Sharma (OP)
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August 22, 2016, 10:07:58 AM |
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I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ . My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted? |
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x4
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August 22, 2016, 10:13:51 AM |
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I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency
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Wapinter
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August 22, 2016, 10:17:35 AM |
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May be they can ban your cryptocurruncy if they find it is posing challenge to their national currency.Government can't allow their citizens using other method of payment and relinquish their money
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PsursV
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August 22, 2016, 06:22:40 PM |
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to me it must be legal, as most of the people have created their own currencies, but to apply it in a state then it depend on the policy of the state, i think in most of the state it will not be legal to introduce a new currency and encourage people to use it for their shopping and in business also.
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abugseuf
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August 23, 2016, 03:27:10 PM |
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i think yes, one can create his own currency, as we can see that most of people have developed their own currency and then launched in different exchange just like bitcoin or any other crypto currency but the its success depend on the interest of the people if people take interest and invest money in your currency then the price of your coin will increase.
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gentlemand
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Welt Am Draht
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August 23, 2016, 06:06:24 PM |
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Every jurisdiction is different but I wouldn't be surprised if most of them do have laws against issuing your own currency, that's why so many developers are anonymous. And if you try the ICO/IPO route that opens up and even wrigglier can of worms.
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yayayo
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August 24, 2016, 12:15:48 PM |
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Every jurisdiction is different but I wouldn't be surprised if most of them do have laws against issuing your own currency, that's why so many developers are anonymous. And if you try the ICO/IPO route that opens up and even wrigglier can of worms.
I agree. Even if there is currently no law against it, it may be implemented quickly. In general it is not advisable to openly compete with government in one of its core foundations of power. Governments hate competition and hate loosing power. So the officialdom will be very creative in constructing reasons for prosecution if they are afraid of loosing control. This is even more true for nations with a questionable democratic tradition and a fragile law system. So the real question is not if issuing an altcoin is illegal or not. The real questions is, if you can expect negative effects regardless of the legality. I'm pretty sure the answer is yes. So if you want to do it better stay anonymous. ya.ya.yo! |
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Sontoloyo
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August 26, 2016, 06:54:11 AM |
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I think is no, cryptocurrency is free to all. And until now there has been no central bank regulates and approves about Cryptocurrency. Go ahead to create new Crypto as you want.
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botany
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August 27, 2016, 02:44:01 AM |
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There are thousands of alts, including ones in your country. This forum has a sub-board for discussing alts in India.  So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry. |
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enhu
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August 27, 2016, 03:05:41 AM |
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The only you will get in trouble is that you turn out to be scam. Lets say you do have a pre-mined coin and you sold everything you have leaving those who have your coins with nothing. Not that you are in trouble though but you will be branded for the rest of your life. If you intend to do ICO, you should have a revolutionary coin concept because users as of now have seen it all. |
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Sharma (OP)
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August 27, 2016, 09:10:25 AM |
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There are thousands of alts, including ones in your country. This forum has a sub-board for discussing alts in India. So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry. Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency |
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FAMIALAM
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August 27, 2016, 08:59:00 PM |
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you're free to create a new crypto coin by hiring any developer.But if you want to make your coin usable locally then you need permission from a monitoring team by your Govt. who actually ovserved the cyber crime stuffs
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botany
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August 28, 2016, 12:43:05 AM |
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There are thousands of alts, including ones in your country. This forum has a sub-board for discussing alts in India. So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry. Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency Then you have nothing to worry. There have been previous cases of alt currencies being developed with an Indian focus - Laxmi coin is an example https://bitcointalk.org/index.php?topic=287485.0There have been no cases/prosecution that I am aware of. |
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abugseuf
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August 29, 2016, 09:56:47 PM |
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yes it is legal to create a new crypto currency in the market and then to add it in exchange, but after that to make it a successive one you need hard work for it, after that you will introduce it into people for this purpose you will use different strategy to introduce it to people so that they make take interest in it and do trading in it.
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gentlemand
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Welt Am Draht
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August 29, 2016, 09:59:54 PM |
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yes it is legal to create a new crypto currency in the market and then to add it in exchange
Are you absolutely certain about that? Much depends on what country you're living in. There are a few that wouldn't be too happy if they knew who you were. |
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Sharma (OP)
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August 29, 2016, 10:42:03 PM |
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There are thousands of alts, including ones in your country. This forum has a sub-board for discussing alts in India. So unless you plan on creating a ponzi scheme/swindle scheme, you should have nothing to worry. Dont worry I have no intention to create a ponzi or scam anyone.I just one to know its legal aspect of creating a parallel currency Then you have nothing to worry. There have been previous cases of alt currencies being developed with an Indian focus - Laxmi coin is an example https://bitcointalk.org/index.php?topic=287485.0There have been no cases/prosecution that I am aware of. But i think you didnt notice that the dev of laxnicoin mitts.daki was based in USA.I am living in India and thats why I am concerned |
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hurain
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August 30, 2016, 10:18:23 AM |
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yes it is legal you can see so many people who have created their new currencies. i think it is legal in the world of crypto currencies but not in the world of fiat currency.
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TwentyGirls
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August 30, 2016, 12:13:29 PM |
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I think it is not illegal to start your own currency, and If you are from India, then I think your government is not focused in that field so they will not bother you in that matter.
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shield132
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August 30, 2016, 12:17:33 PM |
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You say that bitcoin is illegal in your country and also altcoins are illegal, yes?
I think that creating a cryptocurrency isn't an illegal thing and you won't be arrested but what about to use VPN at the same time? There is much illegal things and people are doing that but no one is arrested.
And while you are going to make cryptocurrency, are you doing it alone or do you have a team? Can you develope and make a known cryptocurrency?
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PsursV
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August 30, 2016, 06:38:45 PM |
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you're free to create a new crypto coin by hiring any developer.But if you want to make your coin usable locally then you need permission from a monitoring team by your Govt. who actually ovserved the cyber crime stuffs
yes every one can create crypto currency hiring a developer or by him self if he has the skill of after that he need a lot of money to launch iti in an exchange and for its development, by the way if a state is not going to legalize bitcoin then how can they give permission for a new unknown currency, |
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