Bitcoin Forum

I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?

I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency

May be they can ban your cryptocurruncy if they find it is posing challenge to their national currency.Government can't allow their citizens using other method of payment and relinquish their money

to me it must be legal, as most of the people have created their own currencies, but to apply it in a state then it depend on the policy of the state, i think in most of the state it will not be legal to introduce a new currency and encourage people to use it for their shopping and in business also. 

i think yes, one can create his own currency, as we can see that most of people have developed their own currency and then launched in different exchange just like bitcoin or any other crypto currency but the its success depend on the interest of the people if people take interest and invest money in your currency then the price of your coin will increase.

Every jurisdiction is different but I wouldn't be surprised if most of them do have laws against issuing your own currency, that's why so many developers are anonymous. And if you try the ICO/IPO route that opens up and even wrigglier can of worms.

I agree. Even if there is currently no law against it, it may be implemented quickly. In general it is not advisable to openly compete with government in one of its core foundations of power. Governments hate competition and hate loosing power. So the officialdom will be very creative in constructing reasons for prosecution if they are afraid of loosing control. This is even more true for nations with a questionable democratic tradition and a fragile law system.

So the real question is not if issuing an altcoin is illegal or not. The real questions is, if you can expect negative effects regardless of the legality. I'm pretty sure the answer is yes. So if you want to do it better stay anonymous.

ya.ya.yo!

I think is no, cryptocurrency is free to all. And until now there has been no central bank regulates and approves about Cryptocurrency. Go ahead to create new Crypto as you want.

There are thousands of alts, including ones in your country.
This forum has a sub-board for discussing alts in India.  ;D
So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry.

The only you will get in trouble is that you turn out to be scam. Lets say you do have a pre-mined coin and you sold everything you have leaving those who have your coins with nothing.  ;D Not that you are in trouble though but you will be branded for the rest of your life.

If you intend to do ICO,  you should have a revolutionary coin concept because users as of now have seen it all.

Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency

you're free to create a new crypto coin by hiring any developer.But if you want to make your coin usable locally then you need permission from a  monitoring team by your Govt. who actually ovserved the cyber crime stuffs

Then you have nothing to worry.
There have been previous cases of alt currencies being developed with an Indian focus - Laxmi coin is an example
https://bitcointalk.org/index.php?topic=287485.0
There have been no cases/prosecution that I am aware of.

yes it is legal to create a new crypto currency in the market and then to add it in exchange, but after that to make it a successive one you need hard work for it, after that you will introduce it into people for this purpose you will use different strategy to introduce it to people so that they make take interest in it and do trading in it.

Are you absolutely certain about that? Much depends on what country you're living in. There are a few that wouldn't be too happy if they knew who you were.

But i think you didnt notice that the dev of laxnicoin mitts.daki was based in USA.I am living in India and thats why I am concerned

yes it is legal you can see so many people who have created their new currencies. i think it is legal in the world of crypto currencies but not in the world of fiat currency.

I think it is not illegal to start your own currency, and If you are from India, then I think your government is not focused in that field so they will not bother you in that matter.

You say that bitcoin is illegal in your country and also altcoins are illegal, yes?

I think that creating a cryptocurrency isn't an illegal thing and you won't be arrested but what about to use VPN at the same time? There is much illegal things and people are doing that but no one is arrested.

And while you are going to make cryptocurrency, are you doing it alone or do you have a team? Can you develope and make a known cryptocurrency?

yes every one can create crypto currency hiring a developer or by him self if he has the skill of after that he need a lot of money to launch iti in an exchange and for its development, by the way if a state is not going to legalize bitcoin then how can they give permission for a new unknown currency,

Bitcoin is not illegal in my country yet neither any other alt.When you do other illegal activities like vpn.you do it secretly and individually so chances of your getting caught is less.Creating crypto may directly challenge govt currency.It will get more attention

I do not think that it is illegal if not lafel be known as Bitcoin, and for such a business you need a lot of funds :'(

A lot of people are creating their crypto coins and they are not facing any issue of illegality, I think you should also have to try but make sure that you will have a larger amount of money for that , and escrow is also compulsory, especially for those developers who are from third world country.

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

Its depends in your country. Is your country not allowed the people to use bitcoin only? Or any cryptocurrency? If bitcoin only is prihibited, then making another cryto is fine. But dont assume that you will be successful. Some altcoins are not successful.because the lack of support but goodluck with that.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

yes it is a fact that there is no law against it and every one can make create their own currency but after that the launching of the currency in exchange is really a problem , it need a lot of effort and money to introduce it in the market.

They might make laws curbing its use, but it is unlikely they will make the act of creating it punishable retrospectively.
Future laws might cause losses to you, but you wont get punished for doing something which is actually legal now.

Op never said that bitcoin is illegal in India, you are confused. All he said that it belongs unregulated grey area - as in most countries at this moment.

As for people who say that ban of altcoins or bitcoin can be introduced I doubt that happen, after all I like to think that: Lex retro not agit.

Even if creation of altcoin is perfectly fine in most locations, it is cheap and requires very little effort - I would advise against creation of new amateurish alts - it is a dead end in almost every case.

Yes but I might suffer huge losses if I invested lot of money creating a good Alt and had to given up on it later due to some legal hurdles or government interference.We need some kind of international laws to patron cryptocurruncy

http://flood.monkeyscage.org/flood.png

According to your local law, you may be not completely free to emit a coin.
You aren't going to spend tons of money once Flood will be online.
One thing anyway is emitting tokens for fun with friends,
another thing is if later then you decide to find an exchange platform for your coin.
The way the coins are used changes their role.
Flood is created by Monkeyscage, with few eth and one click you can can build your coin.
Unfortunately all buyers must be public and show up, or you don't get the code, or the monkeyscage will become a promoter of illegal values.
And this is not the plan. The plan is to produce software for who needs it, in total transparency.
Expecially because flood technology introduces a new standard (Flood technology may litherally change the old idea of cryptos, and also the idea of exchange platforms, let's see), pretty cool, but very likely illegal unless you have some kind of permission.

But this is just an opinion. You should ask a professional.
Flood will ask your personal informations and publish them on the blockchain.
Just to avoid problems. After all if you have nothing to hide , it is just free advertising for your coin.

Forget the new standard if you are anonymous, until this world of cryptos will be better ruled.
And once it will be ruled... forget to be anonymous lol
And anyway...if you want a famous coin... beeing anonymous at this point of the game won't really work..

By the way... launch price 3 ETH (ridicolous, for few days)
The monkeyscage will produce also modules to give further functionality to your coin.
Custom coins can be requested.

I think yes it is legal.  Because when bitcoin was created and then follows more digital currency, there is no limitation or governments regulation on how many should digital currency should be.  I think as long as you know how to code and make some programs then you could make a new crypto.  Many cryptos today turned out to be a scam after pooling some funds.  If ever you created a new crypto please let us know. :D

Well if you are going to create a crypto it is better to make it legalize so that many people will use your crypto. Bitcoin is not legal nor illegal depends on the country its just that it is the first crypto that ever made that is why until now it is alive and many people are still interested with it.

That is a risk you take with any business - it is called political risk.
You start an ice cream shop. Tomorrow the government might ban it. :)
It is the same with crypto-currencies.

But some business have high potential risk.Like in your example chance if government banning Ice cream is much much low than governments banning crypto currency

i think most of the countries are not going to legalize alt coins but they still not banned it and hope that government will accept the trading of alt coins in future, 

There is no any restriction and ban anywhere on creating a new altcoin/cryptocurrency in any part of the world so you are free to take a start, none of the government will ban or punish you for that act.

I do not think you will be jailed if you create a new cryptocurrency.  I do not know if Satoshi Nakamoto or any founder of bitcoin actually go through some process of licensing the rights or anything under their names as the owner of bitcoin into the government.  You will just doing another digital currency that maybe beneficial for people who were seeking alternative crypto aside from bitcoin.

Well, risk is part of the game. If you are willing to take higher risks, you will get higher returns.
Not too many people have gotten rich by starting an ice cream shop.  :)

Starting a illegal business is not risk but foolishness and you will end up in jail for your venture

I think if you not growing fast that will be ok. if it growing fast, then you get stop by india government

yes i am agree with you but if you going to start a business or any other activity you have to take permission from the government even you want to start an ice creams shop you must take permission from the government and only then you can run your business, so if you have no permission from the government about bitcoin then you will certainly face so many problems.

creating a new currency is not an issue but then to legalize it in a country is the main issue. you can see that there are thousands of currency created by people and owning it but still not a single one is legalize by the government and i thin it is still not effect the currency or economy of the states there fore they are not taking any action against it, if they feel that their economy or currency is effecting by these currency then they must take some action against these coins.

The question is not about starting an illegal business. It has been agreed that starting a new altcoin is not illegal now.
However, there is a possibility that the government may outlaw it in the future. It would be tough for the government to jail you.

but in present time there is no statement by any government that either it is legal or illegal, so i think creating new crypto is not illegal i even cannot say that either it is legal because still not a sing government has yet consider it as legal so it is in between and you are free to create new for the time.

everyone is creating a new crypto currency so it means that it is totally legal in the law of any government. If it was illegal then no one would be able to create a new crypto currency. You can see in the altcoin announcement section there are a number of projects which are running with the named developers and they do not face any issue with that. So it is fully legal.

i think yes it is legal to make your own currency, but if you are going to add it in exchange then that the real challenge for you and you need really hard work to make it a successful crypto currency and people also invest some money in your coin.

yes creating new currency is legal, and there is no banned on it,

but i think not a single country has yet consider bitcoin or any other currency as legal therefore no government is still not allowing any currency as legal to be use in their state,

yes there is no doubt about this that it is legal to create new crypto currency and that is such an easy job not a difficult one, but after that you need to give full support to it and find a place in exchange and introduce it in people in a good way.

i think it is false news because if you are legally wining a good amount of money then how can your government stop you from earning more bitcoin?

From my readings so far, I dont think it is expressly stated in most countries that creation of crypto currency is illegal as most laws are just silent about the matter and countries are waiting for things to unfold before taking the next line of action probably because they are pre-occupied with more mundane things. However, where the concern is is USA as there are serious regulations one have to comply with if youre to to deal with cryptos thats why some exchange or service providers exclude people from this country.

yes i also agree with you that it is legal for those people who want to create a new currency, you can see thousands of alts coin have been created by different people, but i think it also depend on your country policy

in one sense it is not legal because not a single country has yet consider bitcoin as legal currency therefore creating new coins are also illegal. but as even not a single country still consider bitcoin as illegal therefore creating new coins is also can be legal.

yes there is no doubt about this, you can really create a new crypto currency and is legal but if you are going to implement it in your country then it is not legal.

to me i think it is really legal to create a new crypto currency,as most of the people are creasing it but i think it is the most difficult job to make it popular and then add it in the  exchange so that people start using it.

but every government has their own term and condition and rules, regulation and you have to follow these rules regulation if you want to leave there as a good citizen,

yes that is a fact and you must follow these rules other wise you can be punish by the government for not following the rules and regulation the  that states.

I think of the whole Altcoin trading and building of the coin to be in the HYIP category. Why would anyone buy your worthless coin if you are using it to trade against Bitcoin and the currencies mentioned from the IMF?

It just doesn't make sense. I don't think that it is illegal to build it.

Is it necessary to create new crypto? Why do we need so much kinds of cryptocurrency? Bitcoin it's enough for me. I've wasted a lot of time and money to get bitcoins and now I don't want that all this be in vain.

yes there is no doubt about this, that creating a new bitcoin is really legal. but to introduce it in public is really so much difficult because you have to work for it.

As long as there is no rules reagarding that you are free from the judiciary system ,they cant punish you for doing something that is not a law and more over you are not printing a alternative currency you are just providing a token and having a token with monatary value is not illegal as per the law,so you can go ahead with it

I have seen that there is a Pakcoin and according to their ANN thread,it is getting acceptance in Pakistan.I hope the neighboring nation set some good precedence and more new crypto coins are developed in India too.
I think I should sought some legal expert views in this regard before going ahead with my project

Saffroncoin
https://bitcointalk.org/index.php?topic=586320.0

Altcoin Cryptocurrency from India, established in 2014, so everything is possible.

Only need to develop their cryptocurrency and find its application in life. Because there is little to create cryptocurrency if nobody needs it, it will die very quickly. Time to copy-paste is gone.

Till now there are no legal implications for any developers to create a crypto coin but since there are many scams out in this field i really hope that something will come up to restrict these things,some government has to take the initiative to restrict scam as millions are looted with every coin scams,this is a serious issue to look into

The legality of the creation of its crypto currency depends on the place of residence, for example, in Russia it is not forbidden, but in China it was banned (

Cryptocurrencies allow people to create currency and produce coins. They are not regulated by any law. No matter what country you are in. If you wish you can always register your business anywhere in the world via the Internet. Just seems to me that the market has so many coins that there is such a large number of investors to ensure that they all had the right to life.

Yes, anyone can create a crypto. But also consider the legalities of the country you live in. Ethereum and waves are platforms you can build your crypto on

22 minutes takes to trading from BTC currency to paypal. www.x-crypto.com pretty brief assistance!

I think not, but it depends on the laws of your country

'Not Illegal' means legal. You are doing nothing wrong or illegal unless India takes some regulatory action or Ban Crypto currency in the country. You are free to create and from Crypto till then. So keep faith and enjoy earning.

no i think  that it will not be illegal to create your own cryptocurrency, because as of now there are countless cryptocurrency are popping out, and what's more is thatcyptocurrency in your country is legal so it will be easy for you to create one, but if your cryptocurrency is posing a threat against the country's currency they will have to ban your cryptocurrency.

If your country states that bitcoin is not illegal , then it is likely that they might not arrest you for that .
But i would say prevention is better than cure , you must take legal permissions before doing that so that there are no future barriers and future losses to your crypto currency . Moreover , they are not going to get bothered about it until and unless it will be a threat for them . There are like thousands or even more than that crypto currencies in the market , how many of them you think are regulated or permitted from government ?

Although my government forbid bitcoin usage but my people still able create ICO and use it without being fear breaking the law
As we can see also, there are many ICO occur recently !

I don't see any problem on stating your own alt coin on your country specially as you said your country
is not considering crypto currency as illegal and they are also not regulating it then you can develop
your own coin anytime. By default if a country don't prohibits the use of crypto currency then it is legal.
The only time that you will be subject for incarceration is when you violated your country's existing laws
on the use of that crypto currency.

At first I think you should read the law about cryptocurrency in your country more carefully to see that only Bitcoin is illegal in your country or all other cryptocurrency is the same. If it's for Bitcoin only, you'll not have to go to jail or pay forfeit because of creating a new cryptocurrency by yourself. As I know there are a lot of Bitcoin users but nobody has to go to jail for it, you can easily find out a lot of member in this forum come from India :))

As you have said, Bitcoin is not illegal in your country nor it is regulated. Thus, the general rule then is that it is legal for all intents and purposes. Nevertheless, the question as to the legality of creating a new altcoin, is a totally different matter. In this, you would have to verify with your own laws, rules and regulations on how to treat the creation of new cryptocurrencies. You have to take note that transacting with Bitcoin and creating Bitcoin (altcoin) are different matters which require different solid basis both in law and jurisprudence.

Now the cryptocurrency market is not regulated by the state. They want to income tax the cryptocurrency but they know it's a very serious competitor for the Fiat and so afraid of it. I'm sure that legal uncertainty is still very long. You intersect with the government only when converting cryptocurrency to Fiat. So if your cryptocurrency will have possibility of use in trade without conversion then you can not violate the laws of the state.

I think you will not be considered doing something illegal since as you stated cryptocurrency is not declared illegal in your country nor it is regulated. It will only become illegal if the currency you would create can violate some existing laws in your country like using it to buy or trade something illegal otherwise you are safe in creating it. If you earn something from it and converted to fiat then you may have to pay taxes to your government because you earn an income from it. If it gets widely accepted then the government will surely act upon it and as long as you follow their rules then you will not be penalized.

Creating a new crypto currency is legal as long as it is credible. However making it work is a struggle and requires a huge external support to make it happen and functional. A lot of debugging to perform with multiple trial and errors to fine tune to establish a smooth streamline.

If bitcoin and altcoins are legal in your country then it is your right to facilitate or create of your own coin thru ICO because there is policy or guidelines that need to be follow if you want to create of your own ICO in which the guideline is according to your regulation policy in order for the government to determine the legality of your coin. If your intentions are good for making your own ICO then nothing to worry because you are abiding your ICO policy.

It seems to me that the coins already there is such high competition that it can be very difficult. Even if you have no intention originally to create a Scam but the local people do not have available funds to invest in your project can turn it into a Scam. Maybe you should try to trade for bitcoins. This niche is now completely free.

as you already said, it was not regulated yet so you can't get arrested. but i think it is already near that in the future it will be recognized by the government.

Yes its legal and its more good because the more crypto the more crypto transaction so many job are going to have if that happen.I think if the crypto is already legal and acknowledge in your country you can create also a new crypto.See the many trading site there's a lot of coins here and they authorized in different country

I think if you have the freedom to create a new crypto if your country does not regulate it . There are many alt coins present in the market at the moment . I don't think that even 20% of them seek permission legally from their government . Moreover , if there are no stated laws then obviously it will not be a major offense to create your own crypto .
You can also consult some financial advisor .That will be a wiser attempt to this discussion.       

There is absolutely nothing wrong with creating any new altcoin as there are many people in India who are regulating and building there own crypto (for instance we have lala coin in India) . It is not illegal until you miss use it to earn money. This will lead you behind bars. Other than that its safe to launch Altcoin .

Don't think it's illegal, they are still discussing what it is: an equity, a commodity or a security. I wouldn't worry about this question too much ..

Yes it legal, until trading of concurrency is considered legal in India.

It seems to me that the creation of new coins is no problem. Even if your country is banned you can host your website and wallet in any jurisdiction. But in most countries now there are no direct prohibitions. Governments do not know how to deal with the invasion of cryptocurrency and so now they are developing a mechanism that allows you to control this process.

you have yourself said that bitcoin is not illegal , so you totally have the right to make any crypto currency, many alt coin are being introduced if you able to make it popular,then it would get in eyes of government there might be some regulations or rules imposed on it but as per current scenario of legality in the country it won't be illegal thing to do.

Altcoins is crypto currency of course, and it's obviously all of that includes those related with crypto currency that has been declared not illegal. And it's good.. even though it's has been legal.. stay can be to avoid for criminality or scams. Just do it, and good luck on your project.

As always - consult with a lawyer, especially in Asian countries, which are notorious for their harsh laws.

Unfortunately my government decide to make a new regulation on 2018 so it's impossible to use crypto as main transaction.
Because of this decision, my developer can't spend their money to create new altcoin on my place since my government is not support it !

Yes, actually there are lots of new cryptos now. They are not considered illegal but not are not considered legal too at the same time. Yes, we don't really need to worry about that, what needs to worry is that existing cryptos with unstable price now.

So what you are saying is that they are somewhat on the category of gray area. But for me, if simple creating a coin is not legal per se, unless you are inside a nation which crypto's are totally ban.

But if you are in a crypto friendly nation, there's no doubt that creating new coins is legal. Heck even government are creating a government backed coins so it doesn't make sense that creating new crypto will be an outright illegal.

And I agree with @MerrickMaverick, consulting a lawyer is another layer of protection for you, if you really wanted to build your own crypto. He will give you sound advise to prevent future problems on your end.

I also wonder about the legitimacy of a currency not based on a geo-political entity because the base is only a thought and can disappear significantly faster than physical matter. The same may be said of bearer bonds; is that legitimacy of the paper just another popularity contest given that secrets/technology of making quality paper are more transferrable over time.

You just have to be careful how you market it.

Making false claims as to how fast it will grow in value or misleading people who buy it in any way may cause you difficulties.

No one will complain when things are going right but when things go wrong they will come for your head unless you have covered yourself.
Partner up with someone who has studied a=or practices law, they may be able to guide you through any problems.

It would be a good option but wont really be necessary at all since it has being mentioned that bitcoin isn't illegal on their country which would result if he tend to make a new coin it would really be just fine but in the fact that we should not really violate or step up on they do govern things because once you have done such thing then expect they would really make actions against you. For me it just still fine as long you do know on how to market it on right way and wont really violate any laws along the way.

I am from India too. Currently no authority governs bitcoin so surely it isn't illegal in this way. Then comes the question of our bank. RBI stated that its not legal but didn't expressly claimed it as illegal which means you can't be fined or arrested or be held guilty for holding or raising bitcoins. But in India we have bigger problems. Even if you create another coin by raising an ICO how in this world you will convert such amount into INR. Moreover its almost unexplainable that you have raised such funds so it will be treated as your income so you have to pay your income tax onto it.

yes absolutely legal. There is no such guidelines that stop you from creating or investing in a ICO in India. Many Indian crypto enthusiast are working in some way or other to create their own ICO to raise crowd-funding for the concept they have in their mind.
Indicoin – India’s first ICO was launched on 1st October, 2017.

Yes it is legal to create new crypto and launch a project but if you are having all legalized rights for it. But creating and launching is not difficult keeping it on work is difficult and assuring people that it has promising plans. Better than launching a crypto and working years for it development, just get in to bitcoin and make your money

hi I am from India here bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ .
My question is if I create a crypto curruncy will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?

I am more amenable to stick in bitcoin and earn money. Rather than having to create a new crypto, with all the work to do and the money to spend on it.

I think it's not always a negative, I mean, it definitely is illegal if you would make your own cryptocurrency in a country where it's not legal to do so; however, if you would make them in country that accepts it, then its not illegal per se. Come to consider that ICOs are being introduced everyday, and they basically introduce a new altcoinc which is a form of cryptocurrency as well. They use it as a means to pay transactions in their companies or programs; they also use it as rewards and payments to people who join in their projects. In that sense, it is not illegal to make your own crypto, given that it is allowed.

If it relates to our local laws, as for me, I do not think creating new cryptocurrencies would be illegal since there are no laws making such act illegal or criminal. Otherwise stated, there being no laws forbidding such, creating new cryptos is not illegal for all intents and purposes. Nonetheless, my suggestion is for you to double check with your laws through your respective government officials if we have the same rule of thumb pertaining to such. Because you know, we have different interpretations brought about by our varying customs and traditions.

Unless there is law in your country banning any creation of cryptocurrency, you will be arrested if you are caught doing it. Many countries are still against the use of bitcoin or any virtual currencies and they will not allow it to be use as legal tender especially if it is a decentralized currency. The coin developers in this countries should instead go into another country where crypto making is not prohibited.

i think you must ask to crypto web maybe there admin answer you.

As far as what I have heard India is going to go strict on ICO part. Also the committee report which is being waited seems to ban the cypto currency in India. This might be a big blow which may come in some time. I think govt will never encourage any one to take public money for their coin unless it is being controlled by them.

Whose admin would answer such thing? Doesn't make any sense since this is a forum if he do ask here then simply members or community would really give their own opinions that might be applicable on such decision you would made.

Its not surprising that most government wont really take it easily for them to loose up too much on their decisions on adopting or accepting crypto. They would really think off and convince theirselves on making such step.

Hi,
I think it is not illegal to start earning your own currency, and how any one know what you do in your pc, so If you are from India it's not a big issue, that's why I think your government is not focused in that field so they will not bother you in that matter.

Everything is legal until it becomes illegal officially ;D

yes i think so!
We have the right to create our own.

If you have a lot of money you have chance to create new crypto currency but make sure that you have capacity to sustain your crypto that plan to open. Otherwise, I believe that all people who having capacity and knowledge regarding crypto currency are possible to open or create new crypto. Since I have no capacity I guess I need to stick to bitcoin and other crypto currency.

Well in most cases I think it depends on the national legal framework. Earlier I've been researched on the US legal framework towards whether a cryptocurrency/token is considered as a securities or not-(Re: The Howey Test). Within the test, if a token passes the test and considered as securities it must comply the current regulation of securities from SEC.

Although there were many loopholes if you created the token in the unregulated state.. similar to tax evasion/tax haven I guess..

If you created ICO since the out come of ICO will results to tax evasion because it is anonymous decentralized and no boundaries it seems that it will go againts government policies, will it only varies in the country where you belong in our country the central bank are trying to support development of crypto currencies they are even trying to protect users againts creminal activities like terrorist financing and others.

I think legal to create new crypto. Actually, if you have government permission then it is easy to create. everybody know that bitcoin is not legal every county so you totally have the right to make any cryptocurrency. There are many altcoins present on the market. another thing If altcoins are legal in your country then it is your right to create.

Of course it will become legal once there is a new electronic or virtual coin created and operates in crypocurrenies.
The new crypto should comply first in requirements required by the government in order to have a certification and a valid license to operate, so all transactions they have are safe and legal.

Yes it will legal if someone create new crypto. But depend of the policy of that country. For some country have legalized altcoins, I think it will easy.
But need time to government to legalized crypto, the government afraid in crypto people can using for money laundry, for criminal transactions and many things. So government need control crypto.

It is true that a country needs time to implement the ripe rules because the Government in my country is worried that this virtual currency will be misused for a crime. "This is to prevent money laundering, terrorism financing, and safeguarding the sovereignty of our country's currency as legal tender

yes 100% its legal you must go for this :)

Yes, i notice that every country has a regulation, they limit their citizen to invest in ICO that's why some countries especially in S.Korea and China are regulating new law about ICO. i think U.S right now is studying the rules on how to implement ICO coz the government itself don't want their citizen to invest in such a risky investment.

Off course you can create if you had a solid development team even though government should convince about your product. I nothing is impossible in this world, so I hear Indian government rules are completely different from other countries.

Yes, creating a new crypto or electronic coin is legal as long as it was created by common good and complied in all requirements of the jurisdiction of the law or government agency.

It seems to me that the coins already there is such high competition that it can be very difficult. Even if you have no intention originally to create a Scam but the local people do not have available funds to invest in your project can turn it into a Scam. Maybe you should try to trade for bitcoins. This niche is now completely free.

Yes, because by making cryptocurrency alone will provide some benefits. This one of a safe method to get the cryptocurrency and enters the market for crypto newcomers. but this requires time, due to efforts to build our own funds with crypto compared to other methods.

Creating your own altcoin is not illegal, the thing that illegal about creating an altcoin is to steal from people but making a scam project and scam people with their work money, but if your intention is to help then I don't see any issues at all.

Opinions differ so can't define what option is right in this particular case.

Yes, or rather, it will not be in the legal field, in other words, it is necessary to proceed from the principle of any democratic state "all that is not expressly prohibited by law is allowed", but until the state itself prohibits the eg, or someone acquires a patent for it.

no one forbids the creation of new coins depending on each country as you discuss India making new coins on its own and not just in India China has also started making its own coins and if there is anyone who forbids and on what basis the country is prohibited.

I think you can start your own cryptocrunncy but it's future will be depending on its demand. Indian govt is allowed cryptocrunncy if you can pay tax on your income.

In most countries it's just not commented in a legislation, so yes, you can. It actually takes not more than 45 minutes to create your own tokens based on ERC-20.

New altcoins are coming into crypto currency market on a daily basis because there is no restrictions for its creations. So, with above explanation it will not be illegal if you create any alternative crypto currency which will be wildly accepted.

As it stands now India has ban all trades involving Bitcoin and other cryptocurrencies. The official declaration came as a heavy blow to the cryptocurrency industry India as the Reserve Bank of India made it clear to all banks to unwind their trades with cryptocurrencies. Practically, there is no limitations in creating your own coins for a project with good ideology but the question is, "what is the status of cryptocurrency trades in your country of residence?" "Is it legal to do ICO?"

And moreover if indeed a country has legalized crypto or for the activities in crypto, of course., more people would have intended to make a certain project in crypto because anyhow of a new thing., it certainly would be used as an opportunity for profit making such as to create a cryptocurrency and help each other to gain mutual profit also the government would be support on it because it can be making its citizen to more advanced including that country I guess.

I don't think so, think about bitcoin, it is a currency yet popular than the other but still some countries are hard to accept or legalize it. So, i think if you create a new maybe they ignore that too.

If there is no legal basis so it is legal because if you create crypto currency it is  just like selling products to the peoples and that is  legal on the basis of pre market in a democratic country, if it is just not scam so it is legal.

In my opinion. everybody can create their own coins and that's legal. currently many coins are circulating because many companies are creating their own coins to start a new business in the field of digital money trading. so if you want to create your own coins, it is perfectly permissible and you must have an organizational structure.

what if it turns out that the new coin is the big investors who invested in bitcoin and eventually moved on to the new coins they make if you as a bitcoin user you will get a huge loss.

I think that it is legal for as long as it has a purpose why it is existing and why should people would have to invest on it, and if it will just follow rules regarding the government policies then I think it would be fine.

The question should have been shooted out by many when bitcoin was introduced. Obviously yes it's allowed to create crypto currencies and yes we have crossed to far from such stage. The homework in creating a crypto remains stable everyday thus we can see more number of crypto currencies are created everyday. More to go.   

No problem about that as long as you follow every guidelines on how to make new crypto legal. Of course it should be helpful for the community.

You know the velocity/circulation of money in ico investment is huge up to millions dollars, of course the government will not let it all without a profit for them. so a rule is made in some countries for ico investment. I myself don't know the rules that are given to ico. but seeing more and more ico coming, of course make a new crypto is legal thing..

Your question is contradictory. If india ban cryptocurrency or illegalize it for some reasons, then making your own cryptocurrency is illegal also. If even trading and acquiring crypto is illegal, what more making your own?. Even you make the process secret, the government would still found it later on.

In my review here, the legalities of a new crypto after the ico success could have the potential to grow itself. The rules may apply for further scrutinization against the government regulations, and between two parties we are able to have freedom to do investments. Hopefully all type of governance will be there to support newly developed crypto in order to generate profit, not just with stable crypto but also for the latest cryptocurrency.

How good it is to have that kind of adoption or recognition for both old and new projects do possibly exist on the market.The thing what matters most here is on when if theres a regulation then expect it will pull out the total anonymity into its investors but somehow having a security on exchange is always a good thing. Now, banning or regulating ICO is gradually happening and its no surprise that we would see upcoming projects to comply governments requirements.

It is a privilege of anybody to use your coin for.a good cause, some may find it annoying but as long as your purpose has a good vision like helping peoples then I don't see any aviation there as long as you follow your country's protocol as well.

You could create a coin or token, no problem. And while you are using it solely there is no problem with that at all. But the problem arises when it is being used by several people and treated like, or almost like Bitcoin.

I think so because crypto it self not a country property and currency its a open source currency. Everyone have a right to creat its crypto. He or she just have a knowledge how it work how its creating method.

It all depends on the laws and regulations in your country?

Indian government haven't given any clear decisions VCs weather it is illegal or legal in India but OP think just once about this two projects as follows.
1) LALA World - Almost all team of the project are Indian and the name of the project is also taken from india. LALA looks successful project and it is being accepted widely and they are now expanding their bussines, But they started their project in Singapore why???
2) We all Indian know about Subhash Jewria founder of ATC coin he is Indian but his project is registered in London, England. Why???

There are several more examples we can, even upcoming exchange INCX is also Indian project but they are starting their project from Singapore. There may be some legal rules you need to find the perfect person who can guide you. In my knowledge sankalp shanghari founder of LALA world and Subhash jeweria both are down to earth person if you get in touch with them, they will surely help you.

Also Indian government should make their stands on VCs because this confusing decisions are creating brain drain situations in India. Lot of blockchain startups are moving into foreign to start their project.

In all civilized countries, the principle of presumption of legitimacy of transactions, which are enshrined in their Civil Codes, operates. This has been effective since Roman law, which became the basis for the adoption of a set of laws on the right to private property. This principle implies that any transactions that are not expressly prohibited by law are legitimate. Therefore, if there is no direct prohibition on crypto-currency activities in India, any activity with it, including the creation of altcoyins, should be considered legitimate.

The legality is not so much of a concern at this moment. Do not let this put you off. So long as you have a well defined idea, capital and all the other relevant things go for it and make it happen. This is what the people who developed the current ones did and later, once it succeeds you can concern yourself with the legal issues. It may not be legal in one country but it could be in another.

I guess not. If there is no law prohibiting it, then it should be legal. An action can be illegal if a law has been created prohibiting such action. Since your country does not prohibit such creation of a new altcoin, then it should be okay to create one.

It will always be interesting, relevant and extremely difficult. It is difficult to reach a certain level in the development very quickly and even with success. However, now such currencies are becoming more and more.

for now there is no specific requirement to make a new cryptocurrency. the government will not intervene in you. but the problem is not legal or not. but how to make crypto innovative so that it is in demand and helps many people. because currently there are hundreds of crypto that have the same specifications and undemand

Firstly, I think it's not illegal since bitcoin itself is legal in your country. And I guess law is law, they do what has to be done according to the rule, and it's another advantages that crypto is unregulated, it keeps decentralized. Secondly, I also think that it's okay to create a new crypto, moreover if it's spread out and accepted, you'll be more advantageous.

as long as the crypto (altcoin) you make is not directly related to India's economic system, especially the ICO and its use in public business, it will not conflict with regulations.

Your creation is general and you can still use it for development on a global business scale. The government only protects their economic sovereignty and does not mean that it inhibits all crypto innovations that have the potential, they only secure something that tends to have the potential of a very wild movement with limited regulations on a national scale.

For me if you will create a cryptocurrency then make sure you will not using any information in your country just a broad usage of coins to transaction. Many cryptocurrency are making every month because they believe that ine of those coins/tokens will be famous and it can help us to our transactions. Well I do not think if you will be out behind bars once you create cryptocurrency as long as it did not put your country at risk and it will not be used in illegal activities.

Since I regularly review many new ISO projects, I can say with confidence that many developers come from India. Therefore, you can easily create cryptocurrencies, especially since you, as you say, it is not prohibited by law.

As a general rule, the rule of presumption of legality of transactions is fixed in all civil codes of states. That is, all transactions that are not explicitly prohibited by the law and do not contradict the generally accepted rules of behavior in society are considered legitimate. That is, according to this rule, you can create altcoins, if the domestic legislation of India does not contain a direct ban on doing so. Therefore, you need to refer to the laws of your country.

No one says its illegal to create one which I guess this is why there are so much  ICOs today. The codes are free even bitcoin can be forked everyday but one who does that shouldn't expect profit though. Codes are  always opensource which is why its  easy to  create a new one, its just that its hard to  build a community who will be using your coin when there are enough coins.

A lot of new crypto's are circulating over the internet, but half of them are scam. It started with a promising project, a huge amount of tokens are being offered.

It is not illegal to create your own crypto as long as you will make it in good terms like you follow the rules and regulation of acquiring legal permits that like what you have said that Crypto is legal in your country as also the latest news update in your country. Just make sure you respect the copyrights also specially in talking of commodities that to be use as utility project so good luck then.

every company can create their own crypto functions, you just have to register with the authorities, but there is nothing about crypto that guarantees that it can be accepted in the wider community or not, so in general as long as the country that you keep gives permission and all means supporters are complete, this will not be a problem in the future, which is usually the biggest problem usually from market players who sometimes do things that we do not want, for example using your coins is a means of fraud, and a lot of things we do not want to happen.

Indeed. no one got jailed because of creating new crypto. But, why should we make a new one when the old one is still need to be popularized to make it legal or at least  be accepted by the world.

making new crypto as we want is legitimate, but most importantly our crypto version is accepted in the community or not, because the most difficult product is marketing it, because without public recognition and the public is not interested in our version of crypto, it's the same, big loss will befall us.

making new crypto is nothing wrong, but it all depends on the market, whether crypto we make is acceptable or not, otherwise we will get a big loss, it would be good if we do not need to make a new product that is not necessarily successful, if we enlarge the product that is already running, we just have to accept the results without any time-consuming struggle and big risks that always haunt us.

making new crypto does not violate the law, because crypto is different from fiat money that must be controlled by a country, crypto currency will only be used for certain commons, so it depends on the level of communication we have, because if it is to be used by a small community then we will make crypto new also in vain, we better follow or use crypto now, for example, bitcoin, which has been recognized worldwide.

Right. for now there aren't any conditions for creating a new crypto. You can make it if you can. there are no restrictions on that. you're right the difficutl thing is not to make crypto. but how to spread, market it and create a large community for crypto that you created.

rather than making a new cryptocurrency it is better to manage existing ones, besides the risks that are obtained if making a new one is very large, but we also have to see the crypto potential that we make whether it is acceptable or running, because introducing something new is very risky the loss is very much, if we use existing crypto, we can avoid potential losses by looking for coins that are really good, don't look for problems that we should be able to avoid.

Are there rules that prohibit new crypto, none at all, all countries have no restrictions on new crypto, but that is a problem for new krypto usually when it is already on the money market, does the new krypto sell in the money market or not, this could be consideration for potential new crypto makers, because investors already understand that it is more profitable to buy something that is certain than something new.

it's easy for us to make Crypto new, but it's very difficult for us to be able to introduce and be interested by many users, Crypto is like a product, so it's very difficult to market, more profitable for us to use something that is popular and proven safe and potential In the future, a good one, like Bitcoin, is already the standard of all Altcoins, why take risks is too big if what is certain is in front of our eyes.

Cryptocurrency is not restricted, everyone has the right to make the digital currency they want, but the question is, what is the purpose of someone making a cryptocurrency? And what is the function? And the last factor is must have a value.

It's useless if there is someone making a cryptocurrency but it doesn't have the slightest value. I guess value is the most important factor cause everyone will be interested to cryptocurrency they made and then the first thing they see is 'value'.

Agree with you, one of the factor cryptocurrency has value is a community, with a community one can promote cryptocurrency created. And spread a number of issues that the cryptocurrency created has a broad function not only as a transaction tool, for inctance.

As long as your country allows it specially if they declared Bitcoin is legal then just follow all regulations and submit all legal documents with permits to create a new crypto thru ICO then you are good to go. Don't forget to prepare huge financial resources as facilitating a new crypto will require huge amount of money.

I still think that they will make their own government blockchain, but it works vise verse - they will be able to see all the members of the chain and from where you get money and where it goes afterwards. Actually, for them it's better to have people without cash - it still hard to track. Yeah, they do have number, but who uses it anyways. So, it's called crypto, but i still think that the only crypto left will be just cash or gold, or something like that.

Of course making new crypto is not prohibited, because the ICO project also has the goal of creating a new coin, which is to find as many investors as possible with the hope that the developed coins will be accepted by the market.
However, as befitting a new coin, it can be accepted but it may also not be accepted by the market, so the element of speculation is very large because there is no guarantee that the coin will be successful in trading.

At the moment India situation has been worsening, reading a lot of reports which suggest fll out ban with criminal charges who dont obey.

But in general it could be interpreted as illegal since you are makeing new currency in country where there is only one legal currency.
You can say that there was a "precident" with Estonia and the governing EU , they shut Estonia's idea right down -> https://qz.com/1072740/mario-draghi-of-the-ecb-dashes-estonias-plan-for-an-estcoin-cryptocurrency-backed-by-the-government/

I think that the creation of new cryptocurrencies is not illegal and, to be honest, real cryptocurrencies are not regulated in this case either. Therefore, this system is still new and no one has the right to accuse anyone of a crime.

Its not illegal if your on a crypto accepted country but to those that bans it , you could be in great danger if you insist to do so but who will know if you create one ?  You will only be in danger if your creation spreads out  .

No matter how old the crypto get , they are still remain to be unregulated except to some that are fully centralized cryptos  . anyone have the right to make a law to ban or unban a crypto and its already happening on some countries

You already said that Bitcoin is not illegal in your country, so you can create a new Crypto, but using it and marketing it is a different story, you should read and adopt the implementing rules of your government, that is getting a license to operate your coin and products and services attached to it.
You are ok and safe if you are compliant, you should also check about the rules and regulations about crowdfunding if you prefer to launch an ICO.

That is correct mate OP nothing to worry about they want to create new crypto coins. However op need to create also an promotional team for their plan.





Yeah india government proposing a ban for cryto because we know government want to collect taxes and the way to implement that is to ban crypto for awhile and implementation at regulation.

It would be a legal if Crypto currency is still not declared illegal in your country but still you will  be required by your government of some documents for you to have a permit to operate to ensure that your own business is legal and really exist.

 ???
that is a good question.....but before you all jump ship, bless my wallett

3A5EpbgV9PvDWPuRS7cp46xonAVW9Sbpf3

together we can!

Since there are no formal banning of bitcoin in your country, ther are no reasons why you will put behind bars on making an altcoin. I also see that youre confident enough to say that your altcoin will have a future and if you produce that good, who knows, maybe it can be the next leading altcoin in the future.

Indian government is still in confused and still in the discussion table regarding their stand on Crypto legality issue therefore i suggest that you should wait for your government final decision before making your own plan to create your own crypto as your effort, time and money might be wasted in case they will not allow the Crypto to stay in India.

It will either still takes time or would shortly be implemented when the final decision comes out.
If such country is still on the process or on talks about their own perspective and final verdict with crypto market
then your choice if you do early make your own coin or just wait up for the decision.Ive seen some project owners
do still took advantage on that neutral state of the estate towards crypto and if they do make it legal or adopted then
thats the time they do get up some permissions.

I think that's right, one can create his own currency, as we can see that most of people have developed their own currency and then launched in different exchange just like bitcoin or any other crypto currency but the its success depend on the interest of the people if people take interest and invest money in your currency then the price of your coin will increase.

You already said that Cryptocurrency is illegal in your country, and if they have a law that prohibits and punishing for creating a Cryptocurrency, you will be punish according to the law that governs where you reside, better check your law before you start something like this, you can create a utility token but not sell but you need approval first.
It's either you migrate to another country or wait for the government to ease up with their regulations.

If you are going to create a token exclusively for your group or your company and you are not going to use it as an investment vehicle, then you can do it as long as it does not violate existing laws in your country, but if you are going to promote it as an investment with a promise of future profit, it will be categorized as a security and you will be subjected to regulation by your country, you cannot go to jail as long it is not an investment, or if you have a product involve you can promote it as a utility token, better adhere to the laws and rules of your government.

everyone is free to make their own crypto currency, it doesn't matter if it's used to focus on the global business transaction network, so there's no need to use or come into contact with your country's economic system.

Unless you issue an investment fund program or want your token to actively develop in terms of utility in real business in India publicly, it must have strong accountability. The government's average ban is still strong only in the crypto investment sector, not system development.