Steps taking to Regulate Bitcoin in India

[saso18]

I think there is a keen observation regarding usage and users of Bitcoin in India.This is the time to take necessary steps to legalise Bitcoin in India. As India is implementing cashless transaction method all over the country, it is necessary to have Bitcoin the best cryptocurrency in the world which can help in making India Cashless mode. thanks

[kurokishi10]

as the new notes have been introduced the usage of cashless transaction has been encouraged by the indian government,so i think this is the right time to legalise Bitcoins in India and the tax must also be reduced and people should stop treating it as some virtual/fake money and readily invest like they do so in stock markets.

[Nagadota]

I think there is a keen observation regarding usage and users of Bitcoin in India.This is the time to take necessary steps to legalise Bitcoin in India. As India is implementing cashless transaction method all over the country, it is necessary to have Bitcoin the best cryptocurrency in the world which can help in making India Cashless mode. thanks

India is not doing a good job of regulating Bitcoin.  It's okay when countries like Japan implement know-your-customer laws on exchanges as it can sometimes protect people from fraud and other problems, but India is taking a more rushed and hostile approach to it, even some thinking that it's a Ponzi scheme.

[botany]

In countries which have capital controls in place, Bitcoin provides a way to evade them.
So while these countries may tolerate Bitcoin, they won't put in place regulations enabling their growth.

[erikalui]

There is nothing yet decided on what steps they are going to take to regulate bitcoins in India yet. They were going to have some kind of official meeting but I don't see any articles stating when will it take place. People are speculating that bitcoins would be banned or considered illegal but hope that doesn't happen. Currently, RBI just states that bitcoin and other virtual currencies are risky and hence they may not entertain any fraud complaints regarding this currency.

[Horserg]

Legalizing Bitcoin in India is the one that I highly agree. Since India is known for their population which I assumed hundreds of thousands of their population will benefit because it has less effort in many transaction. It made their life more easier and fast.

[veleten]

the only steps that I would approve of = legalisation of bitcoin
India tries to "regulate" it instead and we all know what does it mean:control,KYC,taxes etc.
since the politicians are struggling with the concept of bitcoin (remmeber one of the parliament members calling it HYIP and ponzi)
I highly doubt that India would legalise bitcoin any time soon if ever

[Agrello]

I think an important aspect of Bitcoin is that it can actually open a window for discussion around the topic of "what is money and how it works". If you spend some time in dwelling on that topic you will come to understand that regular old fiat money is in fact the ponzi and is backed by nothing. Many people still think it is backed by gold, and it surprises me that they think this. Once you explain it to them, they start to have a better image of what is actually happening. Then Bitcoin will be clearly the winner when dealing with such a system.

This is a great time to see which countries oppose Bitcoin, because it usually shows their true desires. I know they got rid of certain notes in India under the pretence "getting rid of notes used in the black-market or by criminals" and they did it very quickly. This trend is occurring in many other countries. What is really funny is that this could not be further from the truth. Such people dont have stacks of cash in their basement. They are more likely to have assets, gold, property or keep their wealth outside of the country in foreign banks. Its a push towards a cashless society. That is why many oppose Bitcoin, because they want to have their own Digital currency that they can centrally control.

A nation that opposes Bitcoin is a nation that is afraid of loosing control and not honouring innovation. Whether they like it or not cryptocurrencies are here to stay.

[zeze18]

I think an important aspect of Bitcoin is that it can actually open a window for discussion around the topic of "what is money and how it works". If you spend some time in dwelling on that topic you will come to understand that regular old fiat money is in fact the ponzi and is backed by nothing. Many people still think it is backed by gold, and it surprises me that they think this. Once you explain it to them, they start to have a better image of what is actually happening. Then Bitcoin will be clearly the winner when dealing with such a system.

This is a great time to see which countries oppose Bitcoin, because it usually shows their true desires. I know they got rid of certain notes in India under the pretence "getting rid of notes used in the black-market or by criminals" and they did it very quickly. This trend is occurring in many other countries. What is really funny is that this could not be further from the truth. Such people dont have stacks of cash in their basement. They are more likely to have assets, gold, property or keep their wealth outside of the country in foreign banks. Its a push towards a cashless society. That is why many oppose Bitcoin, because they want to have their own Digital currency that they can centrally control.

A nation that opposes Bitcoin is a nation that is afraid of loosing control and not honouring innovation. Whether they like it or not cryptocurrencies are here to stay.

There are indeed many government views about bitcoin, some of course accept bitcoin and some refuse it for several reasons.
But this has no effect on the development of bitcoin because currently bitcoin users are growing rapidly in various countries

[mrcash02]

Makes no sense to do it now. Bitcoin is having issues with transactions, to bring more people to use it now means provide negative experience to its users. I believe people in India wants cheap fees to transact online, and it's not what is happening now. And the regulamentation point is always a incognit. What will government ask back?

Anyway, if India does it, we can have an idea about how regulamentations on Bitcoin works... If it's not interesting I think people from another countries shouldn't allow it.

[botany]

Makes no sense to do it now. Bitcoin is having issues with transactions, to bring more people to use it now means provide negative experience to its users. I believe people in India wants cheap fees to transact online, and it's not what is happening now. And the regulamentation point is always a incognit. What will government ask back?

Anyway, if India does it, we can have an idea about how regulamentations on Bitcoin works... If it's not interesting I think people from another countries shouldn't allow it.

Regulation is not always to bring more people online. In this case, the intent is to prevent ordinary people from losing their money. The Government doesn't want to be seen as doing nothing if Bitcoin bursts and a lot of people lose money.

[mrcash02]

Makes no sense to do it now. Bitcoin is having issues with transactions, to bring more people to use it now means provide negative experience to its users. I believe people in India wants cheap fees to transact online, and it's not what is happening now. And the regulamentation point is always a incognit. What will government ask back?

Anyway, if India does it, we can have an idea about how regulamentations on Bitcoin works... If it's not interesting I think people from another countries shouldn't allow it.

Regulation is not always to bring more people online. In this case, the intent is to prevent ordinary people from losing their money. The Government doesn't want to be seen as doing nothing if Bitcoin bursts and a lot of people lose money.

I say it can bring more people to use it because when government says many people think it's safer, so it's an incentive.

I think it's not a good idea, with regulations there are more rules to follow, like the regulamented services using Bitcoins we have (Coinbase, some bet sites). Coinbase for an example, doesn't allow you to use your money to gamble, because they are regulated.

If governments regulate it probably your pseudo anonymously when using Bitcoin will end...

[Agrello]

Makes no sense to do it now. Bitcoin is having issues with transactions, to bring more people to use it now means provide negative experience to its users. I believe people in India wants cheap fees to transact online, and it's not what is happening now. And the regulamentation point is always a incognit. What will government ask back?

Anyway, if India does it, we can have an idea about how regulamentations on Bitcoin works... If it's not interesting I think people from another countries shouldn't allow it.

Regulation is not always to bring more people online. In this case, the intent is to prevent ordinary people from losing their money. The Government doesn't want to be seen as doing nothing if Bitcoin bursts and a lot of people lose money.

I say it can bring more people to use it because when government says many people think it's safer, so it's an incentive.

I think it's not a good idea, with regulations there are more rules to follow, like the regulamented services using Bitcoins we have (Coinbase, some bet sites). Coinbase for an example, doesn't allow you to use your money to gamble, because they are regulated.

If governments regulate it probably your pseudo anonymously when using Bitcoin will end...

There was a person from the cuber security field in Israel in one of the conferences that said even if governments try and stop Bitcoin, it will just go to the darknet which is much bigger. So its in their interest to let it be and let it flow so they can at least have a say on it and can tax it.

[moooonu]

Everything needs to be regulated. Indian Government is taking best measure regarding it. As we all Indian's know that corruption is a great issue in India. Many politicians or those who earns black money needs to be regulated. We don't want that thief gets clever and our Government don't. Bitcoin can be a great way to hide black income due to its price and anonymity.

[botany]

Everything needs to be regulated. Indian Government is taking best measure regarding it. As we all Indian's know that corruption is a great issue in India. Many politicians or those who earns black money needs to be regulated. We don't want that thief gets clever and our Government don't. Bitcoin can be a great way to hide black income due to its price and anonymity.

Regulating Bitcoin won't help. If you want to hide ill gotten wealth using Bitcoin, you still can.
To tackle corruption, you need systemic change.