Bitcoin finally legal in India

[StockBet.com]

Sorry to hear it is fake. I would not be surprised by this if it was real. As I see, Indians have always been following the technological improvements.

Thanks for the update.  Fake news seems pervasive.

[stompix]

has this actually happened yet or is it just fake news?
Has anyone got a link apart from cointelegraph to share?

It would be absolutely fantastic if it actually happens
and would offset the negative news surrounding China
and Bitcoin.

It is FAKE NEWS. I tried reporting the truth several times, but looks like people are more interested in catchy headlines, completely oblivious to anythig else and they don't want to hear the bitter truth.

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

https://bitcointalk.org/index.php?topic=2021761.msg22031971#msg22031971

https://bitcointalk.org/index.php?topic=1976756.msg20124241#msg20124241

It happens all the time. I just read a topic about some supermarket accepting bitcoins and in the post the director said it was a test and they don't intend to use it anytime in the future.

People hear or read a news on some crypto blog which is itself a click bait story and then we have this.
Even the main article was about legalizing exchanges not making bitcoin legal but who cares...
Hurray, hurray to the moon, rockets and everyone loses his mind over some fake story

[MiF]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

More and more nations are embracing the bitcoin this will cause a positive impact to the bitcoin value to become more stable to counter the obstacles that bitcoin is currently facing. I've heard that China is going to remove the ban very soon and We hope for more great news to come so that bitcoin value will become stable again and the altcoins too.

[pushups44]

It mean GOLD is over.

No way. Gold is very important in Indian culture and it's not going away for bitcoin or any other cryptocurrency. Also, people seem to forget that many cryptocurrencies are now backed by gold or other hard assets. Gold and bitcoin are complementary and not mutually exclusive.

[Proton2233]

I don't believe in such statements. Regularly on the forum there are reports of different countries, but any changes we see. I think that people perceive the attempts of governments to take taxes from turnover cryptocurrency for legalization. This is a mistake.

[badungs]

its great. its mean, the government believe bitcoin. in there must have store that accepted payment via bitcoin.
i wish it happen in my country too

[w5pn73]

So nobody actually reads threads? Just comments from people who don't even bother to read it's fake news.

[100bitcoin]

Utter rubbish. Bitcoin has no legal ground in India.

[kpcian]

if this news would be authentic then it is a great news for Bitcoin. day by day Bitcoin is becoming a legal currency in the world. especially in the developed world, Bitcoin is getting accepted nowadays. but I think this news has a little authenticity regarding allowed in India. but it will be legal in very soon.

[Aulian Hazet]

the government may see the development of bitcoin is very good, therefore bitcoin is legalized in india . .

[poetra2501]

if this news would be authentic then it is a great news for Bitcoin. day by day Bitcoin is becoming a legal currency in the world. especially in the developed world, Bitcoin is getting accepted nowadays. but I think this news has a little authenticity regarding allowed in India. but it will be legal in very soon.

I just hope may someday all States will legalize Bitcoin as in India. I am sure Bitcoin
will continue to evolve and that is a progress and prosperity for our life.

[KingCanuck5]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

That's cool! Hopefully many more countries to come.

[coynedterm]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

I think here government of India is himself confused whether what to make with the bitcoin because here i myself can't think that they can ban but still they are not making legal offically which is contradiction to my thinking .
But here all types of rumros are going on which are telling directly that government can't ban but still they are making a big and strict rules to use bitcoin .
And also a new news indicating directly that what the government wants , the government of India is looking to launch own coin named Laxmi coin which is directly telling that what will happen in India with  the Cryptocurrency future .

I am here thinking that government of India is thinking that the money flow from India is going speedly with the bitcoin and they want flow back by launching own coin by forigen people and counterbalance the flow of money .

[endlasuresh]

Earlier,indian police caught five youths for using drugs.Unfortunately,they were found to use bitcoins for buying those drugs.Further,adding fuel to the fire,a member of indian parliament termed bitcoin as  ponzi scheme and asked government to announce it as illegal.Indian government was also thinking of announcing bitcoin illegal at that time.but,suddenly,it took a U-turn and has finally decided to legalize bitcoin and now has framed a committee to give recommendations to legalize bitcoin.The time frame given to that committee was about six months and we could hope that within two or three months,bitcoin to get legalized.

These type of guys exists everywhere specially in some major high cities and they utilize to buy illegal things. For this reason sake our Govt may stopped, but I don't know at all.
Drugs are banned in my city and if anywhere we find about Drug racket the police will pay 1 lac INR for information.
I am hoping our govt will dont do same things what they did with Paypal.

[sidmlm]

However, in spite of all the curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India.

[pitiflin]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

Yes,bitcoin may be legal in India but there is something else that you might need to know:
Somaiya is not the only person,from what I heard,Reserve Bank of India aka Central bank of India is not happy bitcoin ,so they are planning to have a crypto-currency of their own,which also will be regualted so that there will proof of source ,which bitcoin  disables. And the Prime Minister of India,Narendra Modi stated that he wants to make India a cashless economy,where everyone will use crypto-currency of the government,debit/credit cards and PayTM which is like a Payment Gateway for payment for the goods and services renderred by the public. But don't worry you can use bitcoin and altcoins,its just that the government wants to focus more on their regulated crypto-currency.

[Zuilhsa]

If bitcoin is legalised in India it is a great thing, the first part of this is more number of people will be aware of it, as most of the people in India don't know what it is bitcoin. The next is people can confidently involve in bitcoin payments if government officially legalize it.

[John Wick]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

Well, too much time passed after this rumor and nobody confirmed this news. I first thought it could be real and gave it some time, yet there is nothing related to this news as a result. Unfortunately.

[Osarman]

soon every country will accept bitcoin one by one

I don’t believe that all countries will be accepting bitcoins because bitcoins have capability to make either strong or a weak economy of the country. Like China has banned bitcoins because it was affecting their economy while India legalized it as bitcoins makes their economy strong, so there will always some countries which legalize it and some will ban it.

[rodel caling]

"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Bitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures https://veratad.com/solutions/identity-verification/ in place. These areas will now fall under government regulation.

Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"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."

Yes,bitcoin may be legal in India but there is something else that you might need to know:
Somaiya is not the only person,from what I heard,Reserve Bank of India aka Central bank of India is not happy bitcoin ,so they are planning to have a crypto-currency of their own,which also will be regualted so that there will proof of source ,which bitcoin  disables. And the Prime Minister of India,Narendra Modi stated that he wants to make India a cashless economy,where everyone will use crypto-currency of the government,debit/credit cards and PayTM which is like a Payment Gateway for payment for the goods and services renderred by the public. But don't worry you can use bitcoin and altcoins,its just that the government wants to focus more on their regulated crypto-currency.

thats true sorry i'm late about this news legalization of bitcoin in india this nice i heards this the sign any want destroy bitcoin as currency are no chance to success destroying bitcoin in the world of cryptocurrency, this is the sign bitcoin goes to be famous and nothing can stop bitcoin as currency.