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Author Topic: Bitcoins cannot be legal in India.  (Read 4415 times)
karan1498
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May 31, 2017, 04:20:29 AM
 #1

Service like paypal is still illegal or unauthorised ,idk . So how do you expect btc to be legal in india. Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc , and they cannot simply make it legal and earn from the fees of these exchanges. So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal. Paytm has got just permission to be a bank after years that too with the lowest limits .
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May 31, 2017, 08:22:40 AM
 #2

Service like paypal is still illegal or unauthorised ,idk . So how do you expect btc to be legal in india. Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc , and they cannot simply make it legal and earn from the fees of these exchanges. So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal. Paytm has got just permission to be a bank after years that too with the lowest limits .

Who said to you Paypal is illegal or unauthorised.

It is legal and working with RBI permission, that is why we can't hold fund in paypal and paypal transfer all funds into indian bank account asap so RBI will know if anyone got big fund from paypal.


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WINBC
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May 31, 2017, 08:29:54 AM
 #3

Service like paypal is still illegal or unauthorised ,idk . So how do you expect btc to be legal in india. Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc , and they cannot simply make it legal and earn from the fees of these exchanges. So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal. Paytm has got just permission to be a bank after years that too with the lowest limits .

paypal has always been legal in India. You are very ill-informed my friend. There a plenty of ways the Indian government can tax crypto users. Other countries have already figured out ways they can regulate bitcoin.
karan1498
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May 31, 2017, 08:46:25 AM
 #4

paypal is restricted , neither legal nor illegal . And Indian govt doesnt get happy with tax . They want in btc what can be done in fiat currency , which is not possible in btc. Mark my words unless and until our govt doesnt change BTC legalisation is not happening .
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May 31, 2017, 09:06:21 AM
 #5

paypal is restricted , neither legal nor illegal . And Indian govt doesnt get happy with tax . 

Don't have word for you. Please read all documents related to paypal. It's neither restricted nor illegal.  Govt allowed them to run their services in India because 90% freelance money comes in paypal that is why RBI did not banned paypal and allow them without holding funds in paypal.


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May 31, 2017, 09:07:52 AM
 #6

Service like paypal is still illegal or unauthorised ,idk .
IMO comparing Paypal or Paytm with Bitcoins is comparing Apples to Oranges. Palpal isn't illegal nor unauthorized. The reason they were able to impose regulatory restrictions on Paypal because it was a centralized and they could warn/suspend an organization.


So how do you expect btc to be legal in india.
Ummm, coz it already IS and governments around the world have found a way to make bitcoin work under regulations.


Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc
If government is lesser concerned about earning through bitcoins, the greater concern is money laundering. Govt. does not earn through corruption money . Govt. is still learning the pros and cons. that is why the assessment committee was created.


and they cannot simply make it legal and earn from the fees of these exchanges.
Breaking News!! They are already doing it! Coz bitcoin is not illegal for now. Indian exchanges are paying their taxes every year on every transaction.


So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal.
Yes are waiting coz there hasn't been a strong verdict from govt. RBI did issue warnings but never a circular stating complete consensus or ban. So first verdict will give a data point to speculate course of action from govt. Oh and btw you can't say 'it won't get legal' because it already is.


Paytm has got just permission to be a bank after years that too with the lowest limits .
The pace and limits of Paytm is irrelevant to bitcoin here.

You my friend are victim of Dunning–Kruger effect, get out of it!

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karan1498
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May 31, 2017, 12:17:40 PM
 #7


IMO comparing Paypal or Paytm with Bitcoins is comparing Apples to Oranges. Palpal isn't illegal nor unauthorized. The reason they were able to impose regulatory restrictions on Paypal because it was a centralized and they could warn/suspend an organization.

I never mentioned that i am comparing any of these to bitcoins . I just wanted you guyz to know how strict our govt is.

Ummm, coz it already IS and governments around the world have found a way to make bitcoin work under regulations.

Mate BTC is not legal in India as for now .

If government is lesser concerned about earning through bitcoins, the greater concern is money laundering. Govt. does not earn through corruption money . Govt. is still learning the pros and cons. that is why the assessment committee was created.

Probably you dont know how India runs Smiley

Breaking News!! They are already doing it! Coz bitcoin is not illegal for now. Indian exchanges are paying their taxes every year on every transaction.

They have to pay taxes anyhow , bcoz they are a company

Yes are waiting coz there hasn't been a strong verdict from govt. RBI did issue warnings but never a circular stating complete consensus or ban. So first verdict will give a data point to speculate course of action from govt. Oh and btw you can't say 'it won't get legal' because it already is.

Its a long run for country that lacks education , literacy , digitalisation  .

The pace and limits of Paytm is irrelevant to bitcoin here.

Again I never relate paytm to btc , I just want to let know how strict govt is in terms of economy .
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June 01, 2017, 05:47:12 AM
 #8

I never mentioned that i am comparing any of these to bitcoins . I just wanted you guyz to know how strict our govt is.
Paypal and Bitcoin are completely different in properties. You cannot estimate reaction of govt. from it's treatment to Paypal. More over it was Paypal's decision to not agree to term hence they provide limited service here.

Mate BTC is not legal in India as for now .
So Indian exchanges are providing and dealing with something that's illegal is it? Please educate yourself.

Probably you dont know how India runs Smiley
Oh enlighten us wise one.

They have to pay taxes anyhow , bcoz they are a company
Whats your point here?

Its a long run for country that lacks education , literacy , digitalisation  .
This does not mean we stop implementing.

You seem to be more ignorant and disputing than curious and inquisitive. I choose to not reply further and leave you at your sitch.

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karan1498
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June 01, 2017, 11:23:45 AM
 #9

INDIA makes me ignorant more day by day Sad
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June 01, 2017, 12:10:55 PM
 #10

I dont think that Bitcoin is illegal in India ya but it is not clear that what status to be given in India, i have shown as short profit from Bitcoin and till now i am not having any problem.

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June 01, 2017, 02:11:22 PM
 #11

Service like paypal is still illegal or unauthorised ,idk . So how do you expect btc to be legal in india. Basically its simple govt cannot earn from btc , govt is still only finding a way to how to earn from btc as they earn from corruption money  which is way too much and this is how India works. govt knows all the pros and cons of btc , and they cannot simply make it legal and earn from the fees of these exchanges. So all you guyz having dates for btc announcements from authorities and hoping to find an answer , dude its a very long run in India just within a month after taking btc into consideration it wont get legal. Paytm has got just permission to be a bank after years that too with the lowest limits .

At least don't call GayPal illegal lol . That is the only Proper Legal Payment Processor in the world .

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June 01, 2017, 02:20:01 PM
 #12

Service like paypal is still illegal ... blah blah

Empty vessels make the most noise. Classic example.

Look kid, do your research & don't run your mouth about things that you don't know about.

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June 01, 2017, 02:25:13 PM
 #13

PayPal is illegal? since when LOL!

PayPal is not recognized by other countries like Pak but RBI does recognize it while they don't allow PayPal to hold the funds of Indian citizens. That doesn't mean that it is illegal.

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June 03, 2017, 10:11:15 AM
 #14

Simple is that bitcoin is not authorized by government nor there is any news of banning it.bitcoin can be taken as virtual asset that now many indians are taking interest in investing their money in it so they can get profit.some of government members are against it because it is anonymous and before demonatisation black holders while hiding their money in it.

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BLife
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June 03, 2017, 01:23:29 PM
 #15

Simple is that bitcoin is not authorized by government nor there is any news of banning it.bitcoin can be taken as virtual asset that now many indians are taking interest in investing their money in it so they can get profit.some of government members are against it because it is anonymous and before demonatisation black holders while hiding their money in it.

 Don't take it the wrong way but how on earth a transparent blockchain like BTC can be used to hide black money? why do people still think bitcoin is anonymous?

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June 03, 2017, 07:32:20 PM
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...why do people still think bitcoin is anonymous?

idk.. partly because it is anonymous.

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June 03, 2017, 08:15:49 PM
 #17

...why do people still think bitcoin is anonymous?

idk.. partly because it is anonymous.

It's anonymous because you can track wallet and transaction but how you will relate to someone with that wallet.


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June 03, 2017, 08:24:06 PM
 #18

I Think Very Soon Bitcoins can be legal in India. I don't Have Any Facts. But It's my Prediction. It May Takes Few Months. But I am Not With This Statement ''Bitcoins cannot be legal in India.''
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June 04, 2017, 05:47:19 AM
 #19


idk.. partly because it is anonymous.


It's anonymous because you can track wallet and transaction but how you will relate to someone with that wallet.

 Sorry to say but bitcoin is not anonymous and if you please read the the following two links it would do a better job of explaining why its not anonymous and how tracing is done over the blockchain.

http://anonymity-in-bitcoin.blogspot.in/2011/07/bitcoin-is-not-anonymous.html

https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283/

Hope this helps.

Regards,
BLife
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June 04, 2017, 09:10:29 AM
 #20


idk.. partly because it is anonymous.


It's anonymous because you can track wallet and transaction but how you will relate to someone with that wallet.

 Sorry to say but bitcoin is not anonymous and if you please read the the following two links it would do a better job of explaining why its not anonymous and how tracing is done over the blockchain.

http://anonymity-in-bitcoin.blogspot.in/2011/07/bitcoin-is-not-anonymous.html

https://bitcoinmagazine.com/articles/is-bitcoin-anonymous-a-complete-beginner-s-guide-1447875283/

Hope this helps.

Regards,
BLife


Quote
Bitcoin is not inherently anonymous. It may be possible to conduct transactions is such a way so as to obscure your identity, but, in many cases, users and their transactions can be identified

In many cases it can be identified not in all cases. Noob who don't know how to hide can be trace.

Same kind of reasons gave in your other article. Don't have time to quote all points what say it can be annoymous and so you must read carefully to understand what writer trying to saying.




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