Bitcoin finally legal in India

[cpfreeplz]

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.

That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.

[skorupi17]

"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 title is misleading. I have read the article days ago and I thought that it is "finally legal" and yet the article states that the Indian Government are still in the process of legalizing Bitcoin. The title gives false idea for the readers so if possible, kindly change it. This topic was discussed days ago before, I think before July, making India next in line with South Korea.

[akuser]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

[megynacuna]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

Gold has been able to withstand the test of time and so isn't risky for people to invest into it compared to Bitcoin which has been in existence barely 10 years ago. No doubt gold isn't as volatile as Bitcoin but they are both not useless at all and I'm glad India with all their population are going to support it now that it's been legalized over there.

[Amph]

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.

it's not like you use their own exchange which i never heard about, i mena india don't even have an exchange, and they can not certainly stop a foreign exchange like kraken, so even if it was illegal i would just sell abroad and receive on my bank account the money

but perhaps you mean that they would close your bank account if they find this kind of activity, which is another story, still you can use another foreign debit card and get the money anyway

[OMGyasuo]

This is understandable, btc is becoming more and more accepted and popular all over the world. Each btc legitimate country is one step ahead of btc becoming a global currency.

[nejibens]

Great news, with the big population of India getting to use Bitcoin legaly this will spread the word even more about Bitcoin and allow more people to learn about it and start dealing with it and with crypto currencies in general.

[joelpina]

Bitcoin is cryptocurrency, the Government of India could finally be moving towards compliance.As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.

[ice098]

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.

That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.

it is good that many countries are now interested on it. but the thing is they will put taxes on it and they will pass a law regarding it, and bitcoin will not be anonymous , it will be known by the government already. i think it is the cons.

[chichan13]

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.

Indeed. Legalization is nice idea and legalizing of bitcoin in India is great news. In addition to that, many people in India will use bitcoin and I think they will earn a lot of income. By using bitcoin will help you to make a good income. Lastly, I hope in the future bitcoin will legalize in my country and it will consider as real money.

[roadbits]

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.

Indeed. Legalization is nice idea and legalizing of bitcoin in India is great news. In addition to that, many people in India will use bitcoin and I think they will earn a lot of income. By using bitcoin will help you to make a good income. Lastly, I hope in the future bitcoin will legalize in my country and it will consider as real money.

I heard that Bitcoin usage is not legal in India, but Bitcoin trading is legal. I saw this news in one local exchange website. But I think in India still the governament not announced this news to the public. If they announced and people are started to use Bitcoin in real life means this news will spread in this forum. And many people open a new thread for related topics.

[giveen]

Ponzi scheme lol i bet they won't be seeing anything good for them. Bitcoin getting legalized won't effect theprice as many claim that bitcoin will keep failing till august 1. But there are still some drawbacks legalizing bitcoin in india as one can get a fake identity for like $20 - $30 or something. If the government is able to eliminate all these issues bitcoin can change india for the good.

[akuser]

It mean GOLD is over.

No Gold rates are more stable than Bitcoin.

Gold has its own value, not as a medium of exchange. Unless you return to the Stone Age. Gold is still a mainstay of jewelry, not an asset. It happens in my country, and I do not know where you live.

Gold has been able to withstand the test of time and so isn't risky for people to invest into it compared to Bitcoin which has been in existence barely 10 years ago. No doubt gold isn't as volatile as Bitcoin but they are both not useless at all and I'm glad India with all their population are going to support it now that it's been legalized over there.

Intelligent comments, gold has become a high commodity hundreds of years ago. Every country has admitted it until now will not be replaced.
You see now, the same thing will happen with Bitcoin's biggest test on August 1st. After that, I'm sure BTC will be as stable as gold.

[jvdp]

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.

That's exactly what Australia and Japan weren't getting rid of so if that's really the case then India is well behind on their laws.

it is good that many countries are now interested on it. but the thing is they will put taxes on it and they will pass a law regarding it, and bitcoin will not be anonymous , it will be known by the government already. i think it is the cons.

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.

[Wesimon]

This is a great news in bitcoin society. Having bitcoin legalized in many countries will also give us the confidence that bitcoin bitcoin will not come to an end. It attracts so may investors as well so this is a reminder for us not to worry about how bitcoin will be in the future.

[ladydark]

Thats really a great news for bitcoiners in india.Earlier,they were fearing that bitcoin might be declared illegal in india.This announcement might be a great relief for them.That BJP member has no knowledge about bitcoin and he should know that a ponzi scheme will not be legalized by japan or other countries.

[eXpl0sive]

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

However, chances of legalising currencies like bitcoins are very bleak, the official said. On the other hand, banning bitcoins is not easy. Simply because one doesn't know who is trading or operating it, he explained.

"We may monitor these currencies for some time and then see how it progresses. It can then be concluded if at all there is a need for a regulator,” the official said.

[Windpower]

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.

[wallstone]

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.

Well, I think it’s a great news because legalizing of bitcoin will help one’s economy to grown up and it will help many unemployed to get a high income. In addition to that, by using bitcoin you could make money and legalization of bitcoin in India was very nice and I think many people in India will use it in their business. Lastly, I hope in my country bitcoin will legalize in the future and it will consider as money.

[mountainview]

India is very big country,population is also high.Over the past few years, despite the lack of regulations in the Indian digital currency industry, a few Bitcoin exchanges have sprung up and started operating with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place. These include startups like Zebpay, Coinsecure and Unocoin.india accepting bitcoin is good news.