Zebpay's Petition to Announce Bitcoin as Legal in India

[freedomno1]

Zebpay (over 500,000 users) which is the leading exchange in India made an online petition on change.org in order to make Bitcoin as a legal currency in India, got signed by thousands (almost 10,000 as of now).

The petition can be found here: https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal or in the official website: https://www.zebpay.com/

Well it's about to hit threshold unless there is lag 32 to go

9,968 supporters
32 needed to reach 10,000

[Hazir]

Making Bitcoin 'legal' is not matter of simply pushing adoption, it will mean that we all agree to embrace new laws i.e. taxation.
How bitcoin we treated? As financial asset? Will authorities impose capital gains tax at the time of sale? Will bitcoin be subject of tax-free allowance?
Making bitcoin totally legal payment method might complicate life for people who use it as safe haven asset.

[Qartada]

Even being legal won't make it succeed, if it's legal that just means that Indian politicians accept its right to exist, not that they respect its legitimacy.  Some are even ignorant enough to believe that it could be a Ponzi scheme (although to be fair it does often facilitate Ponzi schemes).

[andrew24p]

>change.org

Oh god. I mean its interesting , but India is probably not going to endorse a currency that directly threatens theirs.

[Digitalbitcoin]

Well good step toward digitization. Zebpay is one of exchange service provider in India. Already few other exchanger are also offering good services for Buying and selling BTC.

I am thinking for India because still india is at number 3 tier country. And this can take more time to regulate bitcoins in india. Already many of tier 1 and 2 countries are testing blockchain technology and its possibilities.

And one more thing who creates a law in India is the important question. India is democratic country so leaders who choosen by people can make law and enforcement. So if world is already accepting BTC then indian government also have to consider its future. Other wise it can take India more back to 50 years in coming 5 years.

[pawanjain]

Making Bitcoin 'legal' is not matter of simply pushing adoption, it will mean that we all agree to embrace new laws i.e. taxation.
How bitcoin we treated? As financial asset? Will authorities impose capital gains tax at the time of sale? Will bitcoin be subject of tax-free allowance?
Making bitcoin totally legal payment method might complicate life for people who use it as safe haven asset.

I also thinks that this is tax system that will make more legal it .
But I am thinking why not government launch own bitcoin wallet and verify the wallet through one adhar card  per wallet per adress