. The ban made it much more difficult for people to buy bitcoins. Now they can easily link their bank accounts to exchanges again.

There is one draft bill apparently still hanging out there. Lawmakers neglected to introduce it in the last session though (https://cointelegraph.com/news/india-supreme-court-lifts-rbi-ban-on-banks-servicing-crypto-firms), so it may already be dead:

The question is - will they want to?

Banks give accounts entirely at their discretion. Just because this has been lifted doesn't mean the regulation is any clearer.

For the sake of crypto fans in India I hope a bank does look into it but it may not happen and the government is appealing it - https://www.coindesk.com/indias-central-bank-plans-to-fight-supreme-court-crypto-ruling

Would you serve a few thousand customers or ignore them to avoid pissing off the RBI?

The regulatory situation doesn't seem ambiguous (https://www.theblockcrypto.com/post/57987/indias-central-bank-plans-to-file-a-review-petition-on-supreme-courts-crypto-ruling-report):


That's why Unocoin (https://twitter.com/Unocoin/status/1235434598470791168) already added bank transfers yesterday. So did CoinDCX (https://twitter.com/coindcx/status/1235148393258708992) and ZebPay (https://twitter.com/zebpay/status/1235766818243047424).


This is just a judicial review of technicalities, filed before the same bench of judges that already decided the case (https://twitter.com/cryptokanoon/status/1235781084580900865). Good luck to the RBI in getting the decision overturned. The legal team on the exchange side seems very confident the victory will stand.

I don't know how accurate is this website when it comes to their own news but from what I have know for the past couple of years there problem isn't about crypto trading being illegal but it is about crypto not being recognized as a legal tender for the country as well as issues with commercial banks having a blanket ban against crypto related businesses which prevent them on having any kind of transactions. The latter issue I have mentioned is where the Indian government has lacked some developments and even basing it on the news you have provided it seems like their Supreme Court has not mentioned any relation towards the blanket ban. So even if crypto trading is legal without these businesses having a convenient way for its users to cash out their earnings it would not simply matter at all.

Good.

If I were Indian, I would not trust the banks, nor the government. BTC is a safer bet.

At this rate where we get our news from random sources where we can't verify their reliability I don't think this kind of “ping-pong” like news infromation will ever stop. We don't even know what's true anymore until we see the effects on it so I won't really make an impression on the article the OP provided since it is always the same thing being reported everytime and  change it a little every now and then or even make something up just to stay relevant in the crypto news industry.

Maybe this particular decision will stand but we've seen what the Indian government is willing to do to its people in the name of driving them towards their economic goals. Bitcoin does not align with those goals so if I were Indian I'd be buying with the expectation of future meddling.

agreed . now that cryptos are on the limelight , many crypto news site suddenly pops up like a mushroom but of course there are those pioneers that already gain a reputation because they provide only accurate and relevant news  . we can only visit them and get infos on them instead of beieving on the random sh8t that we see from time to time .

 i also agree on you that if the news is legit we can then feel its effect later on but there could be also other reason on why the effect have occured and its not mainly because of the news that you see or believe .

No argument there, but it's at least clear now that the RBI and India's executive branch do not have unchecked power to stop Bitcoin and VASPs with blanket bans. They can craft regulations within the existing legal paradigm, but effective meddling like the RBI ban will probably require the passage of new laws by the Indian Parliament.

I don't know how likely the passage of a bill like this (https://cointelegraph.com/news/india-leaked-draft-bill-would-ban-all-crypto-except-digital-rupee) is, but that's my biggest concern now.

The similar thing has happened in China before. Banning blockchains, then approving them. It's not as easy as just giving the greenlight because those authorities sure as hell want another gold mine of customer data.

I hope that this decision will prove that digital currency in India will be smooth sailing because this will cause turmoil in people who are in favor of using cryptocurrency. Rough wave of ban lifting and unlifting makes cracks in peoples decision making in making cryptocurrency as a means of transaction or a staple goods in the market.

This is not a ping pong news, this is the judgement from the supreme court of India so there is no more appeal for the same reason but govt of India may appeal this again but it will take years again for another judgement until there will be no blanket bans from banks.

Great news for the people of India who work in the crypto currency. The Government of India has termed Bitcoin legal. Now Indians can trade in crypto currency  Now they can buy and sell Bitcoin through the bank. They will no longer have to face another problem.

It is a good new for the investors and traders but the term the government has legalized BTCitcoin is not the right statement, there is no regulation as per the government, the RBI restricted the BTCitcoin exchanges from having a bank account which basically forced them to shut their business and it took over two years to have it overturned with the help of supreme court. At present the exchanges have resumed their business but there is still no clarity regarding the legality from the government.

this is very good news and provides a special motivation for the country of India for those working in crypto. There are many aspects to the legitimacy of bitcoin in India, maybe there is a goal to reduce fraud or to legalize it so that it can reap taxes from every transaction so that the country gets new income. it should be very reasonable if the country of India legalizes bitcoin because they are a country that is fast advancing technology and its human resources are very capable to be able to develop renewable technology.

if bitcoin is legal in India, that is good news for the cryptocurrency world, because with more and more countries legalizing Bitcoin, it is a sign that the movement of bitcoin prices will soon rise to the moon.

This is good to know. Nice move for digital currency. The bull for cryptocurrency and bitcoin is just within the corner as we are going to see additional banks looking to collaborate and more institutional investment.

We constantly hear the negative statements of officials regarding Bitcoin and their reaction is quite understandable, since the bulk of cryptocurrencies cannot be controlled. expressing the intention to ban cryptocurrency, the government explains its actions by the desire to combat money laundering and the financing of criminal activity. But even if we assume that if attackers can use cryptocurrency in financial pyramids, then this is not as critical as the government’s actions in relation to the national currency, as well as large-scale manipulations of the banking system, which causes a lot of people to suffer. Thus, the government has no choice but to accept cryptocurrency as a valuable digital asset. In addition, in India, very strong blockchain activists constantly raise their supporters to protest against government actions that have expressed intentions to ban cryptocurrency. one of these protests last year to Bangalore on March 30th and apparently the Indian government will not confront its people.

We have heard the news about the high court judgment regarding BTC. Now RBI has said in their own statement that " No Restrictions on Banks Providing Accounts to Crypto Traders".  https://cointelegraph.com/news/rbi-says-no-restrictions-on-banks-providing-accounts-to-crypto-traders

I have read about the crypto victory in India, overall the illusion of crypto in India is very influential and has a positive impact on the community in India, this is the most intense sentiment that ever happened in India globally.

I think this is historic for the crypto ecosystem in India, I hope that a positive assessment of illegal crypto in India can open the door for those who adopt crypto in India as a whole, so this is a good step for those who are innovating crypto throughout the country using the blockchain revolution.

In another news, India government trying to introduce a ban on bitcoin trader
https://azcoinnews.com/india-is-looking-to-introduce-a-law-to-ban-bitcoin-trader-will-be-punishable-by-imprisonment-of-up-to-5-years-which-could-extend-to-10-years-with-a-fine.html
This is another sad news for crypto lovers in India. I don't know which news to believe again

very good information for all bitcoin fans in india. hopefully by allowing bitcoin to enter India it will make the economy there more advanced and transactions more easily

I am very happy for our Indian comrades. India is a very active participant in the cryptoindustry and has made a huge contribution to the formation and development of the cryptosphere. However, given the controversial decisions of the country's legislative bodies, it remains only to rely on the prudent policy of the authorities in relation to cryptocurrency.

India is the big market for the product.Because it had a huge population with huge hidden money.The people had a capacity to buy a high end car, even they don't have that much money in hand.The legal of bitcoin in India will be the good news for the Indian people and Indian origin people.It surely will make some changes in market.

It is good news if the RBI says that bitcoin is allowed and won't change their decision anymore. But, they always change as if nothing happens, they will ban bitcoin and afterwards they will say that it's not banned anymore. There must be a clarity of what they really are with bitcoin.
It's their people that like bitcoin and they shouldn't stop the adoption that's happening in their country because it's also them that will see the good results of it.

It is really funny to hear your take on things, India might have a huge population and i have heard about the corruption but how you think these huge hidden corrupted money will be used to invest in bitcoin  ::). I am confused here in your contradiction statement, how anyone could buy a high end car if they cannot afford. Your assumption stems from a view point that bitcoin can be used to hide the illegal money which is clearly not the use case of bitcoin :P.

People who have black money can buy bitcoins anonymously for the premium rates by p2p or direct face to face trading so yes its possible to invest the corrupted money as well.

Good news if a country has legalized cryptocurrency, because the more countries that legalize cryptocurrency, the more new investors join the cryptocurrency world, the higher the price of bitcoin and altcoins, hopefully more and more countries will legalize cryptocurrency.

The declaration is not something that puts assurance to people that the government have already accepted bitcoin as legal.

In this article . With a law, India plans lasting ban on cryptos (https://economictimes.indiatimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms), it says that the decision was coming from Reserve Bank of India (RBI) which was approve by SC to lift the ban.

We should be worried on this (still part of the article).


Until there's no new announcement yet, the fear will exist that one day the government will ban cryptocurrencies in India.

I think it is a great thing for Indian users. Hope you can get the support you need with bitcoins whenever you need it especially with taxes  ;)

Such as good news for all Indian crypto holder. Bitcoin is so much potential coin. If anyone buy and hold it then easily make huge profit from it. Indian crypto holder can make huge profit legally. They don't have to face government issue.

It's good news for the crypto traders too. Because, India is the country with huge population in asia. So we can get huge number of investments from it. If it's legal one, many will try to buy as their savings or like an assets. It surely reflect the price of Bitcoin, finally we can also earn more profit from it. If the demand of bitcoin is increased in market, it will reflect on the price of bitcoin.

I only hope this will be true. Not in few months time, I will be hearing another news that bitcoin is no more legal in India.
This is a good news anyway. Am expecting a fast rise of bitcoin investment from Indians, so that the bull season will happen soonest