India to legalize bitcoin

[magneto]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

Great news. Bitcoin seems to be legalized a lot of developed countries and big countries in general now, with the exception of the US. It would be interesting to see when bitcoin takes off what the reaction of the US government would be. Will they take the blame for not entering the bitcoin market sooner? Or will they continue to talk trash about bitcoin when they know that bitcoin is superior? Either way, if the US does not show a lot of support for bitcoin, they'll be left behind.

Although I like the idea of legalization of bitcoin, nothing is really legalized here. It's merely an official statement saying that we're going to regulate the market, but bitcoin trading was still legal in india. What would be really awesome would be countries that are banning bitcoin usage currently like China to stop the restrictions.

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[freedomno1]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

Well Unocoin and the others did pave the Way and the whole currency debacle gained a lot of customers.
So taking a look at it the way forward was paved by yesterdays actions that said its fantastic to hear.

[batang_bitcoin]

Woah! What an another great news. It seems that Asian countries are starting to legalize bitcoin. After Japan, Philippines and now India. We know that India has a very big population so if a big percentage of their population started to use bitcoin. Then that will be good for the demand of bitcoin. Who's next?

[boyptc]

This means that the price of bitcoin will reach another all time high. I knew it after they tried their very own created alt coin, they still chose to use bitcoin for digital transactions. And there's more to come, I'm tuning in with the declaration of Australia's legalization of bitcoin. Price flying to the moon, soon.

[eXpl0sive]

There is some misinterpretation of government's objectives here. Bitcoin is not going to be "legalised".

What Indian government is looking for is to "regulate" the usage in favour of consumer protection and to prevent money laundering, but that is also tentative and the final report is going to be released in late July. The gov however says that it is difficult to "ban" Bitcoin and other virtual currencies.

If you want to get the correct picture, forget the OP and read this original story:
http://www.moneycontrol.com/news/business/economy/govt-panel-on-finalising-report-on-bitcoin-regulation-2307647.html

However, chances of legalising currencies like bitcoins are very bleak, the official said. On the other hand, banning bitcoins is not easy. Simply because one doesn't know who is trading or operating it, he explained.

"We may monitor these currencies for some time and then see how it progresses. It can then be concluded if at all there is a need for a regulator,” the official said.

[Ken1022]

However, chances of legalising currencies like bitcoins are very bleak, the official said. On the other hand, banning bitcoins is not easy. Simply because one doesn't know who is trading or operating it, he explained.

"We may monitor these currencies for some time and then see how it progresses. It can then be concluded if at all there is a need for a regulator,” the official said.

I can't believe how fast I jumped into this. Thank you for sharing this. It was an honest, and embarrassing mistake on my part to be praising the convoluted news in some threads.

So I've read the article, and it seems there isn't a legalization at all - but a monitoring, followed by a regulation if they see what they needed to see. It's not at all considered to be a phase of legal adoption.

But maybe to stretch it's the first few steps towards the legalization? Who knows. Only time will tell as usual.

[BlackPanda]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

Asian countries currently play an important role in the development of bitcoin in the world. If India properly adopted bitcoin then bitcoin price will increase again. We are ready to reach much better levels of cryptocurrency

[KennyR]

This seems to be a positive growth towards bitcoin from the India government. I don't think the same is gonna come into effect in a short. India is a country where the government is quite focused towards digital growth, but the same government doesn't have awareness. In this perspective I believe this takes time, else if legalized surely Asia will rule the crypts.

[charlescoin]

The word legalize is very misleading. It was already legal, now its just being officialy recognized and regulated.

[ImHash]

Good to see Indians are becoming like Chinese, well they learned from the little people, one day shall they kill bitcoin and defame it just to resurrect and give it glory the next day, while some where in between millions of dollars are being cashed out, if you all were waiting for your government's blessing then entering crypto then you deserve to stay under their influence, we are here to put an stop into the asking for permissions from them.

If we were supposed to be happy if they did something then we shouldn't be here at all and let others take our places.

[Gotottack]

I really love hearing about more and more countries are exploring bitcoin as an option. This could totally be a good sign and more countries are going to follow suit. This will likely strengthen bitcoin's stand as the king of cryptocurrency and the future of finance. I dream of a day where I can just take my bitcoin wallet and shop anywhere I want.

[jc89]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

This is a great news. But I did not find the date when will the legalization be formal. It seems more and more country are having strong trust to Bitcoin. First we have Japan, second is Australia, third is India, how about the fourth? The world maybe? I feel OP's excitement and I should probably buckle up and wait for the blast-off.

[Vishnu.Reang]

Need confirmation on this. I am residing in India, and none of the mainstream media channels have covered this news. And I can't trust Coin Telegraph, because they are famous for spreading rumors and fake news.

http://www.newsbtc.com/2017/06/20/india-bitcoin-regulation-undecided/

[raymond541]

thats a great news for Indian bitcoin users.many country legalize bitcoin uses.last month Japan legalize bitcoin.we now waiting  if USA regulated bitcoin a bill are waiting for pass by senate.  if USA regulated bitcoin that will be great news for bitcoin and price will have big change.

[Absentis]

thats a great news for Indian bitcoin users.many country legalize bitcoin uses.last month Japan legalize bitcoin.we now waiting  if USA regulated bitcoin a bill are waiting for pass by senate.  if USA regulated bitcoin that will be great news for bitcoin and price will have big change.

I think that news is a great opportunity for the indian people to achieve a higher chances to fulfill their lifes future finances to grow better and enchance their economy in order to rise better for the future. Having thise implementation of legalization is a good decisions of their leader and individual has to become more successful in terms of profitable income from bitcoin.

[Rahar02]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

I think it's not suddenly as; "On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term."
They have announced about regulate bitcoin but still not legalized it yet, I mean we know about this news and it won't be suddenly anymore as it takes months or even years (maybe) to convince govs regulate cryptocurrency.
However, we hope bitcoin could be legalized soon in India and more countries follow it.

[xvids]

That's a really great news for us in the crypto currency world,
Now we are looking forward for more investor to come since bitcoin is now legalize in their country.

[btcdevil]

It is really a very good news about legalizing bitcoin in india so now we will also be eligible to get bitcoin debit card and other opportunity to work on crypto currency. Now the all field peoples can use bitcoin as payment system.

[Taskford]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

Legalize means to make or to allow something legal by law. While regulate means to make regulations for nor corcening.
So India will just regulate the usage of bitcoin in their country. Making laws how to regulate the usage of btc it doesn't necessarily mean they will control it. Coz when a government legalize the usage of btc they'll do some investigations who are those using btc so the sole purpose of btc will be gone. The anonymity. However, this is great news to read. Hope there will be climb in btc price.

Woah! What an another great news. It seems that Asian countries are starting to legalize bitcoin. After Japan, Philippines and now India. We know that India has a very big population so if a big percentage of their population started to use bitcoin. Then that will be good for the demand of bitcoin. Who's next?

Tell me your just joking brother. I don't think that Philippines is one of those country that legalize btc. There's no news about that.

[Graphics]

https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Woot woot!

I find this legislation a bizarre... especially after they ban 85% of (500 and 1000 rupee notes) in less than a year. And bitcoin is well known for the ability to hide money from governments.

Also I'm curious how they will implement it and will Indonesia and Philippines follow it. Poor counties with big population and a lot of corruption. Will they force people to declare it all? Confiscation over certain amount? It will be a mess like the big notes ban IMO.