India to legalize bitcoin

[itsallpc]

Finally, a good news for bitcoin enthusiasts in india has come.They had been longing for such an announcement.Previously,they feared that india could ban bitcoins considering it as a ponzi scheme.Definitely,it would create a positive impact on bitcoin price.

[daxiake]

Finally, a good news for bitcoin enthusiasts in india has come.They had been longing for such an announcement.Previously,they feared that india could ban bitcoins considering it as a ponzi scheme.Definitely,it would create a positive impact on bitcoin price.

Its a good news for India but nothing yet has been finalised and there is no official announcement made by the Government of India and I think they will not favor bitcoins as the politicians of India are very corrupted and had been part of many scams so if bitcoin gets legal status in India then it will be full stop to their corrupted activities.

[bohr]

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

Woot woot!

Good news, but like always we must take anything by any government with a grain of salt, this could be a trap, those that love crypto will be happy and then declare they use crypto, then after some time the governments ban crypto and now they know you use crypto and are screwed.

[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.

[aakashsangwan]

The title of this topic is actually misleading, right now government has made a team to do all the research about the bitcoin and they do continuous meetings about the legalization of bitcoins and right now this is still in talks.

[gilangIDR]

The title of this topic is actually misleading, right now government has made a team to do all the research about the bitcoin and they do continuous meetings about the legalization of bitcoins and right now this is still in talks.

Is not yet fully legal as it is currently under study and research on bitcoin. They want to see positive impacts and negative impacts that could affect their country. It still takes time until bitcoin becomes a legal commodity.

[CyberKuro]

I consider it just a little encouragement for people in there to speculate about bitcoin, as long as it still not officially legalized than we can't expect too much from the government. The news just stated about government will investigate it and it has been 3 months: On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market. So, we are still waiting for another good news in India, at least they maybe state bitcoin as legal payment like in Japan.

[eaLiTy]

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.

That is what i was thinking and i do expect this to happen from the Indian government,most of the times they do thinks without thinking and i do expect the same with bitcoin,they will try to regulate bitcoin and enforce some restrictions for the users and that is what i am thinking,when can we expect these details from the government regarding bitcoin.

[Yuuto]

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.

Exactly, bitcoin was never illegal in india. It was just a self regulated industry.

I don't even consider the Indian government regulating the bitcoin industry a particular positive thing - governmental intervention is bad, and especially when the indian government has shown such stupidity as to getting rid of the 500 and 1000 rupee notes, who knows once they get their grips on the bitcoin exchanges what they will do with them.

And unlike australia and Japan, i don't think that taxes are taken off bitcoin purchases(or there weren't any taxes to begin with).

[RamBahadur.Gurung]

The title of this topic is actually misleading, right now government has made a team to do all the research about the bitcoin and they do continuous meetings about the legalization of bitcoins and right now this is still in talks.

Is not yet fully legal as it is currently under study and research on bitcoin. They want to see positive impacts and negative impacts that could affect their country. It still takes time until bitcoin becomes a legal commodity.

The team has come to the conclusion that Bitcoin is having a negative role in the economy, and it will be best to ban its possession altogether. But they have delayed this decision due to the difficulty in banning the digital asset. As of now, the early signs remain negative.

[HanSchultz]

The team has come to the conclusion that Bitcoin is having a negative role in the economy, and it will be best to ban its possession altogether. But they have delayed this decision due to the difficulty in banning the digital asset. As of now, the early signs remain negative.

If that is true,it will be the dumbest decision the government could take,from where you are hearing these information as i could not find any where else.Let us see what the end result will be,i hope they wont make a dumb decision like this as they have take a lot of dumb decisions recently as reported by world media.

[Torque]

something something Country makes legal an asset something that they have no right to make illegal in the first place something something

[jerowacik]

This is good news that can increase the price of bitcoin. We know that the more countries that legalize bitcoin, the more people will use bitcoin.
That way more transactions will be made so bitcoin is becoming more widely known in different countries.

[itsallpc]

It is really a great news for the bitcoin community since India is the second world's largest populated country.Japan,China,Russia and now India going to regulate bitcoin.Earlier,bitcoiners in india were fearing that india might announce bitcoin as illegal.But now government has shown green flag in favour of bitcoin.   

[Dakustaking76]

You can also add south Korea also to the list now
Many other countries Will fallow

[Termin4tor]

Finally, a good news for bitcoin enthusiasts in india has come.They had been longing for such an announcement.Previously,they feared that india could ban bitcoins considering it as a ponzi scheme.Definitely,it would create a positive impact on bitcoin price.

Its a good news for India but nothing yet has been finalised and there is no official announcement made by the Government of India and I think they will not favor bitcoins as the politicians of India are very corrupted and had been part of many scams so if bitcoin gets legal status in India then it will be full stop to their corrupted activities.

This is indeed true, corrupt politicians are the main reason why the country wont be able develop further. There might still be a good chance if Modi (Prime Minister) of India takes an initiative as he has started the digital india campaign which aims at connecting rural households. I know for a fact that if he takes a decision to do something, he wont step down. So lets hope for the best.

[BigBall]

Oh that is really nice to hear because soon when south korea and india legalise bitcoin we will see bigger bitcoin bumps and we will be able to earn more better with bitcoin trading what is really perfect.

[linkme]

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

Woot woot!

This news may not affect to Bitcoin price too much but it will let the world know that Bitcoin is being used legally in India, it make other countries think about legalize Bitcoin in their countries.

[YuginKadoya]

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

Woot woot!

This news may not affect to Bitcoin price too much but it will let the world know that Bitcoin is being used legally in India, it make other countries think about legalize Bitcoin in their countries.

I really think this will not have a big impact with the price of bitcoin, Although this is truly a news we would like to see everyday because there is another country that have legalize bitcoin, it will not affect much on the price for now because it would really take time before this market cap can really take place in the bitcoin value, and just like Australia that are using bitcoin legally I think right now we should see the increase in the value of bitcoin, but because of so much selling out of fear the price is still the same and we are in the $2500 mark value.

[denis72]

Latest news in India is that they are going to ban usage of Bitcoin, due to no control and limited supply of Bitcoin. It will also increase black money in India which government trying slowly to cut down.