Bitcoin Forum

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

Many threads discussing the reason behind the objection of the government in cryptocurrency.
There are two reasons:
1. The government is threatened by the power of cryptocurrency in future. They cannot manipulate the citizen wether in illegal activities nor storing of assets without any taxes.
2. The government do not want to risk the financial stability of their citizen and economy to a volatile asset.

Only need one word to describe why a government would ban crypto.

   "Enslavement"

As far as I know, India is still on the middle, they haven't put a hammer ban at the same doesn't recognized bitcoin as legal tender. So they are still in the neutral side.

As for your questions, the main reason what government doesn't recognized bitcoin as legal tender its because they see that bitcoin or crypto are decentralizes with no central authority, so its really hard for them to control it. Its possible that it can disrupt them (financially)in a negative way.

Governments also think that crypto can be used by criminals to hide their money and can even used it for money laundering activity. Also crypto can be used to scam people as well and there are no security and authority to handle such cases.

Right,these are the reasons why government don't recognize cryptocurrecies as a legal tender fo its people.In addition to the matter,governments also afraid of the fact that their fiat regime will end because of the new asset.Banks also doing a move to oppose on crypto currencies and afraid to loss their revenues.

Since bitcoins are being pushed in India with a lot of vigour, an inter-ministerial committee in India has been set up to study the legality of bitcoins in the country but until now nothing conclusive has come out.

There's virtually no place on earth where Bitcoin is recognized as legal tender right now. I know that there's one part of Switzerland that accepts Bitcoin for tax payments, and one US State has mentioned interest in doing so in the future. But to my awareness that's about as far as Bitcoin as "legal tender" currently extends.

That doesn't really matter though. You can use your Bitcoins to purchase goods and to book holidays on Expedia.com. Some places sell real estate for Bitcoins as well. Whether or not a government recognizes it doesn't mean a thing when the people do.

in my country too like his government does not like bitcoin. either afraid because the future of fiat will be grim or something else, I do not care. which is obviously a lot of people whose life and economy improved from crypto.

In india they consider a bitcoin as a threat on their economy , some say said that beware of bitcoin , but yet it's not actually banned the government said that be aware on investing through bitcoin industry. Such as philippines my country still not implementing or legalizing the bitcoin , but yet it's not ban senators and government having a debate regarding this , on which if they legalize bitcoin what would happen something like that.

And as for me although bitcoin has a bad image on some people , bitcoin can be an outlet on some people too , to have a hope and to have a better future.

Not only in India, many countries are reviewing what next action need to be taken whether accept or to ban Bitcoin. Mentioned some of my thoughts.

1) They want to control crypto market and don't want decentralization,
2) They wants banks to control finance of the people and not by digital way or anonymous way,
3) They want to make money out of people and don't want to have the power of making money by the people,
4) Planning to tax the crypto profits earned with high amount,
5) Giving lame excuses that illegal activities would happen in crypto as if no illegal activities are happening with paper currency.
6) Not ready to adopt block chain technology and want to stick in to traditional banking system.

To run a nation there need Tax , and cryptocurrency is not so far designed for that.

Roads , Infrastructures need Tax money to build and maintain.

Political parties and Parties ruling the nation need humans to work in different areas , and they need salary which is from Tax of the citizens.

And we know Indians very well ......  ;D

I've noticed that in this forum activities was a lot of coming from India joining here.So we can conclude how they really admire for bitcoin.Bitcointalk is a kind of activities that i know all people will be united it's because of positive trust only will be belong here.

By categorically reiterating that cryptocurrencies could not be part of the 'payment process', India buries the economic possibilities of crypto as a currency.

That's not just India (and more precisely the government and central banks and banks in general, not the people).

https://www.cnbc.com/2018/02/23/bank-of-america-worried-about-threat-of-cryptocurrency-to-its-business.html

It is true that they have clearly stated about the crypto currency as illegal tender but they have also did not mention about it in all the wrong ways. They are concerned about the crypto currency but not about the block chain technology upon which they are being created. There is huge difference between these two. Teh use of crypto currency can be done in illegal activity like smuggling, black money laundering etc however, the block chain is different thing, its a technology and smart algorithm which can be used for the digitalisation of stuff around. India is going to focus on the application for same.



As I mentioned India will focus on the blockchain technology for they internal use thus supporting the idea of it. The crypto currency whether they will reconsider it or not is different thing and may need to overview once more in the future to see if they are working as legal tender or not. The gold is having physical application and the gold is taxed all the way through country so I dont think that it is illegal tender!

Correct. The government, over everything else, is fearing the cryptocurrency because they lack the ability to tax it. A government cannot run without money, that is without tax. If they find a way to tax it like capital gains, or like gold, or as income tax any how if they manage to do that then they won't be looking to ban them.

I think the Indian government's decision not to legalize bitcoin is less precise, the bitcoin circulation is getting more and more rapidly, and should the Indian government consider its decision again, taken from the good and bad side, better which one, I think

The duty of government of any country is to protect life and property. So most government want to take time and study the efficacy of cryptocurrency and have some experts in blockchain in order not to lead the citizens astray. 

Last year, Cointelegraph had published an infographics on how corrupt governments tend to be more hostile towards Bitcoin and I think there is a correlation between these. So far countries with strong governance and healthy economic growth have recognized Bitcoin with some sort of a regulatory framework. And the corrupted ones have been on the sidelines for obvious reasons, decentralization, capital control; customer protection, and illicit activities are secondary reasons.

The Banning of Unregulated Deposit Schemes Bill was cleared by the cabinet couple of days ago and will be introduced in the parliament shortly. This has nothing to do with cryptocurrencies, but ponzi schemes offering fixed returns involving real estate, jewelers, and chit funds. The good thing is, Department of Economic Affairs has already constituted a committee to work on cryptocurrency framework so at a time when the government is working on protecting the interests of investors and Blockchain technology, we can expect that there will be regulations by the end of this year.

If they are thinking in sustaining financial all kind of violent organisations and so on that is not an excuse becasue it is the same with gold, diamonds or fake money. Here you don't have facke money and the trace of mney it is easy to follow 10x to the crypto technology, so it is just a political decision.

which I can capture from this statement of legal bitcoin in india and hopefully this is the key to bitcoin price increase as more and more countries are legalizing bitcoin it will trigger people to buy bitcoin and auto prices will surely rise.

Bitcoin in India is not so much appreciated they tend that it is illegal and they didn't  want their currency to be dead so thats why

In some sense government only protecting their people because of the risk crypto might give to their countries.and most of those countries are on the lower part.those are not ready for this ki of futuristic currency behavior,they might think that th people cant easily adapt on this.and the criminals may take this as advantage to to their bad works

The main reason why bitcoin has no legal status in India is the lack of a sound regulatory system.

The government has yet to introduce regulations governing the regulation of bitcoin, such as the regulatory framework for the registration and listing of industry companies.

I think we are missing the point here. There is no country where there are sound regulations for the bitcoin because bitcoin came into existence later. There were no regulations earlier and neither any of them have it now. What they have is just the status of illegal tender for the use of bitcoin or any crypto currency per say.

It means nothing when we say framework for the registration and industry listing because bitcoin regulations itself is in infancy stage. It has evolve much more and first India needs to understand the actual working of it for which they have already taken the initiative by using blockchain for digital certification.

Bitcoin in india is not ban and yet not implemented or legal on india , but there is a issue on the investors , said by the government be aware and be careful on bitcoin , still to be honest they doubt the bitcoin , they can't see the good side of it , still the bad side.

yeah indians are doing a lot in bitcoin and this thing is giving economic rise to the india and soon their government will legalize bitcoin after seeing its effects on the common people, and i think india will now lead in economic race as well.

I think it’s just a matter of time before these countries begin to accept cryptocurrencies as part of the world economy going forward. It’s a technology that is not going away and if a government doesn’t accept it while many others do, they will fall behind. India will fall behind in technology if they wait too long to adapt to all the benefits of this new technology.

Not all is well for India when it comes to cryptocurrency. Don't lose hope. All will be better in the coming years. As Bitcoin rise, other countries are entertaining Bitcoin. India will accept in the near future. Nothing will stop Bitcoin. Technology is booming and advancing fast. India will appreciate it. Bad thing about it, the reason why they are not accepting Bitcoin is because government of India want the full control of Bitcoin in their country were what they want is manipulate and benefit more than the people who want to be in Bitcoin. A inverted vision of Bitcoin for the people. Don't worry team India everything will be all well for you and your country men. Its just a matter of time.

Now that all countries are considering the regulation of bitcoin, it is a new thing that makes governments all over the world difficult. In particular, Venezuela has issued a new and effective financing channel.

Supporting the bitcoin would be clear indication that government is happy with the crypto currencies and it may start a fire of investment in India. Looking at the black money that was capped last year with currency upgardes in India I am sure people will again start to invest huge on crypto currency ans might hide their black money over there. To avoid such consequences government has to rule out such use of currencies by themselves unless and until they devote completely different commission for the same thing. Once that's amended I'm sure regulated crypto currencies will be used sooner or later.

Crypto currencies is different with gold, it has the technology governments are threaten about. Since bitcoin is decentralized many countries think that it can lead to illegal activities or corruption because no one can control it or even view a trace for every transaction. I think as long as the government cannot establish a regulation for bitcoin surely many will still continue to prevent the legality of bitcoin and all other cryptos

Currently,there arr no regulation on these virtual currencies.So, by emphasising that they are not legal.but without declaring them illegal,the governtment has put them in the grey zone.and also government constituted a commitee to suggest a framework for regulating these virtual currencies and to understand their current structurr and legal implications.

From a technical point of view, the total ban of digital cryptographic currency is difficult to achieve!

India may be studying how to fight money laundering and protect digital cryptocurrency investors related laws!

If such regulatory laws exist, the BTC will be relegal in India!

I don't want to change aim of your subject but
beside the bitcoin it very interesting to know gold is not also legal. because we heard that Indian people (I think rich ones) give a lot of gold in wedding ceronomies.

as an investor eye, india is the biggest market with 1.5 billion population and underrated country for projects, if i were there, pay more attention to indian market, waves started this 2 days ago.

I think that the government just needs to figure out what is bitcoin and its uses. New things terrify people and the fact that btc is valued so much scares them even more. They only see the potential bad things it could bring because that's their job. But as btc gets more popular people are starting to realize its use. Im sure they'll come around. My country doesnt recognize it too. But im sure it's only because they're behind with the latest tech.

Well right now the government of india are now disscussing whether it implemented or not , its not illegal though they just want to keep their people safe on the scammers , as of now little by little bitcoin is now recognizing or should i say gaining its popularity , i hope and looking forward to implement bitcoin , just like my country too ph , all the government are now debating on bitcoin.

As we all know that Bitcoin/blockchain is not ordinary technology, it follows the philosophy of decentralization and hence takes away power from the centralized authorities like governments and transfer it to the users. There is nothing against the government but holding values in our own control and hence governments don't want us to do the same because in that case, they won't be able to control our wealth. I am optimistic that we will see a better picture down the road and things will improve in the coming years.

After bitcoin in December last year rose in price to $ 20,000, the Indian government saw in it the signs of a financial bubble and therefore began to warn its citizens that investing in crypto currency is very risky. Perhaps, that's why they do not want to recognize it as a legitimate means of payment. However, it is interesting that in response to the prohibition of the Reserve Bank of India to its banks to provide any services in the crypto currency, a lawsuit was filed against the violation of the rights of citizens. People are beginning to defend their right to deal with the crypto currency.

Investing when the price is at peak is a delicate move, they should always take consideration of its falls, and the government should accept the movement cause it will depend to their people how they can earn from it, not on them.

That's what matters to most countries today, I'm going through that period when the government does not want to know about cryptocurrency, may not like bitcoin when there is a lot of good potential in bitcoin and that helps many people to move forward at least it can alleviate the burden of every poverty level state, whatever the reason there must be a government fear of increased bitcoin that will fluctuate in price and make many people successful, the government should consider the many benefits that cryptocurrency has.

There are about 40 top crypto currencies in the market and description is on internet as it is connected with internet. Indian people are also using Bitcoin but some of their governmental ministers are against but even they can not control some coins like Lakshmi coin and many more which are introduced by India. So they have not control and power over any crypto currency. People are using it with great interest.

In my opinion they are really afraid if their citizen become rich and it must be harder for them to control the citizen. They trying to ban everything that they think will destroy the government.

its their problem not providing regulations while they know that bitcoin ibeing popular in they're country and yet th dont create a policy or regulation..but as of this moment we speak crypto is being regulated in india and i think banned in some matters

This will tell you how selfish some government are,they will will not accept because of it decentralized nature and this is of no interest to the government because they can not control all transactions coming from cryptocurrency investment.

This is the reason why government did not stated as legal the bitcoin is. They see bitcoin as a threat to the economy and cannot control and monitor all the in and out transactions in the blockchain technology. Therefore, supposedly regulation should be held in their country as to legalized the bitcoin for the benefits of the user.

India must not be doing this. If they are really banning bitcoins just for the reason that the citizens become rich and those bureaucrats will be losing their power to control the public. But I think this is just a fud. No one is such foolish to ban something for covering up this statement that their citizens might get wealthier. Rather every government work on this to make their citizens prosperous.

Yes this statement was issued two months earlier and now centeral bank of India RBI has announced that all the legal institutions coming under it's regulation will not involve in any crypto related transactions but still the decision by government has not taken and they stand at neutral which means neither they have banned it nor consider it as legal tender.They cannot control this decentralized currency and think that it can be used in illicit activities and for tax invasions thats why issue warning to users to stay away from it.But still they cant stop the growth in long run.

So they should discontinue all the online banking activities or even banks where all transactions are digital now. They should go for barter system , will be apt for safety . :)

it is really big potential and big market.. due to this reason there  is  important.. it will  effect volume..

For me, that is a valid reason fellow. I think you are right. The government cannot really manipulate or cannot easily keep track and trace illegal doings. And maybe they are afraid of that. But I think they can do some regulations in this matter.

most of you might know that here in India bitcoin is not considered as a legal tender the finance minister of India,the government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system...Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!is the government right for not recognising cryptocurrency as a legal tender or they should reconsider it....

The recent update is that Indian exchanges have went against the decision of RBI in high court. It is possible that court may reverse the decision made by RBI.

It is not surprising that the government of India has such an attitude, not only India, but we can see that most countries in the world do not recognize bitcoin for French currency, and if they admit that the government will lose the seigniorage. As I learned from some of my friends in India, the India government has not banned bitcoin, but on the contrary to some of the India's bitcoin exchanges, there have been several new India exchanges in recent months.

Yeah those who are doing something illegal will for sure so something to get the goal but we should not blame the innocent bitcoin for it, if they are afraid of bitcoin that it is not legal then It is not a big deal as in some countries bitcoin is already legal, same as we have heard recently about Japan and Korea that they have decided to make it legal and they are really acting upon it not only saying, so Indian is also going to make bitcoin as legal currency but it will take a bit time to develop the trust of Indian government.

Every world country government are deciding buy their own, some coutries has already accepted bitcoin as a currency, some of them have alreadyforbid it.

India are just following the move of another county they are not even do without following some countries they need to do a move and make a difference like in bitcoin  they should consider that cryptocurrencies have so many aspects that india can be improved.

But the status of crypto currencies are still neutral in India the cantral bank just asked everyone to stop dealing with bitcoin but it is not statement by government and now there is an exchange appealed on Supreme court about the decision of central bank of India,so still the condition is favour for crypto currencies.

Fake news you are sharing here. Please read the complete the press release has been shared by the Reserve bank of India. End of the day itself many resources confirms that headline information about crypto currency act on Reserve bank is false news.
Still you guys are believing that and spreading it means what to say.
Keep in your mind Indians are part of the bitcoin with the 120 billions worth of volume. If India banned also Indians will use it for long time.
Cannot regulate like China, India is worst politicial influence country.

If the people of that country will support bitcoin then they will have to accept the presence for bitcoin, no government can hold the coin and over bitcoin which is making them hate it, but if we look at the benefits of bitcoin we will know how good it is to make the condition of country better in very short time, I think they should love the same way as Japan, south Korea and now the Philippines who are accepting bitcoin legal and some rumors are saying that India is in the list too.

It's something they ignore on purpose. Corruption isn't meant to improve the country, but just stimulate corruption to remain thriving within the current system, which is the sad reality. China and India have always been paranoid, and this once again points out that they haven't changed at all. The government doesn't care about people, so why should people care about their government? I am all in for an anti government revolution to claim back what they have taken away from us for decades. The perfect reaction to these sanctions would be to set up local Bitcoin economies where there is zero fiat involvement. It's even a totally legal move since no one is doing anything against the law.

I'm so happy that not only the country of Japan will support bitcoin but also in India.I hope a lot of possible happened coming from crypto currency that all nation support on it.

Bitcoin in India is unluckily not legalized yet and is banned by the government. A huge portion of the whole population of the world live in India and legalizing the technology in the country will bring revolution in the technology. Besides, there will be an unexpected jump in the value of Bitcoin since the technology will be free to be used. But the government has their own interests and follows a different way.

As my personal opinion, there are two parallel world one of which runs on fiats and other on btcs. We should not mix them up or it would unstabilize

NOt only Indian Govt. but many Govt are pressurised by the fiat companies to keep back the decentralized cryptos and so Govt is forced to do so

India is just the opposite of Japan as far as Bitcoin legality is concerned. The Japanese government want to encourage the use of crypto-currencies and regulate the market. On the other hand, the Indian government want to discourage its usage and seize funds from the crypto-users.

Recently one big exchange have gone to court against the RBI regulation of giving bank instructions to stop the accounts who are in cryptocurrency trading. and giving all exchanges 3 months time to close the business. India is a democracy country and people have rights to do any financial transaction with any products unless it is illegal. Just waiting the result of this suit

India is the one of the best giant market on btcs. India is not taking a right step by illegalising those coins. They would suffer later

Govt should reconsider and make it legal.

Cryptocurrency may not be a legal tender as long as the government will not control the emission of cryptocurrencies

I think probably because they feel threatened if everyone is going to use bitcoin. And lets all face it, bitcoin does have some flaws too and if you usenit for illegal activities then it would be the start of the end of cryptocurrencies. And ai think thats really one of the major reasons why they dont want to legalize cryptocurrencies.

I had read in a crypto news ,Indian government had get deep analysis about bitcoin now.If bitcoin become legal in all over the world.Surely India announce bitcoin as a legal one.Due to price volatile,Indian government announced it is not legal one.For this reason china asked their people to inverse in Gold and Silver.

if in my opinion is how to get the government to acknowledge this cryptocurrency as legal, after that work with all parties associated with cryptocurrency to benefit all individuals, governments and investors, do not even block and try to ban because this is something that the society is very waiting for this moment

if spies work over Govt  itself, many local leaders can be found trading btcs with Govermental funds. They have aimed to stop such corrup

even if it aims to eliminate corruption, I strongly agree, because in every country there must be people who are corrupt, and corruption is very menyesahkan our citizens

The government is threatened by the power of cryptocurrency and what it can do and how it can affect the money they make.
This is one of the reasons behind the objection of the government in cryptocurrency.

In recent months, the Indian government has discussed the legal framework for how best to integrate the burgeoning digital currency into its structure. A special agency has worked to determine the legality of such things as Bitcoin by law in India

Bitcoin / cryptos wil be huge in inida... as the popiulation is too huge and more populations means more mobile devices (money making machines)

The decentralization system owned by cryptocurrency is the main factothe government is reluctant to adopt cryptocurrency. The government thinks just instantly, they just want to benefit from the results generated by the people. And unfortunately, I've never seen or predicted cryptocurrency would harm a country. Inflation, illegal transactions, and some negatives as long as we know are unfounded reasons for the government. I do not expect all governments worldwide to legalize cryptocurrency, will always be a lot of consideration and a hopeless hope who expected. I just want everyone to be aware of their need for cryptocurrency not just to see and follow what the government says.

Main thing is that crypto currencies are decentralized, which means no one can control it especially countries or governments. Another thing is that people profit from crypto currencies not the government, it doesn't have any taxes involved. Lastly, crypto currencies are new. Governments are scared to try something new unless another government successfully tried it.

Government will not ban this completely and it is also not possible.

The government will ban crypto only because of one reason - enslavement.

Bitcoin has gained a lot of popularity in India.Bitcoin usage in India is much higher than in other countries.Many people in India are choosing bitcoin as the main occupation.In India, the amount of bitcoin investment is increasing day by day.Even the Indian government is taking various initiatives to legitimize bitcoines.

India is one of the countries that does not banned it completely yet.

Well, a lot of people here have criticized the government, citing their agenda of controlling people by manipulating money markets or similar acts. However, it is important to understand both the aspects of this discussion.

A) Yes, the government is threatened by cryptocurrencies, not just bitcoin, but for a different reason. If money is being put in any financial tool, it must be regulated to protect unsavvy investors from getting burnt, and that's why it requires a regulatory framework. The government isn't sure yet, so they're taking their time with the decision.

B) Blockchain technology is in its infancy at the moment. The technology needs to mature enough to receive approval from government organizations, hence, all the regulatory actions. Once the technology has proven to be a reliable one with real solutions, instead of what we see in a lot of ICOs, I don't think that the government would have an objection.

So, guys, let's not get judgemental too soon.

Tell me what you think!!!

You have raised and highlighted the primary reason behind putting bans on crypto currencies in developing countries like India, Pakistan and so on. Government does not want to give all power to people, they simply are of view that people should not enjoy the liberty that they are given by law because then, corrupt policies would not be able to enjoy the funds of nation.

I am happy that india is part of the investors in bitcoin.

Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.

In india bitcoin is neither legal nor banned. The RBI just announced that to stop the account of the person who done transactions through bitcoin in bank. But still in india people are using bitcoin and there are so many exchanges open and traders are still trading bitcoins. The government  will not banned the cryptocurrency in india. Many people are now using bitcoin in india as their main income. The government have a serious discussion about the cryptocurrency legalization in india.

I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced.

I think India are very different with China where government still not apathetic or stodgy with the changing times, although the government does not give a neither legal nor banned attitude, but people feel they have the freedom of using it.

Indeed, we can see something similar to that of the U.S. Their government considers it as a property and cryptocurrencies are taxed accordingly. It will take time, but I think it's the right way to go.

Obviously 2 different countries with 2 different views on crypto. China has already turn its back, while India is still in the middle. As far as I know, the Supreme Court of India has issued a injunction against RBI banning banks from facilitating cryptocurrency trades. So this is a win for crypto enthusiast in the country. This may be a sign that crypto currency will still flourish and blossom in India and the government will not put a total hammer ban. Its going to be a long process but I'm sure that in the end, everything works well in our favor. Allowing bitcoin to be fully traded in the country will have a huge impact as we all know that India is one big market for everything crypto related.

In India bitcoin is not banned it is still legal. Many people use bitcoin money as their main income. The government has announced that close the account of the people who deals with cryptocurrency transaction. No one cannot stop the bitcoin growth. Many traders are using transaction and opened new local exchanges to exchange bitcoin to local currency. But the serious discussion is going on an another side of the government regarding accepting bitcoin.

What I know is that it had been lately banned in India but I don’t know about the current situation of the state. No doubt, it is not easy for the government to eradicate virtual currencies from the country permanently because it is becoming a fruitful source of making money for the ones who were begging others for their financial needs. Government should take wise step and make it legal for better economy.

India is a important market area for cryptocurrencies. İt is a secınd biggest country in the world and they are growing up everyday. Big volumes are important to increase our marcetcap.

Without any official news from the authorities, we should not conclude, already many of friends are paying taxes on Bitcoin exchanges. We have to get clearance from the government whether how much money we have to pay in the form of taxes while trading the cryptocurrency.

It's not an important market at this stage due to how the government there works against everything that helps people obtain a small bit of freedom an allows their economy to develop itself.

India is less paranoid per ratio than China, but what's that worth? China is extremely paranoid and unwilling to work out any midway solutions, where India is just paranoid and unwilling to look at things from an unbiased position.

India could have had a major boost from allowing crypto to develop, but its hostile stance towards everything new and emerging is destructive and makes sure that this country will never progress optimally.

It's again a clear sign that the elite doesn't want the average person to develop further. Poverty is a horrible way to keep people in check, and they have no problem using it to get what they want. That's evil.

There are countries who are yet to make this legal in their countries soon.

Bitcoin according to the government is decentralisation and hence they want to ban it.

Thirst for Bitcoin is greater in India than in other countries and besides it there are a lot of crypto coins designed in India called as Laxmicoin and many more because this is the interest of people in the crypto market. Due to this thirst the people are looking for Bitcoin as it is the most profitable and advantageous currency in the market. The demand for it has increased there and it will more increase when the illiterate people get awareness about the coin.

Yes this is not a reason for banning crypto currency they said it is just not legalized by the government till now so hope they will consider crypto currency as a good development of money and recognize it.

India is still on the middle, they haven't put a hammer ban at the same doesn't recognized bitcoin as legal tender. So they are still in the neutral side.

It is so bad in my opinion, that a bunch of people who even didnt deeply understanding how crypto operates, would decide for everybody in country what to do.

I really don't think that India will fully adopt on crypto, even though people are wanting to be a part of it but I don't see any assurance that their government will put some attention on it. It is getting useless also if there is no used of bitcoin in their country, and hopefully their government will see the goodness of crypto development.

If that's the case then it's really bad for Indians as a whole, and if the government should decide to ban it, then the people should make sure that they vote out any anti-cryptocurrency government in the future.

Indian government will reconsider / should reconsider its decision, but I also believe that the government in India will act pretty slowly depending on how other governments around the world react to the crypto space..

A government cannot be against cryptos when every other government around the world will become crypto friendly - from a regulation perspective..

In fact, India has issued a ban on Bitcoin. I think that the government of the country with a lot of technological development should reconsider this issue. They choose technology as one of the strengths of economic development, so why reject the Cryptocurrency market as well as Bitcoin. I am guessing that the government is considering completing the legal framework for Bitcoin, and in the future, the ban will be lifted.

India have not declared ban on bitcoin but it have issued warning through RBI to all banks to close down the accounts trading in crypto currency but still if anyone is using bitcoin then it is on its own risk. As some exchanges have gone to legal fight against the notice of RBI to close down the cryptocurrency accounts. Still waiting for their responses.

it depends on which country, in india's case, they are not all out support for bitcoin because bitcoin is not widely recognozed by people, we all know that inda is a third world country, many people has no access on internet and maybe there are no merchants that accept bitcoin payments so it will not be possible for them to adapt cryptocurrencies.

How do you declare that India is a third world country, today they are the main exporter and importer of the world products. Other country are just thriving to do business with India. Until you dont get legal status of bitcoin in any country how will you expect the merchants to start accepting bitcoin.

What you are replying is totally baseless research you have about Indians status on Bitcoin. Today the price of Bitcoin in Indian exchange is more then 10 to 20% high. Still their are so many traders who are trading in bitcoin in India.

Every government's voice is a kind of protection for itself, and so is the India government. As the trading of bitcoin has become more and more active in recent years, we have seen some governments have begun to worry about the special currency market, because they are not getting the benefits from the bitcoin trade, and there is no way to control these transactions well.

i have heard about bitcoin and how the condition of bitcoin member in India country, I am so sad to heard about how the situation of India country of bitcoin. the India government have take one bad action to stop and banned the bitcoin exchange market in their counrty, will be more sad for investment and trade of bitcoin in India now, we dont know how to withdraw our money to bank by using exchange bitcoin, because it was closed.

There is actually no country in the world currently where some cryptocurrency is considered as a legal tender. They are mostly left undefined or are treated in the same way stocks are. So don't worry. The problem with cryptos currently is their volatility. Would you really like to have a currency that unstable?
I presume you can use cryptocurrencies normally as tokens and that nobody is forbidding that?

As a country India is just being procedural like most other countries. Bitcoin has come to stay regardless of volatility. As the infrastructure on cryptocurrency improves with time, government policies and decisions are bound to change likewise. In as much as the government did not declare holding it as illegal, keep trading and building your volume up like shares. Time will surely tell.

I think you are not fully updated about the cryptocurrencies development. Japan is the country who have declared Bitcoin and cryptocurrency as legal and the development is very high. Even some more country are their who have legalized it and even regulated the law for it. But india is afraid of it that is why they are giving instruction to bank to close the cryptocurrency traders account.

ncash will be the main cryptocurrency in india after the gov/ncash conference

Bitcoin in India .. bitcoin help in india. Especially in their economy. So let's get the bitcoin in India .. Thanks.

No, I actually am, but people are confusing the terms and what they mean.
Here is the explanation about the status in Japan:
"The Virtual Currency Act defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency or legal tender."
You should understand the difference. None of the cryptocurrencies have been given the status of a currency yet. That is why a term "cryptocurrencies" is still a misnomer. Them being legal and accepted as means of payment, just like any other virtual tokens, has nothing to do with them being actual currencies like USD, EUR etc.
Once one of them will be accepted as a currency, it will provoke a marketing boom. Keep a close watch for that moment, as it will surely come.

In keeping with the developed countries, India is now taking the country forward with the use of technology. Similarly, a strong cryptocurrency like Bitcoin is influencing India. Currently, some companies are thinking about Bitcoin in India. Bitcoin will be used in all the countries including India, if Bitcoin really becomes the all-time currency.

They wont support it because Gold is something different. It is need of our life. People like Gold, they like it for wearing as ornaments, jewellery and much more things you count on.

If you from India then you must be knowing the fact that traditionally we have rituals to gift huge amount of gold ornaments to our relatives at the time of marriages or even at the occasions huge amount of gold is bought.

Now that is something which is embedded in our tradition but as far as bitcoin is considered it is out of reach of any application that can help country. For sure people will use it for money laundering purses and nothing else. Thats why they dont support. Yet!

The main reason for government not supporting cryptocurrencies is that Bitcoin poses threat to many powers of the government. As Bitcoin is decentralized, the financial power will transferred to the general public. The banks and other financial institutions will also lose their control on the financial market as blockchain eliminated the need of intermediary. Just today RBI has pleaded to supreme court about what bitcoin is. It says that bitcoin cannot be credit as mode of sending or receiving money merely because its a P2P system which lacks any kind of intermediary.

Not recognising as a legal tender and declaring it illegal is two different things. It's not easy for a developing county like India to declare virtual currency as a legal tender as of now it will take time for the government to observe this new thing and make appropriate measures to regulate the same.

Still, Indian authorities do not know whether to accept Bitcoin as the cryptocurrency or prohibit it. They say the question might be decided not earlier than in July 2018. I wish all Indians good luck.

Bitcoin in India is banned and I do not think they would ever legalize it for they do not want to have their already poor citizens get more crippled for Bitcoin is volatile and investing in it could be a possible threat to losing the money you invest. I do not agree with that. Furthermore, they fear they would loose their fiscal policy instruments to control their exchange rather if Bitcoin made it to the market, which is why it is banned.

India has discussed the legal framework for how best to integrate a burgeoning digital currency into its structure. A task force has worked to determine the legality of such things as Bitcoin by law in India

I think the conspiracy theorist in me is saying that it is all about money. Maybe the banks and the big wigs in your country doesn't want crypto currency to threaten thier livelihood. When crypto currencies are used, it opens up more people to buy since they have money to spend. Then again, I'm not in that country so all i say is move to a neighboring country to cashout your holdings then go back.

As far as I know, despite being one of the countries with a strong investment in technology, the Indian government has decided to ban the Bitcoin. This is surprising to many, but with the political complexity of this Central Asian country, the ban on Bitcoin is seen as a means of managing the country. It will take a long time for the Indian government to set up a legal framework and accept Bitcoin.

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry. Back in April, CEO of Coin secure, one of the largest Bitcoin exchanges in India, told Coin telegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

I personally have not yet heard such news, but if it is true, then we wish a good luck for India, that their government should turn bitcoin as legal currency in their state, i think that it will also bring a very positive impact on bitcoin and its price, people will get more confidence and will hopefully invest more money in bitcoin.

Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecureand Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

Bitcoin has a good reputation in India. Many people in india accept bitcoin. In indian currency rate one Bitcoin is equal to approx 480000₹. In recent some years the users of Bitcoin in India enormously increase. Indian central bank know as reserve bank of india allow indian Bitcoin user to convert their Bitcoin into indian currency. In india many bitcoin user use zebpay to convert their money and also use for investment purpose and also use zebpay to buy bitcoin. Indian people love to use the money transaction facility of Bitcoin. I think india is a good platform for bitcoin.  ;)

There are many countries which do not consider bitcoin as legal tender. The government says that the number of illegal activities will rise if bitcoin is considered as legal tender. I think that government is against crypto because of its decentralisation. According to view points of government ,cryptocurrency will create instability in the economy. Govt.also thinks that the criminals will use the crypto to hide their black money, moreover government is not ready to use block chain technology and wants to remain on its traditional banking methods.

It is very possible and it is for a very simple and clear reason, I have noticed that in India there is a lot of demand for Bitcoin buyers, there are many, and the simple law of higher demand less supply and less supply is more likely that the price is increased because everyone wants to get bitcoin! That is the main reason for me and without doing a corresponding market study.