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Author Topic: Bitcoin in India? Not for a LOOOOONG time.  (Read 14199 times)
Sithara007
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January 06, 2017, 11:32:43 AM
 #241

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.

 
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January 06, 2017, 01:27:55 PM
 #242

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.

Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.

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January 10, 2017, 09:52:03 AM
 #243

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.

Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.

In India, very few people are willing to use a payment gateway, which is not regulated or taxed by the government. That is one of the major roadblocks for expanding the popularity of Bitcoins in India.

 
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January 25, 2017, 12:12:33 PM
 #244

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.

Even payments without cards are also being promoted/encouraged to use for paying. And about not encouraging BTC, the mindset of most people is to be safe, so most probably they wont indulge themselves with BTC.

In India, very few people are willing to use a payment gateway, which is not regulated or taxed by the government. That is one of the major roadblocks for expanding the popularity of Bitcoins in India.

Indian economy is cash-oriented. Govt is trying their level hard to get it under control and increase payment gateways more. Biggest hurdle is payment gateway fees. Nobody in india like to pay charges, especially when someone is spending his own money. Thus Govt must remove charges on online transaction / gateway payments then and then only there would "some" improvement.
* Next biggest issue is online transactions are traceable, and most of them regularly under-declare their income.
Looking at this situation cash is considered as safest way for tax evasion.
Digital currency / Bitcoin in India is at beginner level. There are quite long way to go. Many people are getting into it just because of sheer misinformation that somehow one could launder black money.
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January 25, 2017, 03:30:00 PM
 #245

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
India government also bans their high value notes and also expects people wont invest in BTC. Its just not possible. If government want people not to invest in BTC, they should give lot of trust to their own currency. Only then people will refrain from BTC.



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Rainbot
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January 25, 2017, 03:32:20 PM
 #246

i was hear about bitcoin in india Shocked
its bitcoin legal on there ?

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sir.humus
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January 25, 2017, 03:39:56 PM
 #247

then it's true that majority is not using debit card but its society are growing fastly to implement technology in their life as you said that the annual increase is huge,even though bitcoin still can be bought through other method and not only credit cards, the percentage of credit cards user in some countries have nothing to do with bitcoin

The number of debit cards will be significantly higher than that of the credit cards, and the government is also encouraging people to use them. But Bitcoin receives no such encouragement. The government actually discourages people from using BTC.
India government also bans their high value notes and also expects people wont invest in BTC. Its just not possible. If government want people not to invest in BTC, they should give lot of trust to their own currency. Only then people will refrain from BTC.
You're right!
If once in awhile I need to run to the bank and exchange my notes before they become banned, then I need to find a replace for the currency, and bitcoin is the obvious choice.
As a tourist in India, if I know I might get up in the morning when the local money I hold is worthless, I'll be happy if more business in the country will accept bitcoin.
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January 25, 2017, 08:20:43 PM
 #248

Government of India has its own laws only encourages his people to use Bitcoins. Every citizen of this country will find a way to save their money, and Bitcoin is a very good option for this
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January 27, 2017, 05:56:07 PM
 #249

i was hear about bitcoin in india Shocked
its bitcoin legal on there ?

It is neither legal, nor illegal. The Indian government has issued no directives targeting the Bitcoin usage. The tax authorities don't even know whether to consider the Bitcoin as a currency, or as an investment asset.

 
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January 27, 2017, 06:15:14 PM
 #250

i was hear about bitcoin in india Shocked
its bitcoin legal on there ?

Quote
In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

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January 27, 2017, 06:36:32 PM
 #251

Slowly but steadily India is also catching up with the pace that is required . Will certainly take time but people are now more inclined towards virtual currency

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January 27, 2017, 07:53:23 PM
 #252

i was hear about bitcoin in india Shocked
its bitcoin legal on there ?

Quote
In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

Here it is necessary to act according to the principle - that is not forbidden is allowed. But I think the local authorities simply have not yet decided the fate of Bitcoin and therefore it is difficult to guess they would be punished for using Bitcoin or not
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January 27, 2017, 10:26:59 PM
 #253

I have heard that India is number three by number of people who use bitcoin. And I also heard about situation with their paper money and gold. I am afraid government may put hands on bitcoin too.
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January 27, 2017, 10:36:34 PM
 #254

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.
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January 27, 2017, 10:46:49 PM
 #255

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.
Not popular? I think more people are using bitcoin in india and i heard news in india affected because of bitcoin before..i think about banks..
And if you can seen here most of the users here are india and bangladesh.. this is what i just seen and even on myu skype almost my friends and contact are from india even i am just from philppines..

Bitcoin will become stable soon and altcoin will keep increasing this coming months.
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January 27, 2017, 11:28:22 PM
 #256

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.
What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.


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January 27, 2017, 11:38:51 PM
 #257

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.
What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.


Yes, lots has changed since late 2015.  We had just come back from an extended tour of India as tourists.

The .gov of India said they were going to issue NEW banknotes (R2000 I believe) at some point, but with their charcteristic .gov bumbling they have not yet done so as far as I have heard.

* * *

Just today, EUROPE may have upped the stakes in the Worldwide War on Cash (almost 100,000 views so far):

http://www.zerohedge.com/news/2017-01-27/europe-proposes-restrictions-payments-cash
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January 27, 2017, 11:43:26 PM
 #258

Omg I think that bitcoin is ilegall in India and that is the main reason why bitcoin isnt really popular in India but I am not sure it is better to ask google he know everyting.
What makes you think it's not popular or unknown over there? Is it because of the Original Post and the thread title?
Do keep in mind that this thread was started in 2015. Lots of things could change during that time.

As for me, I think a lot of people over there are aware of bitcoin and many more will start using it. Especially
with the recent scrapping of the 500 and 1000 rupee notes.

Apart from the fiat currency 500 and 1000 rupee note demonetization reason of people getting bitcoin, but their are so many users who are in bitcion and other crypto currency, their are so many indian exchanges where you can see lot of trade is going on daily. 
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January 27, 2017, 11:59:33 PM
 #259

...

We are back from a long trip to India and Nepal.  If wanted I can share pics with those interested.

I see that "not much" that I can see has happened in "Bitcoinistan" since I left.

I will mention that NO ONE has heard of Bitcoin save ONE person in our tour group (18 of us total). 

Bitcoin may be BIG in China, but not in India (certainly not Nepal, now under a fuel embargo by India -- complicated).

India IS progressing faster than I woulod have guessed, they have seen the light re infrastructure (and other things to advance, you know, things like economic freedom, etc.) and of course a relatively tranquil democracy.  But, BTC ain't ready for primetime there.  Pity.
We shouldn't justify the things which we did not seeing yet happen. Besides it very normal for a starting something its not that easy at all. Who knows one day or next week people in India will become bitcoin enthusiast. Just be patience unto it.
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January 28, 2017, 03:25:28 AM
 #260

i was hear about bitcoin in india Shocked
its bitcoin legal on there ?

Quote
In June 2013, the Reserve Bank of India (RBI) issued a notice acknowledging that virtual currencies posed legal, regulatory and operational challenges. In August 2013, a spokesperson wrote in an email that bitcoin was under observation.

On 24 December 2013, the Reserve Bank of India issued an advisory to the Indian public to be cautious in buying or selling of virtual currencies, including bitcoin. Following the announcement bitcoin operators in the country began suspending operations.

The first raid in India was undertaken a couple of days later in Ahmedabad by the Enforcement Directorate (ED) on the office of the website, buysellbit.co.in, that provided a platform to trade in this virtual currency. The preliminary investigations found it to be in violation of the Foreign Exchange Management Act (FEMA).

On 28 December 2013, the Deputy Governor of the RBI, K. C. Chakrabarty, made a statement that RBI had no plans to regulate bitcoin.

Nobody is regulating BTC in India but it doesn't mean it is illegal . Recently I read in a local newspaper about introducing BTC as investment asset to Indians so it means BTC is legal in India.

Yes bitcoin is not illegal in India. I even saw one local picture here in this forum that there is a certain group that are giving lectures and teaching other people on the usage and value of bitcoin. Bitcoin usage in India is not really a big market compared to other countries but the most important part is that they are starting to use it. Sooner of later the bitcoin community in that area will also increase and expand.
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