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Author Topic: Will Bitcoin will be declare as legal or not ?  (Read 3750 times)
pawanjain
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May 30, 2017, 04:29:52 AM
 #1

Here I am confused whether the Indian government want to declare the Bitcoin legal or not ?.

Here are the proof that they will declare it as legal

1) Why government of India asking to the public for the suggestion whether to regulate , ban , or just leave it as is currently .
2) Why government taking action against the zebpay , whether everyone paying tax or not .
3) If government want to ban , then why they are waiting , why they are not directly declare the Bitcoin as illegal way of payment or asset .
4) Why government want make tax  from the Bitcoin earner , but don't want declare it as legal .
5) The big bank in India SBI want to use technology of blockchain but still they are not supporting Bitcoin.


Here are the chances to declare it illegal , due to following conclusions

1) They already banned in the year 2010 , but after they unbanned , so chances to ban it again are much possible .
2) If the government of India can stop the use of old currencies  , without any prior notice , then it is possible that they can ban easily the Bitcoin .
3) Since most of the millionaires are in the favour of the Bitcoin but still few celebrities are against the use of the Bitcoin .
4) The current government ruling India is against the black money , so may be possible that with the name of the black money they can ban it ( regardless of the factor that every transactions are publicly open for everyone to see ) .



Well here I would like to suggest everyone , whether he is Indian or not , just support Bitcoin  at www.mygov.in   resister your account and say about the Bitcoin .
And tell them that Bitcoin is a best option to destroy the system of the black money , because everything is open to see .

If you have still any suggestion then feel free to share below about this thread and also I requested to you to support Bitcoin at www.mygov.in

note : we have time until 31 may to give our suggestion , so be fast to support Bitcoin .

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May 30, 2017, 05:10:55 AM
 #2

Maybe in the next few years will be legal. Given the increasing bitcoin users and also the practical bitcoin to do the transaction plus the other features that make it easier for bitcoin users

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May 30, 2017, 08:58:00 AM
 #3

I don't think we would see Bitcoin being declare as legal during this couple of years, maybe it can happen in the future
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May 30, 2017, 03:45:22 PM
 #4

If the government is against the black money the easier solution is to regulate BTC, because if they ban it, people will continue using Bitcoins and government won't have control over it, regulating can make things easier to manage for the government, what doesn't mean it will be better for ordinary people using Bitcoin for honest purposes.

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May 30, 2017, 05:21:05 PM
 #5

If the government is against the black money the easier solution is to regulate BTC, because if they ban it, people will continue using Bitcoins and government won't have control over it, regulating can make things easier to manage for the government, what doesn't mean it will be better for ordinary people using Bitcoin for honest purposes.

I think if bitcoin is managed by the government will certainly change all rules that have become bitcoin performance system, of course function of bitcoin freedom will be eroded by new regulations that may be applied by government

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pawanjain
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May 31, 2017, 05:53:49 AM
 #6

If the government is against the black money the easier solution is to regulate BTC, because if they ban it, people will continue using Bitcoins and government won't have control over it, regulating can make things easier to manage for the government, what doesn't mean it will be better for ordinary people using Bitcoin for honest purposes.

I think if bitcoin is managed by the government will certainly change all rules that have become bitcoin performance system, of course function of bitcoin freedom will be eroded by new regulations that may be applied by government
No brother , the Bitcoin's rule will remain at one place and government rules will remain at one place .
Because if it get legalised or even get regulated then still we can use Bitcoin for the trading as well as for payment worldwide .

pawanjain
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May 31, 2017, 05:58:06 AM
 #7

Maybe in the next few years will be legal. Given the increasing bitcoin users and also the practical bitcoin to do the transaction plus the other features that make it easier for bitcoin users
How can you say , may be in next two year , lol .
today is 31 may and this is last day to suggestions for the government of India .
I don't think we would see Bitcoin being declare as legal during this couple of years, maybe it can happen in the future
no brother , it will get ban or illegal in the same year , because the ransomeware attack made the attention fully , you can see at the mygov.in about the petition .
If the government is against the black money the easier solution is to regulate BTC, because if they ban it, people will continue using Bitcoins and government won't have control over it, regulating can make things easier to manage for the government, what doesn't mean it will be better for ordinary people using Bitcoin for honest purposes.
Yes , totally true , This will be the solution for use .
Because at the one side we can't exit from the Bitcoin but also at the second side we have the responsibility to not to violate the law of taxation , so regulation is better option and then we will be able to use Bitcoin legally .

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May 31, 2017, 02:48:38 PM
 #8

When government is ready to take a decision, no one will force them and I would suggest preempting their decision line is not the best as this would lead to unnecessary speculation which is going to further worsen the volatility issues surrounding bitcoin at the moment. All I know is one of the major factor that will influence government decision is that tax that will be generated and how it will be done by the exchange site. The moment this has been achieved every other thing will fall in line.

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May 31, 2017, 05:36:09 PM
 #9

Its up for the government, but if I were to suggest being legal is better, there will be some issues such as using it for illegal dealings but as a countermeasure bitcoin users can easily bring money to their country from another. So it easily helping with their economy just like that.

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June 01, 2017, 04:57:57 AM
 #10

If we look at prospect of bitcoin there is a possibility that someday the government will give legality to bitcoin and participate in it. And if bitcoin is declared legal then bitcoin security will be more assured.

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June 01, 2017, 03:33:42 PM
 #11

To me, the concept of bitcoin was to take money out of Government control. But when a government makes bitcoin official currency, there is the likelihood that one day they could want to control it. However, bitcoin circulation is individualistic. There is no central bank for bitcoin so it will be difficult to ban it.

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June 01, 2017, 04:20:13 PM
 #12

I think to make a decision that bitcoin to be legal currency is need too much regulations and I am sure it will take lot of time and there will be consequences after it. The government surely think the main currency in India and also make it stable is most important than bitcoin. So why they could take a hard decision to make it legal?
The best moves that your government can do is netral. I mean the central bank cannot regulate bitcoin, government doesn't take any responsibility for all kinds of losses and people will use it with their own risk.

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btcdevil
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June 01, 2017, 05:01:19 PM
 #13

I think not so soon we will get Bitcoin legalized by the India Government as their are so many regulations they have to make it before announcing it as legal currency. And every time India is standing in last to accept the new technology after the whole world experience it after that only they will start to work on it.

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June 01, 2017, 05:48:52 PM
 #14

We cannot really say because it is the government's call. Nonetheless, I think there is a possibility of it being declared legal because of the apparent inconsistencies of the government that we see. Bitcoin has such a huge impact in the market that it cannot just be eradicated all at once since it exists online without need of any official body to man its operations.

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June 03, 2017, 05:22:52 AM
 #15

do you think that if they declare it illegal, i wold not use it anyway if i was an indian citizen?

again this is the same old argument, they can't track soemone who is using bitcoin, they will never be able to do so, if i pay for somethign abroad and receive it in india by using bitcoin, there is no way they can know about it

banning bitcoin and make it illegal is just a way to put fear in people, because they fear themselves bitcoin, and want to restrict the usage, but you can still use it without any problems
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June 03, 2017, 08:54:02 AM
 #16

i think they will not banned bitcoin due to its popularity and growth in international market..its becoming worldwide currency..they just need to ensure that all are ok and no illegal work is going on..
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June 03, 2017, 06:15:52 PM
 #17

Maybe in some countries it is legal but in many bitcoin countries it still has not been said legal or still illegal, but with the development of bitcoin all over the world will legalize bitcoin. Roll Eyes

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June 05, 2017, 07:11:08 PM
 #18

If the government is against the black money the easier solution is to regulate BTC, because if they ban it, people will continue using Bitcoins and government won't have control over it, regulating can make things easier to manage for the government, what doesn't mean it will be better for ordinary people using Bitcoin for honest purposes.
Yes , totally true , This will be the solution for use .
Because at the one side we can't exit from the Bitcoin but also at the second side we have the responsibility to not to violate the law of taxation , so regulation is better option and then we will be able to use Bitcoin legally .

But you know to use Bitcoin legally can be worse, right? You will need to pay higher fees than you pay now to transfer money, and maybe there will be extra fees when buying stuff in your country. You would need to spend more Bitcoins to buy less things, it's not a very good deal, only for the government of course.

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June 05, 2017, 10:46:28 PM
 #19

considering what india has done to gold and cash then i don't see a happy ending for bitcoin there on a legal basis. that don't mean it won't thrive off the books but it could be over before it started in a legit sense.

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June 06, 2017, 12:25:14 AM
 #20

considering what india has done to gold and cash then i don't see a happy ending for bitcoin there on a legal basis. that don't mean it won't thrive off the books but it could be over before it started in a legit sense.

I agree. The fact that Bitcoin is under scrutiny seems to portend bad news. Governments, especially countries without an open economy like India, like control. If they can't control something, the usual knee jerk reaction is to make it illegal.
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