Bitcoin trading banned in India ??????

[lagista]

I do not understand the government that stopped trading bitcoin in a country. whether purely to provide benefits to the state or just a political game from the government. I think it is very harmful and does not give people the chance to succeed.

[First77]

No, it is not yet banned in India but yes banks have the right to freeze an account if they find any suspicious activity. However, it is true that your mind is sending notices to the people having high net-worth who are trading in Bitcoin but there is nothing to panic about it because we are not doing any illegal business but make sure that you are acquiring Bitcoins from legal sources or at least sources having accounted records that you can produce to the officials in case of scrutiny.

There is suspicious/illegal activities in the bank accounts of top 10 bitcoin exchanges in India. What does this say ??

[eaLiTy]

There is suspicious/illegal activities in the bank accounts of top 10 bitcoin exchanges in India. What does this say ??

There is nothing suspicious or illegal actives going on as these exchanges are running with all the norms and they are strict with their know your customer policy and recently they have shared all the information to the income tax department when they inquired about it and what i am certain is that Yes bank has frozen some accounts other than that i am not sure about other banks.

[coinsons]

thats why we will see next dip ?
about this news seems price will go down again

let bitcoin grown

[talkbitcoin]

is it just me or whenever there is a news about some government banning bitcoin and trading of it (as long as it is real news not FUD) that means the trading volume from that country grows that much bigger?

currently i can see the Indian trading volume coming from exchanges and even localbitcoins-like websites is increasing day by day. the price is even higher there which shows there is a lack of BTC there and excess amount of fiat that wants to go into BTC which is buying it at a higher price!!!

[albertcrypto110]

Bitcoin is neither legal nor illegal in India.The difference is that if it’s a legal tender that means it is recognized in the country as a currency and can be freely accepted for payments and settlements. On the other hand, if it is not a legal tender that means that it may not be accepted for making a financial transaction. For instance, gold or a share certificate. These are not legal tenders but some people may accept it as they see value in it.We often confuse about this matter. But the matter is that it is neither legal nor illegal in India.

[Azzhan]

Perhaps the Indian government has only limited money laundering and alleged violations.
There was no information about the Indian government shutting down bitcoin exchanges and confirming bitcoin illegal.

[nskendrovic]

So many countries are banning bitcoin. This is not good.

[First77]

So many countries are banning bitcoin. This is not good.

Billionaire "Warren Buffet" said "Bitcoin will end up badly"

[bitfocus]

The report reads freezing bank accounts of some major exchanges, nothing about Ban or any hint of future ban.

[Shishir99]

As you know every country is trying to regulate crypto same goes to india.
I don't think it is something like banning.
Everyone making fud in a simple news.

[Azzhan]

No, it is not yet banned in India but yes banks have the right to freeze an account if they find any suspicious activity. However, it is true that your mind is sending notices to the people having high net-worth who are trading in Bitcoin but there is nothing to panic about it because we are not doing any illegal business but make sure that you are acquiring Bitcoins from legal sources or at least sources having accounted records that you can produce to the officials in case of scrutiny.

Trading in Bitcoins has become too risky in India. The Reserve Bank of India (RBI) has been issuing all sort of negative statements for the past one or two months (ever since they noticed that BTC has given 10x returns, making bank deposits very unattractive to the investors). Yesterday the tax authorities sent notices to almost 100,000 individuals they suspected of trading in BTC.

Well, here is the reliable news from CoinDesk so far.

Report: India's Government Sends Tax Notices to Cryptocurrency Traders

India's government has reportedly sent tax notices to cryptocurrency traders and investors following a nationwide survey.
According to Reuters, a survey found that Indian citizens conducted more than $3.5 billion worth of trades and other transactions across a 17-month period. The government also collected data from nine exchanges within the country, and per the report, notices have been issued to "tens of thousands of people."
As a result, India is now looking to tax capital gains, as well as receive information about how much people own in cryptocurrencies and where their funds are located.

https://www.coindesk.com/report-indias-government-sends-tax-notices-to-cryptocurrency-traders/

Because of this news, I don't think the Indian government is banning bitcoin trading rather impose new tax laws for bitcoin traders.

If India were to tax it, the news would surely be a fake.
I was worried for nothing. I thought today's decline was due to India fake.

[First77]

The report reads freezing bank accounts of some major exchanges, nothing about Ban or any hint of future ban.

The other article I read has Indian finance ministry has said "Bitcoin is fraudulent scheme"

[Wilfrer]

Yes, they may have started to act against Bitcoin and force it into the legal corridor as well as pay a clear tax. As you can see, they are mostly forbidden for large tradable accounts because they suspect they are tax evasion, black trading, money laundering, etc. That is, small deals and low transaction accounts remain. can operate and participate in it. I do not believe they can stop Bitcoin altogether

[bryant.coleman]

The Indian government is full of idiots, who don't want more jobs and increased tax revenue in their country. Either they don't understand the benefits of Bitcoin, or they want the citizens to be exploited by the major banks and the money transfer firms. And also, tax evasion and hiding of wealth is a major issue in India (party due to the sky high income tax rates).

[jomz312]

Nothing is ban..
Financial institutions in India are mandated to disclose such suspicious transactions to the financial intelligence unit.
It is not only the banking sector in India that has been scrutinizing the exchanges,due to this increased scrutiny by lawmakers and financial bodies,the past month has been particularly troublesome for Indian exchanges.
Most Indian exchanges that borrowed capital from financial institution did so in the hopes of raising an equivalent amount in private equity investment.

[Dexion]

yes, I have heard this news before, even the punishment there is very assertive.
why does this happen? I think, because the Indian government is worried and afraid that its currency is threatened, and we know that the criminal volume in India is very high, then the Indian government thinks that bitcoin is a tool to commit crime. so they want to reduce criminals by means of preventive measures.

[abhishek_bittu]

Though RBI has been issuing warnings asking investors to be cautious while dealing with cryptocurrencies (including bitcoin) , there has been no clear communication about Bitcoin trading being illegal. On the contrary, recently the I-T department has indicated that profits from crypto trading will be taxable under the IT laws, and also conducted surveys (not raids) on the major crypto exhcanges across India to verify if there were any tax evasion cases. Rather than being a deterrent, this actually came as a confidence booster for investors because the action seems to send out a message about crypto transactions being legally acknowledged. As a trend in India, we saw the prices go up instead of down after the news came out.

Further, if the Indian Govt. wanted to ban crypto, it would have done so long ago. Instead, the Govt. took a wait and watch approach, so India as an economy does not lose out on the opportunities arising from the cryptocurrency rally.