India to legalize bitcoin

[eXpl0sive]

https://bitcointalk.org/index.php?topic=1976756.msg19685535#msg19685535

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.

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[InvoKing]

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

Woot woot!

Make bitcoin "legal" is simply a step to take advantage from its growth. I mean in countries with no regulations, there is a big 0 tax revenue and such. Legalising bitcoin will make more people to use it then more revenue.

[iqlimasyadiqa]

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

Woot woot!

Make bitcoin "legal" is simply a step to take advantage from its growth. I mean in countries with no regulations, there is a big 0 tax revenue and such. Legalising bitcoin will make more people to use it then more revenue.

What you think is not necessarily right. Bitcoin users use bitcoin for better financial transactions. When there are some people who use it for illegal activities then they are the bad guys. Taxes and others are actually the obligations of a citizen.

[Taskford]

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

Woot woot!

Make bitcoin "legal" is simply a step to take advantage from its growth. I mean in countries with no regulations, there is a big 0 tax revenue and such. Legalising bitcoin will make more people to use it then more revenue.

What you think is not necessarily right. Bitcoin users use bitcoin for better financial transactions. When there are some people who use it for illegal activities then they are the bad guys. Taxes and others are actually the obligations of a citizen.

Yes the taxes and others are actually the obligations of a citizen but this taxes are sometimes are being use or abuse by some corrupt officials. I don't want that to happen like can we they spare bitcoin to us? Like don't legalized it instead regulate it. Well just my opinion.

[passwordnow]

Very good news and well India is a good country that has a lot of people. This is going to make the price pump again and once other countries will follow these big countries for sure bitcoin will be known worldwide.

[jorneyflair]

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

Woot woot!

This sort of came out of nowhere.

I definitely think that the decision that Australia and Japan made influenced a lot on the decision making of the indian government as well. By legalizing bitcoin it probably benefits both the government and bitcoin exchanges, not so sure about bitcoin users though. Governments are able to keep an eye on bitcoin users because of regulations put in place whilst exchanges are able to get higher volume trading due to this legalization.

Users wouldn't really benefit any way from this though as it wasn't illegal to trade or hold bitcoins anyways in India before. I guess it'll just mean they have more means to obtain and sell their btc.

[Jherek]

This is great news, hope by legalize doesn't mean restrict how it should be used or taxed more than it should.

I have confidence the Indian government will do the right thing or at least I hope so.

Crypto follows their cashless society plans very well, depending on how much control they want to have on money and transactions.

It would definitely be great news if the Indian government can not have to interefere with P2P trading, exchanges being able to run etc. But a lot of the articles that have covered this event seem to show that the Indian government is trying to crack down on illegal black money at the same time. As we all know, the 500 and 1000 rupee notes were pulled out of circulation for the same purposes. I wouldn't be surprised at all if the Indian government uses this "legalization" and regulation as a bridge to further unnecessary regulation, and essentially making it unfeasible for anyone to use bitcoin in their country.

For anyone that think that i'm stupid for saying this, nobody expected the Indian government to do such a stupid thing of pulling 500 and 1000 rupee notes out of the monetary supply... Like it basically meant a lot of people had to starve, it had an immediate impact, this cash crunch.

[xhienigat]

This is actually a great and positive news in the cryptoworld. It only goes to show that some countries are really interested in the cryptoworld. At least it is really on the right track and soon other countries would also follow the steps of the country like Japan, Australia and India.

[klf]

Very good news and well India is a good country that has a lot of people. This is going to make the price pump again and once other countries will follow these big countries for sure bitcoin will be known worldwide.

Yes, India is a very big country and got a lot of engineers and if this is regulated then surely it will create a lot of demand and also it will give an opportunity for many people to earn money. Totally it will be a win - win situation for both people and government. In next one year, it looks like Bitcoin prices may cross 5000$ mark very easily.

[Superways]

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.

I think India has positive remarks towards bitcoin and I think India will legalize it because india is a wise country and its good for them to legalize bitcoin with this the price of bitcoin will also riser up so0 in my mind bi think india will legalize bitcoin .

[btcney]

This is actually a great and positive news in the cryptoworld. It only goes to show that some countries are really interested in the cryptoworld. At least it is really on the right track and soon other countries would also follow the steps of the country like Japan, Australia and India.

Exactly. As we can see, there are a lot of indians that are using this forum.

It does not really matter in my opinion if this law passed will make a difference on the trading volume of bitcoin exchanges on india. As long as it means that more people will get to know bitcoin, and use bitcoin, i'm happy about it.

Good job the Indian administration for legalizing bitcoin, and at least giving it a go. It'll probably encourage other countries to accept bitcoin as is too.

[yellow1]

Its a good news from India that's a great idea. They are show to the world in all country that a bitcoin is legalize from their country i think many country also convincing in bitcoin and what do in India. They know bitcoin is a good extra income and easy to earn that's is why they legalize bitcoin in their  country they think of their future. They only show that bitcoin is great help to their country especially in their economy. This is a positive impact to the other country. I think the price of bitcoin will increase and many people interested in bitcoin but also to all countries. 

[tigershark]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is a huge country that can have a significant affect on bitcoin. There will likely be investors in that country wanting to buy some and potentially new businesses developing from that country. The more people that demand bitcoins, the higher the price will likely go. The same could be said for the altcoins.

[beerlover]

Although a ban appears unlikely, I guess we cannot expect any immediate stand from Indian government as they are having very complex system to approve such a new economy related technology which may influence their taxation system too.

[cryptojac17]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is a huge country that can have a significant affect on bitcoin. There will likely be investors in that country wanting to buy some and potentially new businesses developing from that country. The more people that demand bitcoins, the higher the price will likely go. The same could be said for the altcoins.

Eventhough india is a huge country but I don't think people in their place have the full education about bitcoin which could litteraly bring whole country to be progressive due to bitcoin implementation. They should gain enough knowledge to know more about digital currency in order to develop a lot of interest on this type of system.

[HasHe]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is the world's second largest populated country.India legalizing bitcoin would promote more indians to use bitcoins and definitely there would be a great increase in demand for bitcoins,thereby creating a direct positive impact on bitcoin price.

[iv4n]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is the world's second largest populated country.India legalizing bitcoin would promote more indians to use bitcoins and definitely there would be a great increase in demand for bitcoins,thereby creating a direct positive impact on bitcoin price.

Don't underestimate India and power of billion people, if they get into crypto world we can see many surprises. If India regulate bitcoin, people there will be able to start bitcoin businesses legally, that means a lot for bitcoin economy, this would be undead great impact on bitcoin community. Even I'm not a supporter of governments, I know how big influence legalization of something have on ordinary people, this is a great promotion for bitcoin and people who didn't know nothing about bitcoin will get into easier when they know that government stand behind it, probably people will feel much safer with using btc.

[Wintorez]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is a huge country that can have a significant affect on bitcoin. There will likely be investors in that country wanting to buy some and potentially new businesses developing from that country. The more people that demand bitcoins, the higher the price will likely go. The same could be said for the altcoins.

Eventhough india is a huge country but I don't think people in their place have the full education about bitcoin which could litteraly bring whole country to be progressive due to bitcoin implementation. They should gain enough knowledge to know more about digital currency in order to develop a lot of interest on this type of system.

If you really understand the essence of this question, then you do not know whether to be happy or not, because the legalization of Bitcoin or other crypto currency, means only one for the user of the crypt, is that he has to pay taxes and realize his income. And this is not everyone you want to do.

[slackcryptoz]

If legalizing in India comes to effect a good market will be there for Bitcoin and it gets more stronger. The reason is that it is widely populated and one among the top developing nation in all sectors. Looking it more Countries too will adopt bitcoin into their financial framework.

[planfox]

i think is very good information if india country ready regulation bitcoin
but is not big impact to bitcoin price, if USA reagulated bitcoin, is very big impact to bitcoin price
because USA super power country, and big exchanger from USA, sample poloniex, bittrex and coinbase

India is a huge country that can have a significant affect on bitcoin. There will likely be investors in that country wanting to buy some and potentially new businesses developing from that country. The more people that demand bitcoins, the higher the price will likely go. The same could be said for the altcoins.

Eventhough india is a huge country but I don't think people in their place have the full education about bitcoin which could litteraly bring whole country to be progressive due to bitcoin implementation. They should gain enough knowledge to know more about digital currency in order to develop a lot of interest on this type of system.

If you really understand the essence of this question, then you do not know whether to be happy or not, because the legalization of Bitcoin or other crypto currency, means only one for the user of the crypt, is that he has to pay taxes and realize his income. And this is not everyone you want to do.

Most likely, the government of India is guided only by this when they talk about the legalization of bitcoins. When money in India depreciated, many people started using bitcoin. This greatly upset the government. And now they just want to take control of the Cryptocurrency