Would it be legal to create new crypto?

[jaweria khan]

yes there is no doubt about this, that creating a new bitcoin is really legal. but to introduce it in public is really so much difficult because you have to work for it.

[Clement Kaliyar]

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?

As long as there is no rules reagarding that you are free from the judiciary system ,they cant punish you for doing something that is not a law and more over you are not printing a alternative currency you are just providing a token and having a token with monatary value is not illegal as per the law,so you can go ahead with it

[Sharma]

Since there are no laws in India against digital currencies, you have not broken any law by creating a new digital currency. However widespread acceptance requires a lot of work from the developers.

There is certainly no laws against it at present buy I am assuming a scenario where an Altcoin become so popular that people started preferring it over national currency.How would government react then?Will they not make law to curb it?

They might make laws curbing its use, but it is unlikely they will make the act of creating it punishable retrospectively.
Future laws might cause losses to you, but you wont get punished for doing something which is actually legal now.

Yes but I might suffer huge losses if I invested lot of money creating a good Alt and had to given up on it later due to some legal hurdles or government interference.We need some kind of international laws to patron cryptocurruncy

That is a risk you take with any business - it is called political risk.
You start an ice cream shop. Tomorrow the government might ban it.
It is the same with crypto-currencies.

But some business have high potential risk.Like in your example chance if government banning Ice cream is much much low than governments banning crypto currency

Well, risk is part of the game. If you are willing to take higher risks, you will get higher returns.
Not too many people have gotten rich by starting an ice cream shop. 

Starting a illegal business is not risk but foolishness and you will end up in jail for your venture

The question is not about starting an illegal business. It has been agreed that starting a new altcoin is not illegal now.
However, there is a possibility that the government may outlaw it in the future. It would be tough for the government to jail you.

I have seen that there is a Pakcoin and according to their ANN thread,it is getting acceptance in Pakistan.I hope the neighboring nation set some good precedence and more new crypto coins are developed in India too.
I think I should sought some legal expert views in this regard before going ahead with my project

[Kepasa]

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?

Saffroncoin
https://bitcointalk.org/index.php?topic=586320.0

Altcoin Cryptocurrency from India, established in 2014, so everything is possible.

Only need to develop their cryptocurrency and find its application in life. Because there is little to create cryptocurrency if nobody needs it, it will die very quickly. Time to copy-paste is gone.

[HanSchultz]

Till now there are no legal implications for any developers to create a crypto coin but since there are many scams out in this field i really hope that something will come up to restrict these things,some government has to take the initiative to restrict scam as millions are looted with every coin scams,this is a serious issue to look into

[Gloria_16]

The legality of the creation of its crypto currency depends on the place of residence, for example, in Russia it is not forbidden, but in China it was banned (

[Proton2233]

Cryptocurrencies allow people to create currency and produce coins. They are not regulated by any law. No matter what country you are in. If you wish you can always register your business anywhere in the world via the Internet. Just seems to me that the market has so many coins that there is such a large number of investors to ensure that they all had the right to life.

[jdarren]

Yes, anyone can create a crypto. But also consider the legalities of the country you live in. Ethereum and waves are platforms you can build your crypto on

[reggie31]

22 minutes takes to trading from BTC currency to paypal. www.x-crypto.com pretty brief assistance!

[savushkinTA]

I think not, but it depends on the laws of your country

[kimochidesh]

'Not Illegal' means legal. You are doing nothing wrong or illegal unless India takes some regulatory action or Ban Crypto currency in the country. You are free to create and from Crypto till then. So keep faith and enjoy earning.

[Twentyonepaylots]

no i think  that it will not be illegal to create your own cryptocurrency, because as of now there are countless cryptocurrency are popping out, and what's more is thatcyptocurrency in your country is legal so it will be easy for you to create one, but if your cryptocurrency is posing a threat against the country's currency they will have to ban your cryptocurrency.

[MoonJeina]

If your country states that bitcoin is not illegal , then it is likely that they might not arrest you for that .
But i would say prevention is better than cure , you must take legal permissions before doing that so that there are no future barriers and future losses to your crypto currency . Moreover , they are not going to get bothered about it until and unless it will be a threat for them . There are like thousands or even more than that crypto currencies in the market , how many of them you think are regulated or permitted from government ?

[balanghai]

I think not, but it depends on the laws of your country

Although my government forbid bitcoin usage but my people still able create ICO and use it without being fear breaking the law
As we can see also, there are many ICO occur recently !

[jekjekman]

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?

I don't see any problem on stating your own alt coin on your country specially as you said your country
is not considering crypto currency as illegal and they are also not regulating it then you can develop
your own coin anytime. By default if a country don't prohibits the use of crypto currency then it is legal.
The only time that you will be subject for incarceration is when you violated your country's existing laws
on the use of that crypto currency.

[Frank0209]

At first I think you should read the law about cryptocurrency in your country more carefully to see that only Bitcoin is illegal in your country or all other cryptocurrency is the same. If it's for Bitcoin only, you'll not have to go to jail or pay forfeit because of creating a new cryptocurrency by yourself. As I know there are a lot of Bitcoin users but nobody has to go to jail for it, you can easily find out a lot of member in this forum come from India )

[Gotottack]

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?

As you have said, Bitcoin is not illegal in your country nor it is regulated. Thus, the general rule then is that it is legal for all intents and purposes. Nevertheless, the question as to the legality of creating a new altcoin, is a totally different matter. In this, you would have to verify with your own laws, rules and regulations on how to treat the creation of new cryptocurrencies. You have to take note that transacting with Bitcoin and creating Bitcoin (altcoin) are different matters which require different solid basis both in law and jurisprudence.

[Lancusters]

Now the cryptocurrency market is not regulated by the state. They want to income tax the cryptocurrency but they know it's a very serious competitor for the Fiat and so afraid of it. I'm sure that legal uncertainty is still very long. You intersect with the government only when converting cryptocurrency to Fiat. So if your cryptocurrency will have possibility of use in trade without conversion then you can not violate the laws of the state.

[jamids]

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?

I think you will not be considered doing something illegal since as you stated cryptocurrency is not declared illegal in your country nor it is regulated. It will only become illegal if the currency you would create can violate some existing laws in your country like using it to buy or trade something illegal otherwise you are safe in creating it. If you earn something from it and converted to fiat then you may have to pay taxes to your government because you earn an income from it. If it gets widely accepted then the government will surely act upon it and as long as you follow their rules then you will not be penalized.

[regan101]

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?

I think you will not be considered doing something illegal since as you stated cryptocurrency is not declared illegal in your country nor it is regulated. It will only become illegal if the currency you would create can violate some existing laws in your country like using it to buy or trade something illegal otherwise you are safe in creating it. If you earn something from it and converted to fiat then you may have to pay taxes to your government because you earn an income from it. If it gets widely accepted then the government will surely act upon it and as long as you follow their rules then you will not be penalized.

Creating a new crypto currency is legal as long as it is credible. However making it work is a struggle and requires a huge external support to make it happen and functional. A lot of debugging to perform with multiple trial and errors to fine tune to establish a smooth streamline.