Bitcoin finally legal in India

[sch_lau]

I read an article about 1 month before this post was written and it talked about how bitcoin would be a great success in india especially because many people don't have bank accounts. nice news

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[Anfisman]

I think this is news that surprises us all, because India has a strict government on the rules of digital currency. But if that's the case, it can be good news for us all after the Chinese government has all the ICO activities in the country.

[13abyknight]

Highly anticipated move by the Reserve Bank of India (RBI) to allow Bitcoin and altcoin cryptocurrency exchanges to operate by legalizing them. Not only is India a big place for Bitcoin to be used and spread across, it is also a hub for crypto enthusiasts coming up with great startups. Expect more startups to implement Bitcoin system.
Also, the RBI has set a foot forward to begin its own cryptocoin called 'Lakshmi' if anyone has heard about this news. Legalizing Bitcoin was clearly the first step in the right direction but it is likely to face many hurdles, the main one being that the coin would be centralized. The whole crypto community appreciates and accepts decentralized system over a centralized one so it would be a hard job of making it work.

[Labay]

"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 to hear to some country that legalize bitcoin because in that way bitcoin have a chance that bitcoin can be the future coin ever.

[jsscswan]

A good move by the Indian government, This is the progress of digital money in India. With the inauguration of bitcoin in India increasingly strengthens bitcoin as a digital currency than any other digital currency.

[RamBahadur.Gurung]

^^^ I am a resident of India (although I am holding the Nepalese passport). And I can assure you that Bitcoins are not 100% legal in India. Coin Telegraph is notorious for churning out fake stories in order to increase the viewership and this new article is another example of the third rate journalism from that particular media channel.

[CrypticMira]

That is actually strange, after the overnight-seizing-of-money by the corrupt Modi I expected India to try very hard to oppose crypto currencies. Well, I guess they figuered hey would be better off just monitoring the exchanges and the people using them instead.

[Bestwishes745]

Business related bitcoin without fear, use it so too. Should change this OP. Hopefully this "legalization" makes buying bitcoins in India cheaper than before. I do not care about India's trading platform.
bitcoin is a growing economy whose countries accepting btc try to create a particular hindrance to the altcoins.

I was expecting this because recently when Chinese government banned bitcoins in their country as it was continuously effecting their economy, this gave opportunity to the other countries to clear their stance for bitcoins. India has legalize bitcoins in their country in order to make their economy strong and to compete with China.

[Loveydovey04]

"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."


Good to hear that. But i hope it will not be regulated and ruled over by the Indian government or else you will have your limits or you will not be free anymore.

[ZaraArun]

"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."

What! I never read this before.. There is still a mixed feeling about Cryptos in India.. But thank you for the share

[redoykhan]

feeling awesome to hear the news.Hope our country will accept bitcoin soon.

[greeklogos]

That's only the first step to over the work bitcoin's legalization. It's a bit funny that at the same time such big process are happening in the world, from a one side China and it's banning and India with legalization. I hope in nearly future will happen something more positive around bitcoin what will bring it back in 5000$ point.

[lkjhg]

we really hope our country can be like India, but in fact the banks in our country prohibit to hold payment with bitcoin system

[Basmic]

Funny to see how people believe that any government would permit the use of uncontrolled currency in the country. This will never happen. The government want to take turnover taxes bitcoins, but never reply. Why do we have such legalization?

[arlinxoha]

This is a good news. If the people of India do not do any criminal acts in bitcoin, there is no harm in the country. Anyway validity is a good thing. Bitcoin will improve. The people of India will be interested in using Bitcoin. So they will not have poverty. People will be able to interact and deal with each other with the help of Bitcoin.

[eXpl0sive]

I see a lot of fake buzz about Bitcoin being legal in India when the reality is completely different.

The Reserve Bank is "uncomfortable" with non-fiat cryptocurrencies like Bitcoin

http://www.thehindu.com/business/Industry/rbi-is-not-comfortable-with-bitcoins-says-sen/article19677964.ece

How about that?

[Naughtis]

"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."

Its really fantastic that the bitcoin is now legal in india now there's one country that add in bitcoin using i hope that in my country legalize it i dont think if bitcoin in my country is legal cause there's no more information in my sorroundings about bitcoin. Anyway congrats india for being legal the bitcoin

[maku]

Believe me. If bitcoin will be embraced and legalized in India on par with fiat money then the price will skyrocket like never before. Nothing like this happened so far...
If you think that Japanese bitcoin adoption was a big move, then wait for India, the second impactful country in the world if we are talking about consumer base.
People are delusional and repeat the same old news over and over again. This is why bitcoin exchange rate can be so unstable - it is all in people's heads.

[Bunsomjelican]

Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

  In this statement despite of many critics politicians are against with it, still majority of their officials decided to make it legalized bitcoin to their. I think most of their citizens was already a bitcoin enthusiast that's why decided to do that, were all bitcoin users to their country can buy bitcoin to their exchange which is Coinsecure. This is great and good news again to all bitcoin bitcoin fanatic.

[Buckwheet]

This is because India gov very hate China gov. So when they hear China gov ban bitcoin they make bitcoin become legal ))