Bitcoin finally legal in India

[Juggy777]

"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 this topic was posted before and the link says it will be legal and the title says it's already legal, we'll it's good to see another Asian country taking a postive step and getting Bitcoins on the board but question is how to do they intent to do it. This is a problematic issue for a vast country for India, I do hope this news arrests the slide of Bitcoin price, it's surging down madly, wish this news acts as a catalyst and saves it. But as for my talk with Indian friends no legal Bitcoins yet.

[xbiv2]

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.

India is bigest GOLD investor.

[Xester]

Considering the legalization of bitcoin in India means that the government have the right and they will regulate it.  For sure there will be laws on how they can use it and probably there would be tax.  Maybe the government of India saw the potential of bitcoin thus, they are legalizing it.  Is bitcoin illegal that they have to legalize it?  

[olushakes]

"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."

For the  Indians this is actually a good news bit for me and every outer persons around the world might not find this a  great news at this time considering the fact that the effect is not felt on the price of bitcoin at the moment which means other factors pulling the price down are really more powerful but we are hopeful that after the time, this tlnews might turn out to be great after all.

[Przemax]

I think it might not have any significance upon the price. Sometimes its better to be a bad kid in the block to gain the popularity. And the bad press was already done. Maybe the effect will be long term, as the smear campaign need to be overcomed first.

Either way the India IT developement is very poor so its not a target market like the China was.

[Amevalentine]

This is good improvement
it will be possible in the next 1 year, some countries will also act the same.
Then whether this will affect the market price as well?

[dali_masmoudi]

India is a developped country and it is improving technically very well. So one of the caracteristics of improvement is to be aligned and to use the lastest technogy.
I think that Bitcoin will facilitate many stuffs in India.

[FasTroy]

India is a developped country and it is improving technically very well. So one of the caracteristics of improvement is to be aligned and to use the lastest technogy.
I think that Bitcoin will facilitate many stuffs in India.

You are right mate, bitcoin is always facilitate stuffs when we talk about shops, restaurants etc..
So, it's is amazing to heard that a country with a high number of populations, start to use bitcoin like legal currency,It is very good for bitcoin itself. because the use of bitcoin will be increase and automatically bitcoin price will increase too, so it will be more powerful.
I hope one day, my country start to accept bitcoin like a legal currency and we can use it everywhere.

[bouren]

"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."

Don't randomly fall for articles. These are just based on speculations and predictions. Legalisation in India is big game to go. Currently government in India is trying hard to eradicate corruption and black money out of system. Bitcoin and cryptocurrencies are big role in this game. Everyone needs to be patient and wait for Indian Government's decision.

[wantjokull]

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.

Indeed it won't matter if Indian finance ministry applies any kind of regulations unless its illegal use is amended in the law. I don't think by any chance they will do that because bitcoin is very valuable paradigm of this era and India is already taking giant leaps through economic development. Plus India is biggest populated country which gives bigger support to the economics market and forms the back bond for it.

[RealBitcoin]

Sounds like good news, I knew well that most users come from Asia, who come from India/Pakistan.

This could result in a huge economic increase of India which is already a poor country. Good luck.

[ArthurY]

Congratulation for India
But what will be in 1 August O.o
Ahhhh
That's hard time coming for our community
Otherwise who really cares about BTU?
I love BTC BTCBTC

[densuj]

It mean GOLD is over.

I don't think gold will be over because the gold is common instrument of investment around the world include in India, but at least bitcoins be considered as new digital gold, there is chance for bitcoins to replace the gold in India because bitcoins is not good to be currency because of the fees of transaction especially for small amount of transaction, in my opinions gold will be over after all of peoples around the considered bitcoins is new gold and invest in it.

[Vohoanghiep]

"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."

Exactly Bitcoin has been accepted in India. This makes the Bitcoin community feel excited. Investors from India started pouring into the Bitcoin market. But everything becomes meaningless when Bitcoin is so tightly controlled. That lost the essence of Bitcoin and made it look like every regular currency. But anyway, that is a good sign for Bitcoin when it comes to big nations...

[anhhung409]

"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 is good news, but I think it is sad news as to why it is so tightly controlled. Does it lose the essence of Bitcoin? Please answer this question for me, thank you!

[elisabetheva]

"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."

Lucky because there are still many countries that have not admit and do not even understand

[SMSabuj]

It's an awesome news for Indian citizen. But, Unfortunately BTC in not valid in our country. But I hope someday BTC will be valid in our country.

[DRaGoN RaNTaRo]

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.

One thing you have to understand is that it becomes difficult for you buy and sell bitcoin if the government bans it and all the exchanges in India will close down,so there is a problem if they ban bitcoin,if they ban it they will implement money laundering case against the users.

[eaLiTy]

Did they finalize things,i just hear rumors that so and so will be implemented and the final news i heard is that they are planning to charge a tax for bitcoin like they do with gold and if that is the case the government will benefit but there wont be much benefit for the bitcoin users.

[Kelvinid]

It's an awesome news for Indian citizen. But, Unfortunately BTC in not valid in our country. But I hope someday BTC will be valid in our country.

Yes you're right.That would be great for India.At last they can make transactions with bitcoin  in their daily activities although i heard that the government will be implementing a tax on it.But it's already a big step for bitcoin.And i hope bitcoin will be legalize too in our country soon.