Suddenly, Bitcoin to Be Officially Legal in India

[shohelalam]

Leading Bitcoin exchange Zebpay has revealed that the Indian government committee has ruled in favor of regulating Bitcoin.

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.


Efforts of Indian Bitcoin exchanges

Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.

The legalization of Bitcoin in India

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.


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

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[swogerino]

This is good news for bitcoin. The more countries recognize it legally the more power to bitcoin and more value of course. For people who are storing bitcoin as an investment for longer term this is perfect news. More countries will surely follow if India manages to regulate bitcoin successfully.

[shohelalam]

This is good news for bitcoin. The more countries recognize it legally the more power to bitcoin and more value of course. For people who are storing bitcoin as an investment for longer term this is perfect news. More countries will surely follow if India manages to regulate bitcoin successfully.

Yes You Are Right .. Day by day bitcoin grow up and also recognize every country. Now India then Pakistan after that Bangladesh by day by day it will recognize every sarc country.bitcoin will be legal every country.

[audaciousbeing]

Leading Bitcoin exchange Zebpay has revealed that the Indian government committee has ruled in favor of regulating Bitcoin.

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.


Efforts of Indian Bitcoin exchanges

Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.

The legalization of Bitcoin in India

In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

This is another good news coming from that end and I hope to see some offshoot on how it progresses with much more information coming in the following days. Also, I hope this does not come at a very expensive price where the issue of KYC will now be taken to an extreme length thereby negating the fundamental principle that bitcoin rests which is anonymity and freedom.

[alexrose2699]

Very nice new. I have 2 friends in India and they are interested about BTC. I think they will really surprised.

[countryfree]

This is the country that a few months ago choose without any warning to demonetize its largest banknotes. So I find it hard to trust that government. BTC may become legal bit it will be highly regulated, and I'm afraid that the next step will be to tax it. Poor Indians!

[btcdiggingmaster]

So very soon India is also joining the Club of Bitcoin acceptance in their local areas. Once many countries are accepting the chance of Bitcoin fame will increase. I hope these are very good news for people in India. Still, I am waiting for my country to recognize the bitcoin.

[thesherlockholmes]

There is no official notification/message about legalization from any regulatory body in India.

[shohelalam]

Very nice new. I have 2 friends in India and they are interested about BTC. I think they will really surprised.

Yes.. The are interested about bitcoin. and also india was working with bolck chain. and the create all ready TCC. India every time start first time every thing

[iamTom123]

This is a very interesting development for Bitcoin in particular and the whole cryptocurrency market in general. Why? It is because India is a big country in terms of population and it is next to China right now so the potential for Bitcoin users is really, really huge. I also understand that India or rather the people of India are so inclined to adopt new technology like the internet, new communication gadgets and now the cryptocurrency revolution. In fact, India is an undisputed King of the BPO industry which means it has a huge number of young people and this can be the market for Bitcoin usage.

I am looking for India to take its place in the cryptocurrency map and reap all the benefits that the blockchain technology can offer for pioneering country adopters. I can now sense that soon we can see a big shift to Asia for cryptocurrency. This is good news for me as I am from Asia too.

[Netnox]

Rumors such as this one has been going on for many years now, and I am yet to see any communique from either the government of India or the Reserve Bank of India (RBI) which talks about the legalization of the crypto-currency. ZebPay may be spreading the rumors to increase their user-base and trade volumes.

[thend1949]

I think this is Fake News

If it is true this will be a good news to us. And There's no news that Bitcoin will be officially legal in India in many sites of bitcoin. So this post is not true.

[1.btcwonder]

The Bitcoin trend is easily spread on in India. Though tech nerds and young depositors check the digital currency as its price climbs, the government, also, is expecting a course of action close its regulation. After Prime Minister Narendra Modi’s demonetization act last November, statistics flowed and it supposed there is approximately 600,000 Bitcoin utilizes in India, according to the creators of some bitcoin outfits.

[Gatubela]

That it’s an excellence notice  by Bitcoin community!, so when the indian government committee has ruled in a favor of regulating bitcoin they has recognized the currency digital sectors like as an legal cryptocurrency in the sector of country’s economy; this is certainly meaning very important to introduce the cryptocurrency knowledge in another countries and to grow up the marketing and financial operating systems. 

[dihari]

If implementation of legalization bitcoin in India bring good impacts for economy in India, it may be called a successful move from the government. And i am sure, many countries will follow this step to grow their economic country with cryptocurrencies.

[mountainview]

As India has just started moving towards digitization and also promoting more usage of online transactions, government has given a thought whether bitcoin can be declared legal or not keeping in mind its popularity in the present market. It can take another 3-4 years for government to decide on and various pros/cons needs to be considered.

[biskitop]

This is good news from Bitcoin. This shows how Bitcoin is very profitable, especially to its users in making transactions. India took the decision to legalize Bitcoin, of course this is the first step for them to start using a digital currency called Bitcoin widely, legally. safe and comfortable.

[shohelalam]

This is good news from Bitcoin. This shows how Bitcoin is very profitable, especially to its users in making transactions. India took the decision to legalize Bitcoin, of course this is the first step for them to start using a digital currency called Bitcoin widely, legally. safe and comfortable.

India Always One Step First for that Now there star there Own Crypto Currency. and That coin also stable Good. and Every investor profit from them. Now btc legal then the also huge profit from that.

[naidray]

There is a misconception with regulations and legalization. As of now, in India Bitcoin is not officially declared illegal. Something which is not illegal is automatically legal. But at the same time, Bitcoin is neither recognized as currency. If news are to be interpreted correctly, the Indian Government is considering to regulate Bitcoins.

Bitcoin is something which cannot be regulated by anyone by the way it was envisioned and created, what is to be watched is, what the steps the government takes to so called 'regulate' it.

[Vishnu.Reang]

So this one proved to be a fake news, right? ZebPay wanted to attract more trade, and they succeeded in it by spreading these rumors. Most of the Indian exchanges are operated by people without any morals or ethics.