India to legalize bitcoin

[celested]

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

Woot woot!

This is really a good news for bitcoin. A large country adopts bitcoin, which strongly influences people's need for bitcoin, so that bitcoin's value will increase further. I am always interested in such news.

[JL421]

This will surely be the best news the bitcoin community can ever get. Bitcoin was already in high demand in india and i saw many indian exchanges setting up limits on how many bitcoins per user could buy because they were out of bitcoins. There is still a minute chance it won't be legalised because i saw few politicians are claiming that bitcoin is a ponzi scheme

[xIIImaL]

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

Woot woot!

This is really a good news for bitcoin. A large country adopts bitcoin, which strongly influences people's need for bitcoin, so that bitcoin's value will increase further. I am always interested in such news.

They are the one who is consider as world's worst country in the world mingled up with too politics and too much myths. If this been legalize in Russia they would do something bigger then what USA do now. They will control the whole world with it. I hope even my country will make btc as legal in my country.

[U2]

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.

Where are you reading that? All I've seen is the fact that they're legalizing it which tbh, doesn't mean shit. The same people will still be using it like they always have haha. I guess more people will trust bitcoins even though literally nothing has changed except your local government has decided to say it's okay.

[Yakamoto]

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.

I just don't understand what the Indian government is trying to do at all really. Their country seems less and less structured every time I hear about it. They always talk about their black markets and everything they want to crack down on, and in the next sentence, they're removing avenues of value for their citizens to use. It's like the bloody country really has no idea what it is trying to do. That and their armed forces are in such an abysmal state these days...

[BellicoseBenny]

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

Woot woot!

It is quite weird, because earlier in the year Indian exchanges had one of the highest bitcoin prices compared to worldwide bitcoin exchanges, indicating that capital is leaving the country fast and government obviously does not want you to use bitcoin.

But now, they are trying to legalize it.

I think that Australia and Japan's decisions have affected the Indian government's thinking a lot, they do not want to get left behind in this world where technology is king, and if you are behind on the latest updates, then your country will suffer. This is an extremely good move, and i believe that a country that will probably exceed China's population by mid-century legalizing bitcoin is great news. Although the article says that it's going to be regulated by the government instead of being a self-regulated market, and that could be a cause of concern. We don't want intervention from governments.

India is waging it's own little war on cash, bitcoin becoming popular isn't going to do wonders for them collecting tax

And Indians are not afraid to be called commies

Source: Half Indian

[Snorek]

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.

There is no certain info on that just bunch of online articles where people speculate what Indian government will do with bitcoin.
For now, I have only seen India's authorities attempt to test the water and ask society what do they want, bitcoin acceptance or ban.
This is the latest news I managed to find which covers this topic: https://cointelegraph.com/news/ban-or-else-indian-government-asks-citizens-what-to-do-with-bitcoin

[AK47-]

India has the second largest numbers of internet users. There will definitely be a bitcoin wave in India if government legalises it, yet it is not very sure. Legalization of bitcoin in India would rather act as an advertisement for bitcoin which will definitely lead to increase in number of bitcoin holder. Even if 1% of India's population gets into bitcoin. The bitcoin users in world will nearly quadruple and that indeed would be an amazing event for bitcoin community. But let's see what happens as government isn't making it very clear about what they intended to do.

[Kava]

India has the second largest numbers of internet users. There will definitely be a bitcoin wave in India if government legalises it, yet it is not very sure. Legalization of bitcoin in India would rather act as an advertisement for bitcoin which will definitely lead to increase in number of bitcoin holder. Even if 1% of India's population gets into bitcoin. The bitcoin users in world will nearly quadruple and that indeed would be an amazing event for bitcoin community. But let's see what happens as government isn't making it very clear about what they intended to do.

It seems to me that the government of India will not legalize bitcoin. This country is not technologically ready for such a step. Very few people in this country know about bitcoin.
But, it would be very good if India really took bitcoin

[HasHe]

That would be a great news.India being the world's second largest populated country would definitely help for bitcoin progress if indians started to use bitcoins.It would create a great demand for bitcoins and as a result of it,bitcoin price would go very high.I am also from india and i was very much worried earlier when indian government discussed about announcing  bitcoin illegal.But thank god,situations have now totally changed.

[ngin-x]

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).

Exactly! Legalization is not gonna change anything. People are already using Bitcoin. Legalization will serve to benefit the government as they will start taxing all crypto transactions. It's better if it stays unregulated.

People assume the government wants what's best for us but the government is usually a self-serving entity that tries to control the masses.

[northstarh]

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

Woot woot!

Great news, I'm always glad to have any country that accepts bitcoins, whether it's less or more, but that's a sign of the bitcoin development. A good signal.

[Flyyyy]

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

Woot woot!

Great news, I'm always glad to have any country that accepts bitcoins, whether it's less or more, but that's a sign of the bitcoin development. A good signal.

The news is good, but there is no guarantee that it is true. It seems to me that the Indian government is ambivalent about the crypto currency. The economy of this country is very weak for adoption bitcoin.

[HaXX0R1337]

What is the situation now did they legalize bitcoin or are they planning to ban it,there are conflicting news coming out from India and when can we expect that to come out,it is good to have some clarity regarding that because of the huge population they got ,it could make some difference in the price.

[itsallpc]

That is really a great news for bitcoiners in india.Actually few weeks before,they were afraid that india might announce bitcoins as illegal.But now a sudden u-turn by the indian government.India has shown green flag to legalize bitcoin.Great progress ahead for bitcoiners in india.

[nethan1btc]

That is really a great news for bitcoiners in india.Actually few weeks before,they were afraid that india might announce bitcoins as illegal.But now a sudden u-turn by the indian government.India has shown green flag to legalize bitcoin.Great progress ahead for bitcoiners in india.

I think it's a great opportunity for the indian people, because their economy is not that good and that's the only ways people who wants change of their life status can be possible. How I wish that could be legalized in philippines sooner so that many will be investing and buy bitcoins for future investments assets. That green flag of india shows deeper trust on digital currency if we think for a better future of our money, because it do provide us sustainable income for so many years of our lives.

[dunfida]

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

Its just commonsense since we can really tell the difference between that two country poor=rich, less populated= too much populated, 1st world= 3rd world. Prices would really be difference if we tend to see them both to be accepted on the place.About the link its really a good news that gradually countries accepts bitcoin which means adoption is on the move.

[ladydark]

Next to japan,now india is ready to legalize bitcoins.India having huge population would definitely help for bitcoin progress to a great extent.Bitcoin price would increase more.It is really an u-turn decision taken by the indian government since it was earlier discussing bto announce bitcoin as illegal.

[sedrick]

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.

This is not true. As the latest news from finance ministry and RBI is inching close to legalise virtual btc which is good news. The decision will be announced by the end July.

However, if bitcoins are legalised in india. Bitcoins will fall under the preview of RBI, investors will be taxed, guidle lines will be issued by RBI regarding investing and purchase of bitcoins. Over the past few years the usage of btc is on the raise in india and trading platforms like Zepay, Consecure and Unicoin have been started. With these platforms stated there are investors.

[killerfrost]

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

Woot woot!

Not only India but even Australia has accepted Bitcoin as money on July 1 last. That is a good sign for other countries to follow. Therefore, India's legalization of Bitcoin is obvious. But compared with developed countries like Japan, Korea, Sweden, ... they have provided Bitcoin payment services such as airport, hotel, online shopping ...