Bitcoin finally legal in India

[IdVerification]

"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."

[1714766438]

1714766438

[1714766438]

1714766438

[jekjekman]

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.

[RoommateAgreement]

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.

any law regarding bitcoin (legal or illegal) is always about businesses. they can never force individuals to use or not use bitcoin.
so they place laws regarding:
- trading bitcoin in exchanges (exchanges are centralized place, like a business)
- accepting bitcoin (again a physical shop or an online one is known)

if they make it illegal, the exchanges close and the shops stop accepting bitcoin.
and if they make it legal exchanges open or continue and same with shops.

[maokoto]

Legalization is always a good thing. People can open bitcoin related business without fear, and use it so too. Sure, even in an "illegal" situation, no one can really stop you from sending bits to other person nor stop that other person from considering these bits are "money". But the environment influences our decision and a "legal" environment is more friendly for the most people.

[xbiv2]

It mean GOLD is over.

[satishmoun]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

[xbiv2]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

more stable falling

[davis196]

"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."

How can this article be posted on "Jule 20,2017"?Today is July 15.You should change this OP.
Anyway,i hope that this "legalization" makes buying bitcoins in India cheaper than before.
I don`t care that much about Indian exchange platforms.People from India are free to choose any exchange
platform outside India.The indian government can`t do anything to stop btc trading.

[AiWanChu]

just imagine, if 100 million of them buy $100 worth of BTC each.. thats some crazy mcap addition to the crypto world 

[Yuhee]

"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."

How can this article be posted on "Jule 20,2017"?Today is July 15.You should change this OP.

I think u read it wrong. It said "Jun" in the byline. And bitcoin is a growing economy so there may be countries that are accepting btc but there are also countries that is trying to make there own blockchain for there altcoins.

[Herbert2020]

"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."

How can this article be posted on "Jule 20,2017"?Today is July 15.You should change this OP.
Anyway,i hope that this "legalization" makes buying bitcoins in India cheaper than before.
I don`t care that much about Indian exchange platforms.People from India are free to choose any exchange
platform outside India.The indian government can`t do anything to stop btc trading.

i believe he meant to say June. and that makes this news kind of old.
i have to say bitcoin price is mostly because of the high demand in India, it has little to do with its regulations. the high price ($2800-$3000 last time i checked) was on their bitcoin exchanges like zebpay not on some place like localbitcoins!
and as far as platforms outside if India goes, it is nearly impossible for them to deposit money on any of those exchanges, which is another reason for the very high price on their exchanges.

[iqlimasyadiqa]

Legalization is always a good thing. People can open bitcoin related business without fear, and use it so too. Sure, even in an "illegal" situation, no one can really stop you from sending bits to other person nor stop that other person from considering these bits are "money". But the environment influences our decision and a "legal" environment is more friendly for the most people.

This is an improvement for bitcoin. The more countries that acknowledge bitcoin officially can certainly increase the local bitcoin market in inida and also generate positive bitcoin performance in the world market. More and more people are comfortable using bitcoin when everything is legal. This is sure to make people more enthusiastic and they will not scare every transaction with bitcoin. This is all because there is a guarantee that governs it, the government took part in any decision to make bitcoin better.

[krishnapramod]

"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 June 20 article from Cointelegraph is a classic example of clickbait. Bitcoin isn't illegal in India, but it is still not officially legal. The government is planning to regulate bitcoin, but working on the legal framework and bitcoin would come under goods and services tax.

The fate of bitcoin and other virtual currencies may hang in the balance for some more time as the government appointed panel is unlikely to formulate regulations around it.

But in what may be come as a relief to bitcoin-watchers, a government official privy to the development told Moneycontrol that bitcoin and other virtual currencies are unlikely to be declared illegal in India.

http://www.moneycontrol.com/news/business/economy/exclusive-bitcoin-unlikely-to-be-declared-illegal-in-india-regulatory-ownership-not-decided-yet-2326247.html

Unlike the old article with no factual content, this one does make sense, https://cointelegraph.com/news/bitcoin-to-be-taxed-like-gold-in-india

[ankit10]

It mean GOLD is over.

If you mean in india  gold is over , then you are wrong, In india gold will never and ever over or dead. Bitcoin or any other  currency will not take over the gold in india or in indian families.
It's good new if really Bitcoin was legalized in india.

[jorneyflair]

Well countries legalising countries is always a plus since it gives bitcoin more chance to rise and grow off this. Bitcoin should receive a fair amount of media attention off this and a lot of attention in India, this may or may not be a good thing, but I will expect a bunch more miners from India especially off this legalisation. The price of electricity in India is almost free, so it would surprise me if people didn’t take advantage of this and starting mining bitcoin. Good to see a new country legalising bitcoin, gives it heaps of room to grow. Maybe the floodgates have opened.   

[gabbie2010]

This a good development in cryptocurrencies world for indian adoption of bitcoin taking into consideration the population of india and being a country where technology is getting rooted and progressing in leaps and bound I think this will opened up adoption of bitcoin in more asian countries.                         

[piebeyb]

Okay I guess that's fair enough let's wait for other developing countries to accept bitcoin and give their right people who are already doing business using bitcoin can be considered legal

[Manuj]

India has recognized bitcoin already as a legal form of payment. However, the sad thing is that, just like gold, the Indian government is also imposing tax on it. The government of India has really likened bitcoin as an asset whose value will be rising constantly.

[Salicorne]

India has some weight in international relations, so I guess that will speed up a lot the process for other countries to officially recognise Bitcoin.

[Kronos21]

India has recognized bitcoin already as a legal form of payment. However, the sad thing is that, just like gold, the Indian government is also imposing tax on it. The government of India has really likened bitcoin as an asset whose value will be rising constantly.

How the government will control the asset as bitcoin? All banking transactions pass through the Central Bank and can be monitored. But due to the large number of transactions the government can't even track 100% of transfers in Fiat. Monitor transactions in bitcoins do not really.