Bitcoin Forum

What will happen to bitcoin in india. whether it is legal or not.

I really don't know if is now legal or if people from India use it. But last year there was some news saying bitcoin is restricted on India. You are in India now and can't use or buy bitcoin?

I really don't know the current situation in India if they will actually ban bitcoin or not because there were news before that indicates bitcoin banning. It's best for you to ask this kind of issue into their local board, India. (https://bitcointalk.org/index.php?board=89.0)

There are also topics that you can discuss there tackling about it like this: Indian Govt Planning Ban on Crypto (https://bitcointalk.org/index.php?topic=5136385.0)

So many times this country has planned to ban bitcoin and altcoin even with any activity related to the crypto. but it seems like this just like a rumour that always created by the government. Bitcoin is yet illegal in india but according from the news bitcoin was placed by the government in the gray area and it's stil waiting for the next decision that will have taken by the regulators.
you can still use it.

OP want to wakeup last year's story again?

As far as I know it is not banned in India but Reserve Bank of India restriced all the banks involving crypto related transactions so you may nit use banks for converting but atill can be done by P2P site like localbitcoin.

Keep seeing news from Cointelegraph about Blockchained India and all these supposed street protests going on in (Bengaluru?) or whatever, but I can't for the life of me find a single picture about these protests not on any hashtag or google search. Can any kind person in the know in India point me to the right place maybe?

All I see are a couple of posed photographs of guys wearing T-shirts with logos and mottos. So they're protesting the Supreme Court delays, protesting RBI but I personally know many Indians who've been transacting Bitcoin with me and they tell me nothing's happening different!

Whether illegal or not?
 I will change the subject if I were you.
You are making us pick in two contradicts both.

If it is legal then it will still be bitcoin.
If illegal then it will also still be bitcoin.

The usage is where the difference will be. Let us make drugs as an example. It is illegal to most of the countries so you wont see it being sold at any restaurant or retail shop.
While on the other hand Amsterdam made marijuana legal which can be used anywhere it is not forbidden.
Same with bitcoin.

Haven't seen news about India and their stand in cryptocurrency lately. I think there are only certain laws that were changed specificaly in cryptocurrency in India. Found this one upon looking for sources.


https://news.bitcoin.com/indian-laws-cryptocurrency (https://news.bitcoin.com/indian-laws-cryptocurrency)/

the last time I read information that in 2018 restriction the circulation of bitcoin because the Indian government saw a lot of negative side that happened in India because of the use of cryptocurrency like bitcoin and others, but for 2019 the possibility of using cryptocurrency in India still doesn't have clear legality.

No final words for Indian government, but the last thing I remember is that it looks like they are putting up barriers already, having a hard line stance specially against bitcoin. Of course we don't want to hear those kind of news, but we should be at least prepared for the worst. On the bright side, we all know that bitcoin is decentralised so it's hard to stop it even if India decided to ban it.

The decision about legalizing cryptocurrencies and exchanges in India was refused, that being said it was not stated to be banned and its illegal to use it, and i think that there are lot of Indian people who are already using bitcoin and even creating their own crypto projects, so i don't think that anything dramatic is going to happen, however there are people protesting and making a movement towards the re looking into the decision since this is going to affect a lot of people, and the government could do that like what happend in Russia.

Before it can only be traded to other cryptocurrencies and cannot be use as a kind of cryptocurrency in India but from what I see in the news now the RBI is now also targeting their crypto exchanges blocking them through banks which don't allow their users to cash out via bank deposits. Now they will be screening cryptocurrencies on which can be traded in their country so really the situation in India is really hard to explain since there is still a lot of things going through and none of them are still official.

There was a bunch of laws in India that is restriciting the usage of cryptocurrency as their mode of payment and we can't do anything about it because they're a soverign country and its government can do whatever they think that's right to its people even it's good or bad to us. Citizen of India can still use cryptocurrency if they want to as there's always a way.

Through some exchanges on the forum, India has not yet released official Bitcoin-related announcements. Many people say that there are many entrepreneurs in this country trying to hold Bitcoin because in this country, there is abuse. Many people in this country have used Crypto as an alternative currency in this bad time.

I think bitcoin will still grow in India no matter if the Indian government is banning cryptocurrency.
People will still try a way to use cryptocurrency and not just for bitcoin because if they can make money from cryptocurrency, I am sure that they will find a way out to still connected with the cryptocurrency.
They realize that banning will not stop them from using the cryptocurrency, and even more people will join in cryptocurrency because they can have a new option to make money.

The few news articles I have seen about bitcoins in India all talks about the Indian government will be banning bitcoins, either as a full ban or as exchange trade ban. But at the same time, Ripple XRP are signing contracts with banks about the use of XRP, so it's all a little bit confusing, and I think we have to wait and see what really will happen to bitcoins and other cryptocurrencies in India.

There were rumours about banning of Bitcoin in India but there is no further announcement about it yet.
India as a developing country, people there would still try to strive using Bitcoin. Even if the government would stop them from accepting bitcoin, traders and investors would still do something to access it.

India is a big market not just for bitcoin but crypto in general. And that is why it's going to be sad when government will decide against bitcoin. And the only victim here will be our Indian counterparts, those enthusiast who are into it because it provided them financial freedom, thus enjoying a good life in a developing country such as India.

The Indian government seems to fear people will abandon the rupee in favor of bitcoin and competing currencies, so they do not want to appear to be giving legitimacy to bitcoin. Obviously, as tech savvy as Indians are, they will buy bitcoin off of the black market. Eventually the government will come around to embracing bitcoin, but it may be some years before it finally does.

I hope the new government which is performing the second term of 5years is very much supportive for the digital world.

I do not have any latest information on what Indian Government is thinking about legalizing or banning the bitcoins. But one thing is sure that no country can ban the bitcoins and people will find ways to use it no matter what government says about crypto currencies. So the best option for the countries is to make it legal and try to integrate it with the financial system of the country.

I heard that the indian country have declared a crypto ban on india and i think bitcoin is already included with that but i also think that the ban will not last forever because the ban did also happen on other countries but they decided to unban crypto because they also sees the potential of cryptocurrencies that it could help the people and the economy of a country .

There's no ban for Bitcoin in India. Not much regulations as well. But RBI asked all the bank not to associate any kind of bitcoin exchange which can be counted as a thread for the future of Bitcoin in India.

India has good economic potential, I agree with you, that the ban does not always apply. where the government is ready to accept it, I think it will change too, for the prosperity of the people

i believe its still restricted and the goverments are not support bitcoin payments or anything related the use of bitcoin. I do think what happen in india also happen here indonesia which we could buy bitcoin but any risk will ours to bear. So there is no investors protection in my country and i do think india also the same.

A good sign that the government knows the potential of a cryptocurrency to help not just the people but also the other country who likes to support cryptocurrency. Banning Bitcoin won't stop those people from using it since there's a lot of methods to bypass everything on the internet. Although some of it is illegal... but the way people see what Bitcoin is it is different once they know what is it.

No one knows exactly what will happen - but the situation right now isn't really looking too bright for bitcoin businesses.

Services like Zebpay has pretty much already expanded to global markets as opposed to focusing on the Indian market, because of the fact that the RBI has been so unsupportive in their policies and restrictions.

Even though bitcoin is technically not outlawed still, the central bank of India is essentially making it clear that they aren't willing to regulate (since talks of regulation keeps getting postponed AFAIK), and that they'd rather drive out bitcoin businesses bit by bit through their draconian restrictions.

If the government declares it illegal, it wouldn't affect bitcoin at all. as people would still use it as usual. They can deal bitcoin anonymously without letting the government know about it.

As of now, bitcoin and cryptocurrencies are restricted in India. But, up to now there's no final decision for the final decision. It's on the highest court already. Final decesion might be release.on the third quarter this year.

The exposure of Indians to cryptocurrency cannot be compared to other parts of the world, I think they have more exposure than other people even if they don’t make as much as investment like other countries like America and UK does.

You know their level of IT knowledge is very high and bitcoin is nothing so new to those that are IT inclined. If you check the population of Indians on this forum too, you will believe with me that you got your answer there that when we talk of massive adoption, it will come from there, but what I do not know is if their government will completely be in agreement with it or not.

India has a vibrant micro economy with small businesses and lots of street merchants that are excluded from the Banking system. Bitcoin with smart phone technology will open up these businesses to global markets and funding, if they can grab the opportunity to apply this technology.

These small businesses cannot afford to spend money on expensive Bank fees and payment equipment like credit card machines, so they need a technology that does not need that and Bitcoin can fill that gap.  ;)  :P

I think sooner or later, India will also accept bitcoin to get a new industry to help people get more money from the new market. In the near future, the US will not exempt tariffs for products in India anymore. I predict that there will be an economic recession in India if they cannot find a new alternative.

Well, cryptocurrency was not created for banks to be involved before or for them to even have control over it, and Even if their bank does not support it, so long there are so many ways for them to still transact their business smoothly, and then they are good to go.

Their banks are even funny, when they know the level of Information technology knowledge that virtually all their young citizens have, they should not have even thought of making those unnecessary threats because if there are people that understands the benefits of crypto more, they are Indians. Do you know a part of me believes that SATOSHI is from Indian, because only Indians are quite very crazy when it comes to coding.

right, India is a developing country that is heading for developed countries. so it doesn't surprise if bitcoin will shine in that country. they have a lot of human resources, so that if managed properly, it will produce good too

Its a bit complicated for the India government to accept crypto the RBI doesn't really like it and had put a serious banning for the crypto, it might take a while to convince the institution to accept it, but as far as I know the RBI still very strict about the regulation, they don't really care how many people had been saved by bitcoin

With all the multi-billion dollars tax evasion going on in India for past 20 years and money going out of India because Indian billionaires have scammed banks, Indian government is terrified of any financial transactions. India is well known for high profile scammers/frauds. Bitcoin's anonymity will ban Bitcoin in India,

IN india bitcoin is not legal tender in India,However, they are not illegal. if it is not a legal tender that means that it may not be accepted for making a financial transaction.in july new updates are may be released by government may be in september.its out

Bitcoin is not anonymous; it is pseudonymous. Bitcoin transactions can be tracked on the blockchain and thus pose a risk among criminals of being identified.

India wants to ban cryptos because the authorities in that country fear the abandonment of the rupee.

I am not from India but I guess people in India are using Bitcoin (if not all). If you are from India, then you can have knowledge whether it's legal or not but if you are not then it's none of your business.

India is one among the country that has been getting increasing number of cryptocurrencies within the country. Meanwhile there is some form of analysis by the common people to use cryptocurrency. Same time government has also set teams to research and submit report whether there is need for blockchain technology, and cryptocurrencies. This way right now there no big opposition, I believe they're neutral in the usage of bitcoin.

I think the price of BTC will soon grow strongly and the volume of transactions in India will increase in July. I have read an article and on July 7 Indians will no longer be exempt from tax when exporting to the US.
This is considered a fatal shot in India. People are forced to search for cryptocurrency like people in Venezuela.

even the government officially forbid bitcoin, ppl will find their way to buy it.

Yes, of course. As long as there is a will, there is a way and even the power of the government could not virtually stop the bitcoin movement in India though it can be harder than usual. It would have been great if the India government would instead put up the regulations (they can follow Japan which is very strict) for the cryptocurrency industry. One big concern of the government is the proliferation of scams using bitcoin or cryptocurrency which already affected the country even before it is legal. Let's hope that soon the government will realize what the country miss with this burgeoning and unstoppable industry.

But it is against the rules of your government so you are ready to face the consequences of legal issues if there is any?

People won't stop using it but the demand will greatly reduce if government ban it.

So it will be a continues battle for Bitcoin enthusiast in India if government will just decided to ban crypto. Of course there will be consequences if you are caught, but I don't think it will stop India from riding on Bitcoin because they know that it's a alternatives for those who are un-bank, average Indians.

The future though doesn't look bright at this point, buy I guess everyone is willing to take the risk and still invest/trade in this country as Bitcoin is a technology that can make or break everyone, specially those from developing countries like India.

India is not going to ban,its just the banks were trying to go against it,even now people still using banks for buying and selling bitcoin in India through sites like localitcoin when central banks said all their banks to stop crypto related transactions.And other options also available like paypal if banks strictly implement their rule against crypto.

You should be concern with that especially if you are in India.
I am not living in that country but last time I heard, exchanges are ban, but don't know about the progress now.

Well, I am not expecting them to be anti crypto for a long period of time, things will change and they'll eventually adopt.
Big country embrace crypto, and this is a change that gives good benefits to people so let's give the freedom to the people to use crypto.

Sharing this to you - https://cointelegraph.com/news/indias-complex-relationship-with-crypto

I don't think there is anything that is happening to Bitcoin in India. I got a news that they have restricted the use of Bitcoin in India, but that same year my friend who is living India was still making use of Bitcoin and I even send and receive money from him like every two weeks. So I don't really know if it is legal there or not, but since he's still making use of it, so I guess there is nothing happening and bitcoin is safe there. Maybe you should do your research or ask other people that are living there how it has been for them.

According to several sites on the internet, India indeed still ban the use of bitcoin. but we know that the government will not conduct raids for bitcoin users in their countries, it will be difficult to track and cant get strong evidence anyway. actually we need direct comments from bitcoin users from india about this, to get more clear answer

When it comes to IT, Indians are too intelligent and I wonder why they are the ones having issues with government as regards cryptocurrency, are people really sure that bitcoin was banned in India, because most of my friends are from India and they use cryptocurrency basically every day to transact their businesses, and with the number of usage I have seen, I don’t think it speaks the language of a banned projects at all.

Anyway, they are too smart to find a way around it, I mean the Indians, luckily for them, they have an anonymous system right in from of them that will make it easy for them to use without their government influence.

I have read a thread here stating that India has lifting the ban for cryptocurrency but not for all crypto because they still ban those weak altcoins in the cryptomarket.

Bitcoin was already being identify and the community could already enjoy buying or investing bitcoin in their local. Aside from there are strong altcoins also that indian government had allowed for the indian community. So, there is no way that indian people will not enjoy cryptocurrency.

It is a sad day for cryptocurrency in India as harsh regulation is being implemented there.   I have read that there is also a draft of resolution sentencing buyer and seller of cryptocurrency to be punished by 10 year imprisonment (https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html).  WTH? Though  Reserve Bank of India denies their involvement on such proposition. (https://cointelegraph.com/news/reserve-bank-of-india-denies-knowledge-involvement-in-draft-bill-to-ban-crypto-entirely).  And if that proposal is accepted by the government then, the hopes for cryptocurrency in India will be gone.

I hope that bitcoin can be accepted in India and the government will not ban bitcoin so their people could still use bitcoin for the good things. I am sure that from a long time ago, people in India have already got the benefits from bitcoin and they still want to get more benefits from bitcoin. They can make money from bitcoin, which will help them to solve the financial problem in their life, and I think the spreading of bitcoin or cryptocurrency will be running good in India.

I am not living in India but I heard a lot of news that India banned cryptocurrency because it was harmful for their citizens. Well, it is up to them. Even it is legal or not, the world of crypto does not care. Many people are interested in innovations and if they left in technology, they have their own fault.

I wouldn't know there was this many ban talks about India if I didn't see it here. I have many Indian friends I made here and it is the perfect currency for almost all Indianans that work remotely. I mean look at places like fiverr and upwork and so forth, India is a cheaper country than USA and they are still doing their job with high quality (specially on SEO and coding) so you are basically paying less for a job that is equally well and they are still getting paid more than usual and bitcoin helps that a lot (the norm used to be paypal).

In my years on being interested in crypto I have both worked with and worked for Indians and they have always used bitcoin without much trouble as far as I knew, didn't know they had bans on their country by our talks if I didn't see the ban talks here.

There is a new development from India that the government has proposed a new bill that puts who trade and hold bitcoin in jail for ten years which is outrageous as we can clearly see their lack of intelligence when you compare the sentence you get for heinous crimes which is much less than the proposed punishment for holding bitcoin  ::) , if they approach towards technology and the new market like this, new starts ups will move out from India as there are other countries in Asia that welcomes the new technology with open hands.

Bitcoin in India will be used in any case and nobody else in the world could prohibit the use of bitcoin. Laws stop crypto enthusiasts a little.

I don't know what the stance of Bitcoin is by the Indian government but does it really matter? Even if the government bans bitcoin in their country, people will still be using it. There is no way the government will be able to know who is using the bitcoin unless his wallet is somehow linked to his real life identification. What is going to happen is that people will face a bit difficulty when trying to convert their coins to fiat currency while they will be still using it like before.
If you are talking about the price being affected globally, then I don't think any major affect will take place on the price of bitcoin.

If Bitcoin will get banned like it was recently proposed, Bitcoin will go underground in India, trades will be done in cash or with foreign payment methods (PayPal and other), because using Indian banks for buying/selling BTC will be too risky. Also there will be no big mining in India, only some private GPU mining of altcoins, if it will still be profitable. Exchanges and other services won't work in India, and Indians will have to use proxies to get there, but since many exchanges have KYC, it will be very hard to get there. This might significantly affect prices in India, they can be much higher than in other parts of the world, because of this artificial scarcity.

for now there are still many countries that forbid crypto and bitcoin currencies especially because maybe the country's government is afraid of negative results to be obtained but I am sure that one day it will be needed along with the times and technology

Bitcoin is not illegal in India. All the FUD news coming from the media predicting that soon a Crypto Ban bill can be passed.

Their government is just joking and that is all, do they really thing they can stop their citizens from using cryptocurrency by mere court judgment or pronunciation, how can they succeed in doing that on a technology they will not even know if it was being used or not, people will secretly be using it and stop paying attention or waiting for government to regulate it.

We are just the ones now blowing it’s use out of proportion by creating crypto ATM, crypto banks and many more, which is why they get to know about crypto, crypto code was written over the internet and so long they don’t shut India internet down, then, I am sorry for them, Indians will always use crypto.

That is why the government would rather look for a way to back it up than to completely pronounce it illegal, since they know that pronouncing it illegal will still not stop it.

Fake news alert people. As you can observe for the past few days, there are a lot of websites that telling that India has a law about cryptocurrency that any people involved for buying/selling/mining/generating bitcoin will be jailed for 10years.
As far as I know, it is still 'draft bill' about that case.

Read more here: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

Not many but there are only few of them that resteicts crypto and the rest are now allowing crypto  . some countries like china are also banning crypto before but now they are now changing their minds and they now allow cryptos on their country , i think this idea can also happen on other countries  .

cryptos are not bad and would give negative results for the one that uses it  but it can rather bring positive results   .

In a population of over a billion people, how does government intend to follow up on their ban, when they are not planning to take the internet down, and at this stage, we are still yet to have local merchants that are accepting Bitcoin as payment for them to be in the know.

Secondly, people are still using the system for investment and since it is an anonymous system they are operating, no one will really know if they are transferring fund for investment or not. I only see local exchanges having challenge, which means they have to be really secretive about their business and this is where Indians will have issue if they chose to follow the rule too.

I've heard of this signal on social media and people are crying about it and giving different opinions of that. They never consider and read that word, 'draft'. They thought that it's already a final law that has to be passed on immediately.
Someone from India who's aware of their current situation should come out and educate us.

India is one of the country that I admire. But in terms of cryptocurrency, they are not yet open dealing with crypto things. As far as I am concern, they are inhibiting their people to use cryptocurrencies which makes it a fear for the crypto enthusiast and crypto users to refrain from using it.

Here is the latest news  (https://www.google.com/amp/s/cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings/amp) for India's "proposed" law about bitcoin inhibitions. It is not yet  final  and implementation of laws are still on going.

indeed, if viewed logically, it seems impossible that it happened. we know that India is an active country in its development, including the economy. of course they need developed countries to support it, and many developed countries have legalized crypto

The RBI has no role here and they just confirmed that. The draft is being prepared by the lawmakers and the economical advisers to the government and till now they haven't denied anything. So rather than filing a RTI on the Reserve Bank of India, it will be better to do the same with the finance ministry. But I don't know whether they'll respond or not.

We've banned a lot of things in the past Maggi, Porn, Tiktok, Uber, (yes we banned Uber), public smoking Ban, selfies (yup), alcohol ... tell me how effective those bans were? So if they try to ban crypto, it would be only a laughable thing, nothing more.

It's not really artificial if there is no viable way to get coins into a firmly regulated market short term wise. Long term wise the premiums will fade organically because the profitability of getting coins into India will stimulate people to go for it.

I have read how so called Bitcoin mules 'smuggle' coins into the Chinese mainland. There is no way to stop someone with a smartphone and a loaded private key from trying to enter China, and that directly also applies to India.

Well, that's the reality. Several bans have taken place within the country with all form of legal factors but those firms have increased their services and products. Also now what we see is not from the government or from some standard sources. It is written by some person who get paid for articles and to make it read by more people he have made a strong attractive title.

Our main concern is what will happen to Bitcoin holders, they are the one who will suffer the most from this kind of law, imagine ten years and it's none bailable they will have to dump their shares or they will have to find a way to keep it from the eyes of the authorities.

Even if it said to be illegal and you are using it the chances of government going to find you among 1.5 billion is totally null so don't worry about it there is no ban yet.

But if there is any keep it for sometime because the ban will be lifted.

don't ever trust in any issue before we know the real condition.if we remember bitcoin price crashing because investors panic when they believe negative issue spreaded in market.for india case , we have to wait official release from their regulator.

I have been hearing and seeing a lot of news about India and cryptocurrency. So recently I saw news that the government of India has said that anyone that is caught with cryptocurrency of any type will be sentenced to 10 years of jail. Things like this are going to discourage a lot of people in that country from making use of cryptocurrency, people will start staying far from anything that has to do with crypto as much as they can, because they all already knows the consequences that follows if they try. No family will love to leave his family to spend 10 years in jail. Unless there are ways they can be able to make use of crypto and still be safe from the government and their cruel rules.

Nothing special will happen. Recently there are some controversial information about possible ban and similar but nothing is yet confirmed and final outcome is still unknown. I think that no matter what will happen at the end and what government might decide people will continue to use Bitcoin and that will not change. Personally I don't believe that Indian government will introducr such restrictive and harsh law.

Their is no bill that is going to be passed or it will be made legal . Govt has cleared the stand before itself that the do not encourage any such things else they would have bought it and made legal before itself and would not have to wait for now .

This is a very hot topic here if I remember there are 4 or 5 thread about this topic condemning the government of India for this very harsh law, those who posted these fake news here should edit it or clarify and lock the thread, we don't want that kind of fake news to exist here.

I just found out that news that India will jail people in their country that trade and hold Cryptocurrency for ten years, these are all fake news, it is not yet a law and only a draft and it will likely not materialize. It's big headlines here in this forum almost 5 threads in various sections.

   Two first comments are saying "I do not know".
Meanwhile the latest news are saying that a man was sent in jail for the use of crypto currency.
   I think only new young and open minded government will open all doors for such thing as bitcoin. Modern young people understand all advantages of digital currencies when the old government sees only its disadvantages.

A few people have been sent to jail, but that was not for using crypto-currency, but for using crypto-currency to commit fraud. In the past there were a few pyramid schemes and ponzis, which tried to make use of the media attention that BTC got. Some of the promoters behind these schemes were jailed for cheating investors. But till now, no one has been jailed just for holding or trading crypto. That said, in case this draft bill gets passed by the parliament, then it will become a reality.

Why did some people go to jail? Is there a link with the official and cryptocurrencies about it? I've never seen anything legal. I guess these arrests are about fraud? Is there any article about it?

It is same like all the countries but in India we had no 100% regulations about Bitcoin is legal for Bitcoin is not legal in India and the government is also not satisfied with the acceptance or rejection of Bitcoin in their country this is only happened I think it definitely changes in a situation.

It is mostly for fraud or conning people that some people are being to jail and some are members here in this forum who were default trust members in the past. These are many cases to point out
1) Amit Bhardwaj, the Gainbitcoin thief and liar. (https://bitcointalk.org/index.php?topic=1440600.20)
2)Cryptokidnapping (https://economictimes.indiatimes.com/markets/stocks/news/cryptokidnapping-or-how-to-lose-3-billion-of-bitcoin-in-india/articleshow/65347828.cms?from=mdr)
3)Indian Police Arrest 'Cashcoin' Gang Accused of Scamming Millions From Investors (https://news.bitcoin.com/indian-police-arrest-cashcoin-gang-accused-of-scamming-millions-from-investors/)
4)BitConnect scam (https://timesofindia.indiatimes.com/business/india-business/bitcoin-fraud-how-investors-lost-rs-22000-crore/articleshow/65393687.cms)

Based on the latest news, this is unlikely to happen.Although if this does happen we will lose not only the capitalization but also the minds that live in India.In my country, as it were, the status of cryptocurrencies is not defined,but for the use of cryptocurrencies clearly not put in jail as they want in India.

Yes long ago it has been banned by India but it has happened so many times I other countries as well we can see they have unban it again, so India is accepting its value as they always wanted to make progress in digitals so now they accepted the value of bitcoin a well, they are accepting it and as we can see it is already unbanned.

of course now everything can happen, which we do not even expect from the Indian government.  Nevertheless, they sound very serious threat to users of cryptocurrency, when it comes to 10 years in prison for those who use cryptocurrency.  Such news didn’t even stir the entire cryptocurrency market a few days ago.

Indians are fast adopting bitcoin in their country because have worked with some blockchain projects with team from Indian, I believe things will work out smoothly for the citizen in the usage of cryptocurrency in a whole but there's definitely room for growth for the Indian blockchain community.

It has been over a year now that my country forbids crypto currency too, but here we are now, me and my friends still using it without any form of harassment by government because they do not even know that we are using crypto. There are so many things that cryptocurrency is useful for than what meets the eyes of the government.

I have been trading in cryptocurrency now for over a year even amidst the ban, and I am doing very fine. SO even if their government forbids, cryptocurrency, the smart ones amongst them will still find a way out into creating a bright future for themselves through cryptocurrency.

I don’t see them suffering at all in their investment if they are very wise, they will simply just keep it from the eyes of the authority and remain anonymous about the whole investment which the system of cryptocurrency itself will assist them in this.

The only people I see this affecting is just merchants, who would not be bold to declare to people that they accept Bitcoin as payment, so we may not really see any merchant from India which will create less adoption, but for investment, the crypto will ever be active in India, except government wants to start checking houses one after the other to see what they are doing on system which is impossible.

actually the users of cryptocurrencies are very much and make very good growth in the country. but because the government of India saw a negative side about cryptocurrencies, there was news that the country's governments would ban the use of cryptocurrencies in that country.

Not all Indian blockchain developers are from India,almost Indians living in more than 200 countries with citizenship on the current living country so don't get excited by seeing Indian on any project and they were at the project just because they are not at this country.

I think bitcoin in India will be fine as the other countries and bitcoin will attract more people to join in bitcoin. Although their government wants to ban bitcoin or make it illegal, I don't think that will stop people from India to stop for using bitcoin because I am sure that they will search the other way to still use bitcoin like what the other people did. There is a way for them to still used bitcoin like before, and if they can get more benefits from bitcoin, I don't think that will makes them stop their activity because they can make money from bitcoin. But for whatever will happen later, we need to wait for the next update from their government, and we hope that they don't make bitcoin as an illegal thing.

Yes, i think Indian government don't vision about the technology behind it, of course, they can do scams for drug dealing, money laundering scams. Now we are in paper currency whether the governments are controlling those drug dealing, money laundering. Most of the MLM companies are an exit from their country only because people are believing the technology-based ecosystem where it will help the community to grow individually.

Lot of mixed reactions for crypto currencies bill in India Media highlight crypto ban but still Supreme court and parliament  should approve crypto ban until then we cant say what will happen finger crossed

probably I think the legalization process is going on in most of the countries and I think India is also in that case No will say it is not legal in the country and also the process of legalization is delayed due to so much reasons so I'm waiting for the changes to be happened to do the Bitcoin exchanges properly and easily.

I feel sorry and is not a good news for people who live on India. If the law is approved and bitcoin is banned, what will happen with people who have bitcoin? Can they sell it? Will India government give a grace period?

as far i know , the goverment of india is banned bitcoin because of something , but just lets hope they can consider about that choice in the future

An approval from the supreme court is not needed.

Once the draft legislation is finalized, it will be send to the lower house of the parliament (Lok Sabha). None of the major parties have opposed this bill and therefore we can assume that it will get passed with a simple majority. The next step is to get it passed by the upper house (Rajya Sabha). Once that step is cleared, the bill will be sent to the president and he needs to put his sign.

After these steps, the legislation can be challenged in the courts.

This is actually the benefit of cryptocurrency. The government will not know your crypto dealings. Just be careful in using your internet as telecom companies might turnover their clients' data history in case your government become totally strict with crypto business. They might be addressing one problem here, the proliferation of scams but I hope they can see also the benefit of blockchain technology. It will hinder some of their advancement in terms of technology.

I have a friend in India and talked to him about the options and he told me that there are many countries that take Indian residents without a visa or anything, some of them have regulations like you require to go back to your country every 90 days which would be very difficult but some of them have great deals like going back only once a year.

There are of course countries like Somali and what not which he would not consider but there are great places as well which they could potentially leave the country for. I mean think about it if the country you live in doesn't support what you do and the country that welcomes you with open arms and allows you to live there then why would stay in the same country? Would only make sense to leave and go to that good country as an option.

SInce India has banning cryptocurrency then there will be likely to drop for bitcoin and the market. So far, it does not affect to now of the current market for bitcoin but instead bitcoin market has gone high. I did not expect this to happen but it did knowing that bitcoin had made huge market price pump from 8K to 9K USD as of the now while writing the reply.

The Indian government (and Central Bank) do not look very enthused about cryptocurrency, with some apparently proposing a bill to ban crypto and give out harsh punishments, but then denying that they knew about it. And then they're offering blockchain courses, lol. A bit confusing, and more negative than positive it seems. Here are some interesting articles on the subject:

-Indian Government in Dizzying Reversal Sponsors Free Crypto Course
https://www.ccn.com/op-ed/indian-government-hypocritically-sponsors-free-crypto-course/2019/06/14/ (https://www.ccn.com/op-ed/indian-government-hypocritically-sponsors-free-crypto-course/2019/06/14/)

-What Bitcoin Ban? Indian Central Bank Denies Involvement in Crypto Ban Bill
https://www.ccn.com/crypto/what-bitcoin-ban-indian-central-bank-denies-crypto-ban-bill/2019/06/10/ (https://www.ccn.com/crypto/what-bitcoin-ban-indian-central-bank-denies-crypto-ban-bill/2019/06/10/)

-5 Major Indian Laws That Apply to Cryptocurrency
https://news.bitcoin.com/indian-laws-cryptocurrency/ (https://news.bitcoin.com/indian-laws-cryptocurrency/)

Have a good day,
The Cyberius team.

Don't worries about it. Bitcoin, I am sure will be get legal on India, because these country have much populate with hand of crypto and Bitcoin price will be increase when the goverment make a softly rule for people get in.

The clip I watched yesterday sounded so dumb that I just LOLed. They are making its own shitcoin and already preparing to shill it. They will fail at it.

Bitcoin can get legality in India but it takes a very long time because in India there are also a lot of people who use bitcoin for crime so the government of India is still reluctant to provide legality for the use of bitcoin in India.

You should understand the topic in first place before providing some unclear reply....

They have made such arguments against it and probabily will ban it 100% due to:
The committee is reportedly also considering an option to ban digital currency under the Prevention of Money Laundering Act (PMLA) since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors”.

From Cointelegraph:
https://cointelegraph.com/news/report-india-considers-complete-ban-on-digital-currencies

From Coindesk:
https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report

During the Q1 2019 conference in India, the Central Bank of India came out with a declaration which says cryptocurrency and all related activities are authorized in India. This could be a good step for Bitcoin to gain another level of adoption by the mass.

I don't know how things work in India but I still think that they can still be able to make use of crypto as long as they are not being a dummy. They should just stop making use of exchanges that are going to expose them because I believe their government can trace them. Anyone that is living there should be using Local Exchanges like LocalBitcoin so that any money that is being sent to them will go from individuals accounts and not from an exchange account. When you sell your coins to an individual and he or she sends you money, the government will not be able to know what business you have been up to.

You are very much right about this mate, after all, when the creator of cryptocurrency made it, he must have put all of these into consideration and created a peer to peer payment system that has full anonymous security for protection of its users against the government. So they should not really panic with the ban, I am sure that overtime, they will lift it.

Countries with full technological power too like japan are already adopting it and I am sure Indian government just lack the understanding of it yet, and once they fully know what cryptocurrency is all about and how other great countries are beginning to consider its implementation, they will sure life the ban.

I think I heard this before and I think it will be the same as the other cryptocurrencies that came before it, it will fail. I don't know what came in their minds, all I know is that they are wasting their time in that currency they are making.

I think the entry of Libracoin has made some difference. The government will think twice before banning Libra, which is being supported by Paypal, Visa.etc. In case they ban that coin, then the government will be blamed as hostile to new technology. And in case they don't ban Libracoin, then they need to keep the same policy with the other cryptocoins as well.

there is no official news about bitcoin regulation yet...

I see this ban as unnecessary and wasteful ban because the benefit of cryptocurrency is too much for Indians to ignore it with the level of their technology. They have so many experts when it comes to information technology that will always develop software that will assist the already self-made anonymous system of Bitcoin not to become transparent to the government for them to know.

With India’s population, this is not the right time for them to ban a system that will alleviate poverty and also create job for their citizens. Maybe India has not seen the number of jobs that has been created through this blockchain technology, if they had seen, they would have embraced the technology because of their population.

India is a big market for cryptocurrency industry and the decisions that are taken by the government is a great concern to all of us.
However, Bitcoin cannot fully regulated thus Indians will still have options to access the market. Maybe it will be more difficult but still they would be able to make transactions in the blockchain.

India is famous of big scammers and billionaire scammers, so Indian government will mostly put Bitcoin under strict law thereby killing Bitcoin by 80%.

The issue with Bitcoin in India and many other countries is almost the same. The government and the Central government  feels threatened by the growing popularity of bitcoin. Hence they have restricted the use of bitcoin or transactions involving bitcoin so people would not feel comfortable dealing in bitcoin.

Do you know how many people use ruppies fro crime in India? Will they ban ruppies and start using CNY now?   Money is to be used by anyone. that is the point of money. You fight crime with ... Well whatever police do. There are schools for that.  You dont kill economy and take money away to fight crime. Then you will not have money to pay the police and there will be even more crime.

the population is very high in India so that people can also been very helpful but it will not reach every people that is the fact but I think ok it it is legal to transact in India but not been 100% issued by the government.

I heard that the government can't be the only one in the world to ban something like bitcoin. Especially if the rest of the world is going to be using it.

Only two options are left for our Indian crypto enthusiast, (1) go somewhere else, move to a bitcoin friendly nation (2) continue to hold and trade bitcoin, take that risk. However, number one is not that easy as it sounds, while number 2 is also not that good. So it's really a dilemma being in India right now. The only thing we can do is hope that their government will chance their hard line stance against bitcoin because it won't have that any negative effect on their society, economic or political wise.

Bitcoins are not banned in India for it to be legalized in the first place.
You are free to mine them if you have equipment powerful enough to do so and also there are a lot of bitcoin wallet apps on the indian google playstore and apps store. You can invest in bitcoin using apps like Zebpay or Unocoin, which can be linked to your bank account.
The Indian government is currently considering to bring some regulations on bitcoin.
Only five countries are known for banning bitcoin which are Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal.

Finally, I heard that Bitcoin in India has been debated again, some government departments have agreed to ban cryptocurrencies in the country. even laws that have been designed.
it is inseparable from the reasons for the protection of capital owners (investors) in their country.

yes, my hope is that the Indian government can legalize Bitcoin as soon as it is legalized by bitcoin in that country, it is likely that the community and its country can be helped by the existence of bitcoin in terms of the economy

Well it is not actually legal , but at the same time we are yet to receive a law that is supposed to enact the draft actually.

The condition of Bitcoins is not that good in India since we cannot actually use it without getting scared of the consequences .

But the good thing is , it is not that bad either , people still use it for everything , they actually can easily sell or buy through local Bitcoins and such and till now I don't think that there is any person who sold in in the rear of the draft.

Don't worry you can easily use it in India just cannot do buying and selling through banks.

Well, if you are from India, let me accord you that respect that you have genuine information, because what I have heard from other places as regards crypto and India is that they are not fully in support of it, and in fact, they are planning on passing a bill that will jail whoever uses cryptocurrency for 10 years.

There is also a rumor that there is a move to create their digital currency while in the process of banning Bitcoin which they will call remni, and this remni or so will be a digital coin that will be imposed on their citizens which will have the nature of cryptocurrency but just not in a decentralized way, I don’t know how true these facts are, and if they are, this is not regulation at all.

The article appeared in Bloomberg almost one month back, and till now none of the law makers have either confirmed it or rejected it. My understanding is that the steps are still being discussed among the financial advisers to the government, and it may take many months before the legislation gets finalized and sent to the parliament for approval.

I do not know what underlies the government of India to take it, but clearly the news will have an impact on the bitcoin market and crypto currency, this can make traders from those countries sell panic not because of cutloss but fear if they break the law then they can dealing with the authorities. Whatever will happen to bitcoin in this country can hopefully have a good impact on the crypto currency market.

India is difficult to provide legality for bitcoin because I have read that in India there are a lot of scams that use bitcoin so that it makes bitcoin worse in the country of India and the government of India bans the use of bitcoin in its country.

#1 is the only viable option. If you know how the cops operate in India, you will never think about option no.2. But even then, moving to a Bitcoin friendly nation is an option that is attractive only for the ultra-rich individuals. Getting a good second passport can cost you as much as $500,000 and I don't think that too many Indians can afford that. If you don't forfeit your nationality, then the government can still track you from the KYC documents.

Illegal use of cryptocurrencies might likely the reasons why a coubtry like India is banning it. There is a proposal in  India's parliament that bitcoin should be ban to stop scams and other activities that involves cryptocurrencies but as long as the proposed law is not yet enacted or signed by the head of state, bitcoin is still neither legal nor illegal. But if the government succeeded in making it illegal, the people can still buy or sell bitcoin in the underground exchanges.

most of the people in india buying crypto's...but our government not interested in new technology

I think in India the Bitcoin is legally to use but it will not be in 100% as your payment method in any field so that I expect Bitcoin will be easily accepted in India after some years because it is also economically developed country.

Maybe that's a true statement about the acceptance level of cryptocurrency in India. From what we have known, it is hard to come to a conclusion about the usage access of bitcoin. This way majority of the people will support bitcoin while the rest will be slow learners who need time to understand all about bitcoin. Maybe today it is not much welcomed, hope to see it get a big acceptance over the years.

This was already an issue before. However before, the government of India just warned their citizen in cryptocurrency investment. Because of the pump and dump, capital of their citizen might lose. But as of now, they already banned cryptocurrency. But then, it will be changed as time goes by. Specially, if bitcoin will accept throughout the world.

As far as I know, they are still talking this to the Reserve Bank of India about this since there is an article about RBI not knowing about the ban and it turns out that the people behind the bans are still not talking to them. The link is below.
https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

At least I would not risk my life and health for the sake of what is forbidden in a certain state.  It seems to me that henceforth the citizens of India themselves should hold discussions with their government in order to show the real benefits of cryptocurrency for society and the country.

There is no official statement about the ban of bitcoin within India. Quite often some research takes place regarding the need of bitcoin and blockchain. Further the same gets appealed to the court, and the government is requested to submit supporting documents. The judgement gets postponed and this goes on.

Recently an author has created an article ban of bitcoin in India with ten years imprisoned. This went viral, but this didn't affected the market in any way. I believe there will be restrictions in the future, but people of the country will continue to use overcoming the restrictions.