Bitcoin finally legal in India

[~Bitcoin~]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

If you can make bitcoin transactions anonymously than you don't have to pay any taxes even if government legalizes the bitcoin. You should buy/sell bitcoins with local guys rather than using registered bitcoin exchange platform which will share all your exchange details with government and you will be forced to pay taxes on whatever you will earn from bitcoin trading.

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[ankit10]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

If you can make bitcoin transactions anonymously than you don't have to pay any taxes even if government legalizes the bitcoin. You should buy/sell bitcoins with local guys rather than using registered bitcoin exchange platform which will share all your exchange details with government and you will be forced to pay taxes on whatever you will earn from bitcoin trading.

So do you want that bitcoin should not get legalized in Bitcoin? or anywhere else? Or you just dont want to pay tax to government ? Still you can hide your profile from government or with anyone else for ex. i send some btc to unoin and then i can withdraw it to bank by paying Tax  and i don't think Unocoin or any exchange will share your data to anyone.

[bajing]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

If you can make bitcoin transactions anonymously than you don't have to pay any taxes even if government legalizes the bitcoin. You should buy/sell bitcoins with local guys rather than using registered bitcoin exchange platform which will share all your exchange details with government and you will be forced to pay taxes on whatever you will earn from bitcoin trading.

Perhaps, you can think to buy / sell bitcoin with local people but there is a loss you get because it is definitely the price will be different from the exchanger site. Actually paying taxes from bitcoin trade, it doesn't wrong because if bitcoin has been legalized by the world then we will see the impact like you will see bitcoin price more higher than current price.

[wantjokull]

This is what happens when the regulatory authorities are not having the proper educational background. Indian system of choosing people on the specific department is fixed through competitive exams and anyone cracking the exam can join the said post without any related background.

As you said in the note . ,

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'm pretty sure he/she doesn't really understand finance system, as you said that person belongs to parliament. They should leave the stuff to decide on the shoulders of finance department and should not interfere really. Anyway no offence to any of these thing I just said, it's just the imaginary talk, what could be done.

[CheapVccSeller]

Big news because india has such a large population.

[basesaw]

This is what happens when the regulatory authorities are not having the proper educational background. Indian system of choosing people on the specific department is fixed through competitive exams and anyone cracking the exam can join the said post without any related background.

As you said in the note . ,

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'm pretty sure he/she doesn't really understand finance system, as you said that person belongs to parliament. They should leave the stuff to decide on the shoulders of finance department and should not interfere really. Anyway no offence to any of these thing I just said, it's just the imaginary talk, what could be done.

Thats why it is very hard for bitcoin to be adopted to a certain country. there would be some that will put bitcoin down and will lead to a fake news or fuds that bitcoin is illegal. maybe they should consult a fincance proffesinal to know what this cryptocurrency will upgrade our money system.

[Rishabh riyz]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

well no one understands the actually problem in India
in the  recent years government promoted Paytm a lot they asked  everyone to use Paytm even to those shopkeepers who don't know how to use smart phone , well I actually thought that India is developing and yes government did a fantastic job they actually made people realise that their is something called digital currency and we can use it
then came the harsh part , now we think that everyone would accept Paytm because they have the sticker out on their doors that we accept Paytm here but when we ask them that can we pay through Paytm the answer is always that sorry bro Paytm nhi chal raha [ Paytm is not working now ].
if Paytm  a simple app is in a diplomatic condition how can we think that people here would use and understand a currency like bitcoins in India
yes with global acceptance Indian government can also accept bitcoin
and even if the government accept bitcoin I don't think that people will actually use bitcoins to buy things , maybe for online goods they may use but it buy daily need it is an Indian default to use cash like if we need to buy neembu [lemons] we won't go and  ask bhaiya kitna bitcoin hua
[ how much BTC would it cost me]
it is good for me if Indian government accepts bitcoin and if they do it would actually promote other countries to accept and legalise it and that would ultimately lead to global acceptance

[n691309]

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.

As you said Gold has become a high commodity hundreds of year it was just a history. Human were also living in forest after development new things discovered like that now a world is a digital world where most of people working through computer. So bitcoin is the new digital currency which is changing the life of people. When you are keeping bitcoin. It will give you high profit in a future.

[fullhdpixel]

"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!

Yeah! That’s great news for crypto market and for the survival of bitcoins themselves. It’s amazing that the world is realizing importance of bitcoins and accepting it gradually. Soon other Asian countries will also make bitcoin trading legal since it’s growing enormously.

[cipotok]

India finally gives people the freedom to use bitcoin.
Because bitcoin can help indigenous society karana if indonesians mengukan bitcoin can be imagined how much they can with a large population.jadi it's time a country gives freedom to the community to determine their choice as long as not passing from the rule of the country.

[Caelanpelley]

"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."

Legalize? Bitcoin is really accepted in India. This is a good news for bitcoin. Increasingly more countries legalize it.
More advantage is that the market will increasingly more widespread and is a place for exchanges between investors.

[Smarty14392]

yes, i can too find bitcoin legal in India Now. Infact this morning i read a article in newspaper about bitcoin. It was about the bitcoin seminar in my location (Ahmednagar). I dont actually truely know about the currenct legal position in india but i can just say it by reading a newspaper.

[Gaff]

yes, i can too find bitcoin legal in India Now. Infact this morning i read a article in newspaper about bitcoin. It was about the bitcoin seminar in my location (Ahmednagar). I dont actually truely know about the currenct legal position in india but i can just say it by reading a newspaper.

That's good news in India. Since India had been suffering from economic crisis several years ago. I think bitcoin can help them more fast and meaningfully because it will be their first time to create a name in their industry using bictcoin for purchasing or for trading. If their country will succeed soon because of btc's help, it would be an honor of its name and to their country as well.

[mobilestrike]

India finally gives people the freedom to use bitcoin.
Because bitcoin can help indigenous society karana if indonesians mengukan bitcoin can be imagined how much they can with a large population.jadi it's time a country gives freedom to the community to determine their choice as long as not passing from the rule of the country.

India has indeed taken a wise decision by making bitcoins legal in their country. Bitcoins are surely going to help them in making their country more stable. It will also help to reduce poverty significantly by opening new avenues for creating jobs and establishing businesses. I hope soon other countries also take this step.

[stargroup19]

Bitcoin is a Number One Position still now. only not for india many country support bitcoin .

[eXpl0sive]

There is some misinterpretation of government's objectives here. Bitcoin is not going to be "legalised".

What Indian government is looking for is to "regulate" the usage in favour of consumer protection and to prevent money laundering, but that is also tentative and the final report is going to be released in late July. The gov however says that it is difficult to "ban" Bitcoin and other virtual currencies.

If you want to get the correct picture, forget the OP and read this original story:
http://www.moneycontrol.com/news/business/economy/govt-panel-on-finalising-report-on-bitcoin-regulation-2307647.html

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.

[posternat]

When people are busy discussing about the bitcoin legality I think it is not really needed, because after bitcoin is considered legal, it seems to be difficult, maybe if bitcoin is legal we also the bitcoin users will be in taxes for its use,Therefore I think better bitcoin not in legalkan

If you can make bitcoin transactions anonymously than you don't have to pay any taxes even if government legalizes the bitcoin. You should buy/sell bitcoins with local guys rather than using registered bitcoin exchange platform which will share all your exchange details with government and you will be forced to pay taxes on whatever you will earn from bitcoin trading.

Yes, all these things go wrongly against the government as they will never want that they lose control over the money and thus not being able to tax the people. Even then, India regulating this bitcoin is a bold step and it will bring a lot of business and revenue in their country. There are a lot of ways to get the economy running and taxes are never favored by the public.

[chloemar]

in a few day ago, i heard that bitcoin is legal in Korea ând now it is legal in India. That is so wonderful!!!!

[3DBrushes]

Most of the people here in India still knows nothing about Bitcoin. Although it is increasing day by day but still a lot of time is needed to reach common people. I explained about Bitcoin to some of my friends and they keep on complaining me that it is a scam and won't last longer.

[Core.BUSTER]

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.

In fact, legalization of bitcoin is a good thing and idea. In addition to that, if India already legalized the bitcoin and I guess it’s a great news and I think it will help to reduce unemployed people in their country. I also think it will help their economy to grown up. Lastly, I hope bitcoin will be legalized in my country and it will consider as real money.