Bitcoin finally legal in India

[BitcoinPC]

I like it, it is happen now, India is a big country, and India has a huge population, and India's people are very hard working and skillful people. I think in this way, bitcoin get more popularity and the other countries to see this will be accept bitcoin as a legal currency very soon. To see this i also wish that the day will come soon when i will use bitcoin as a legal currency in a market. 

[bitcoinisbest]

Currently there is no official news announced by Govt of India whether they have made  btc as legal or not. This is yet to be announced and rest are just assumptions or from some unofficial news heard by media etc. Until the Govt declares it legal this is still under cautious state in India as said by RBI previously.

[harjas2517]

I have not heard anything about legalise in India if it will be legalised in India Bitcoin price will definitely Boom Boom. I have heard that it is still in process to legalise in India.

[malikusama]

Another step towards the success, however bitcoin is already successful enough as it is being used all over the world. Legalization of bitcoin in different countries is making bitcoin more stronger and more valuable.

[Mpamaegbu]

Really, this should be a cherry news not just for Bitcoin enthusiasts but for the third world countries too. It shows how the wildfire is catching on with modernization. This acceptance will further grow the awareness and survival of the Bitcoin technology globally considering India's very large population.

[Adbitco]

I like it, it is happen now, India is a big country, and India has a huge population, and India's people are very hard working and skillful people. I think in this way, bitcoin get more popularity and the other countries to see this will be accept bitcoin as a legal currency very soon. To see this i also wish that the day will come soon when i will use bitcoin as a legal currency in a market. 

I like the news only for the same reason. I think it's good for bitcoin. Now more people will come to know about bitcoin and it's adoption and thus acceptance and also use will increase and that's good for bitcoin and the entire bitcoin community.

[Bagaji]

If your submission that bitcoin has finally been legalize in India is true then that will be good news for bitcoin world.  I believe the positive impacts would be that more people will start making use of Bitcoin and equally more retailers and institutions that are skeptical about whether to accept bitcoin or not will start accepting bitcoin, and it will make things easier for people, especially those living in India.

[Tyrantt]

If your submission that bitcoin has finally been legalize in India is true then that will be good news for bitcoin world.  I believe the positive impacts would be that more people will start making use of Bitcoin and equally more retailers and institutions that are skeptical about whether to accept bitcoin or not will start accepting bitcoin, and it will make things easier for people, especially those living in India.

I couldn't find anything that's saying that bitcoin is legalized in India, other than the OPs link. Tho, it would be nice but who knows when will that be fulfilled at all.

[PancherBitCoin]

If your submission that bitcoin has finally been legalize in India is true then that will be good news for bitcoin world.  I believe the positive impacts would be that more people will start making use of Bitcoin and equally more retailers and institutions that are skeptical about whether to accept bitcoin or not will start accepting bitcoin, and it will make things easier for people, especially those living in India.

I couldn't find anything that's saying that bitcoin is legalized in India, other than the OPs link. Tho, it would be nice but who knows when will that be fulfilled at all.

It seems to me that in India poverty is very much bordered by wealth, but this does not give the possibility to assume that all people will start using crypto currency in such a country. As a name. It seems to me that the most crypto currency will be used by rich people and more advanced users of the network. Although the popularization of Bitcoin is a huge force and it can not be stopped even in India.

[ModGirl]

I really don't know how they legalize or i-legalize such thing as bitcoin because you are using it with your own internet and computer hardware maybe they just not supporting it before but every citizen of India can use it no matter what happens unless their government issue a criminal liabilities in using bitcoin.

The legalization and taxation side of Bitcoin does not appear when you are just trading Bitcoin from person to person, or just selling some goods or services to another person. However, it does appear when you look at businesses in real life that accept Bitcoin and exchanges that deal with Bitcoin. If you look at Australia for example, they just changed their taxes so that there is no longer any double taxation when you use Bitcoin, although, this never affected anyone who just did peer to peer trades and didn't purchase Bitcoin off an online exchange. I guess that is the same with the legalization of Bitcoin in India. It is now legal for businesses to accept Bitcoin and use it.

It's good to see bitcoin is approved by many countries. If all the countries accept the bitcoin means ,all the online transaction will be made by Bitcoin. Henceforth the price of bitcoin will keeps on increase day to day.Then we can use bitcoin as a legal currency. At last bitcoin will replace the dollar.

Yeah it really is great to see more countries accept Bitcoin, however it doesn't mean that all online transactions will be made with Bitcoin. There are still huge players in the digital transaction market such as paypal, skrill, paysafecard and a lot more. It will be quite some time before we see Bitcoin become a large player, if it ever does happen.

Just like you many other bitcoin users are glad to hear this news. It’s good for the growth of bitcoins that more and more countries start accepting them and making trading in bitcoins legal. Soon it will become one of the best international digital currencies. As you talked about its competent, it won’t be wrong to assume that bitcoin has got potential to knock them all out.

[eXpl0sive]

If your submission that bitcoin has finally been legalize in India is true then that will be good news for bitcoin world.  I believe the positive impacts would be that more people will start making use of Bitcoin and equally more retailers and institutions that are skeptical about whether to accept bitcoin or not will start accepting bitcoin, and it will make things easier for people, especially those living in India.

I couldn't find anything that's saying that bitcoin is legalized in India, other than the OPs link. Tho, it would be nice but who knows when will that be fulfilled at all.

You're right. It is just a clickbait headline. I have reported many times but looks like people are interested in keep on discussing fake news, not in knowing facts.

https://bitcointalk.org/index.php?topic=2021761.msg20182137#msg20182137

[moooonu]

Funny side of the story  is that most of the MP don't know much about it yet still it is legalized in india. However this can be a good chance for indian economy as it can be used for money laundering.

[chocolah29]

If this is true this is another milestone for bitcoin and it would greatly affect the bitcoin's price. India is a big country and if more people uses bitcoin for their regular transaction it will means more increase in the demand and the value will also increase. If it's not yet legal now for sure it will be in the upcoming months.

[avikz]

"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 really doubt the truthfulness of this news because I haven't yet heard anything about it. If an exchange is made legitimate that doesn't mean that bitcoin is legal in India. It is very much possible that government is gathering data of the reach of bitcoin in the country and after their analysis, they will probably roll-out a proper policy on bitcoin.

I believe, there is no proper policy on bitcoin has yet been rolled-out. Also our politicians are old and unable to understand the technical logic of bitcoin. So they may be opposing the bitcoin's legal status. But a lot depends on them because they have the power. However, it will be great if the Indian government rolls-out a proper policy on bitcoin favoring the users.

[princesultan1]

Bitcoin is  legal in india is great news,During the parliamentary session, sources say quite a few officials had a positive outlook towards bitcoin while some disliked the cryptocurrency entirely. However, the beneficial attributes of bitcoin seemed to have swayed some members of the committee and lawmakers enough for them to consider amending the Reserve Bank of India (RBI) Act. Furthermore, the committee also discussed the possibility of taxation methods towards virtual currencies.india is great and big country legalized the bitcoin finally.

[IamAltcoinfan]

I think this credit has to go for big indian bitcoin exchanges ( Not crypto Exchanges) like coin secure, zebpay , and unocoin because of their strict KYC submission and other strict rules so it made some how thinking positive about bitcoin in india.

[GeniusAko]

"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."

It is good news for those people in India who uses bitcoin.

[Dudeperfect]

That's really a great news and I am sure that the user base in India will grow at a massive speed and India will be in the top 3 Bitcoin user countries in the world. There are several factors such as digital India, go cashless movement and technology friendly government etc. which is creating a super potential ground for the usage of crypto currencies. On the other hand, people will still use fiat along with the bitcoin.

[ipanks]

it was a great news because india as third country with big populations want to make bitcoin legal, i am sure that people from india soon will know about bitcoin and they want to used bitcoin daily. i am sure that other country will follow what india do so bitcoin will grow more in another country. soon blockchain will be full of transaction from all over the world because from now on, many people is interested with bitcoin and they will use bitcoin for their purpose and they will buy bitcoin too like us.

[Bosx1ne]

"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."

The bitcoin is now becoming popular all over the world.