Bitcoin finally legal in India

[bitcoindusts]

Congratulations to India, you are a developed country for the world of cryptocurrency. May other Asian countries also do the same.

It is a great thing to know that India legalized and accept Bitcoin.  But after that I believe the Indian Government will do the same thing as Chinese government did with those illegal exchanges.  Legalization is followed by weeding out illegal activities.  So probably there will be a  major shutdown of non compliant exchanges in India.  Then Bitcoin will be regualated.  I wonder if the government will confiscate Bitcoin if a person holds too many just what they did with gold.

[reingard]

Congratulations to India, you are a developed country for the world of cryptocurrency. May other Asian countries also do the same.

It is a great thing to know that India legalized and accept Bitcoin.  But after that I believe the Indian Government will do the same thing as Chinese government did with those illegal exchanges.  Legalization is followed by weeding out illegal activities.  So probably there will be a  major shutdown of non compliant exchanges in India.  Then Bitcoin will be regualated.  I wonder if the government will confiscate Bitcoin if a person holds too many just what they did with gold.

China is famous for trying to fully control everything. There is a huge difference between the government from India and China. Maybe a regulation, but not a ban or any "illegal" exchanges

[Simple_Man]

"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  news has nothing to do with the legalisation of bitcoin in India. That's probably the first baby step. If the exchanges operating from the Indian soil are maintaining strict kyc guidelines, then it is for the government to audit. If the government officials found all satisfactory, then probably government will take further steps.

However, most of the ministers of India are non educated and don't have basic understanding of finance and related matters. They are just power hungry people and simply don't want the people to find a different route for income. I doubt they will ever be able to understand the structural features of bitcoin and push for legalisation.

[FrictionlessCoin]

This is good news, anyway a country can not banish the bitcoin, which is good is that the bitcoin is accessible to everyone, unless the country decides to ban the internet to its inhabitants, but I do not think that this can happen, all this to say that instead of forbidding the bitcoin, one must learn to monitor and master

[Carmen01]

"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."

theres so many conveniece that bitcoin brings if you know bitcoin or if its legal in your country so if other country didnt like or no information in bitcoin thats a not good for there country because think the transaction here  not like other bank its so fast and secure in your hard wallet,the only problem is volatile price of bitcoin but its more safe than bank,so for the country of india its so helpful for them to know bitcoin knowledge and to other country also,the more country that use bitcoin the more chance of getting high price also of bitcoin so let share this knowledge of bitcoin in different country

[Falgorn]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

[Sithara007]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.

[KingdomHearts]

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.

If we would used Bitcoin in terms of transaction and investments it is true that it is much easier to used compare to fiat because it has the capability to deal with transaction and it could be used in different form just like in investments that could give people a profit without dealing with tax. It is a good thing becasue it can be used by all forms of people regardless of their identity or transaction reason.

This is the sensible decision by Indians and this will bring business to their region and they will feel proud on this decision in future although they want to have check balance on the transaction and conversion and they will do so but this will bring more investor to the lane and more investor mean more business.

[no0dlepunk]

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.

Now that makes a lot of sense. Anyway, John Mcafee (my childhood idol) is backing up the development of cryptocurrency in India and it sounds good for me in the name of Bitcoins. India is adopting Bitcoin enthusiastically for nearly 10 percent of global cryptocurrency trades in May 2017 says thequint.com. 1 out of 6 people in this planet is an Indian, if China plays hard-to-get then let the Indians rule it. Now I'm starting to love Indians (but I still hate my boss from my previous company, his name is Sandeep, and he still sucks)

[House_stark]

Actually there is no regulation on Buying/Selling of Bitcoins.If Bitcoin is Legalized, there would be many consequences.Consequences of Legalizing Bitcoin in India.If Bitcoins are legalized in India, the following consequences might happen,Bitcoins will fall under the notion of RBI’s 1934 Act.Bitcoin investors will be taxed.RBI will have to issue guidelines regarding investment and purchase of Bitcoins.If any foreign payments are to be made through Bitcoins, it would fall under the notion of FEMA Act.Returns from investment in Bitcoins will be taxed.

[Wexnident]

"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's good to hear. It also means that Bitcoin will be used by people to buy things or in daily basis which will make the market demand of Bitcoin since it will be used by more people now that it is Legal to India. It is an advantage to Bitcoin when the demand continues to increase because surely, it will make Bitcoin's value more expensive and our profits bigger.

[Maddinson100]

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

[col or=red][siz e=15pt]The Reserve Bank is "uncomfortable" with non-fiat cryptocurrencies like Bitcoin[/size][/color]

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

How about that?

This news is viral on everywhere if it is true then it is a good step by the Indians and there will be more room in crypto. They are quite sensible to accept it and know about its profit rate and its benefits and by seeing India many other counties will step into it.

[loopes]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.

this cases still on debate all people. i found many news regarding this in some websites cryptocurrency news. but you said that it is hoax. i try to be neutral about this.
back to the topic 'bitcoin legal in india'. for sure the big 3 india 's exchanger biitcoin (Zebpay, Coinsecure and Unocoin) will support it. due to they are operating their trading platform with their own rules as called "know your customer' (cyk) that it is support anti money laundering, that have big chance to legalized by india government. so bitcoin will not give negative affect anyone include India government and nation

[pginvest]

"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."

Whats interesting about Bitcoin in India is the contrast between it and regular bank notes. If I recall correctly, last year, the central bank puled all big notes (anything worth over $5) out of circulation and swapped out all other notes in banks for new issue. This led to chaos i banks for weeks, with lines in every town, village and city there was a bank.

The reason for the move was to improve traceability of transactions, reduce the black market and so on - not things that BTC really helps.

Just saying

[MiBambino]

people don't realise the impact of this. Even if the smallest country in the world would legalize bitcoin it'd be a great step forward, never mind a country like India. Great things ahead!

[Riddikulo]

If bitcoin will be fully legal in India than bitcoin price should be at least 10000$! So we all waiting this event!
And also India is super rich country (not only poor). Mumbai have many billionaires!

[Kevondo]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.

this cases still on debate all people. i found many news regarding this in some websites cryptocurrency news. but you said that it is hoax. i try to be neutral about this.
back to the topic 'bitcoin legal in india'. for sure the big 3 india 's exchanger biitcoin (Zebpay, Coinsecure and Unocoin) will support it. due to they are operating their trading platform with their own rules as called "know your customer' (cyk) that it is support anti money laundering, that have big chance to legalized by india government. so bitcoin will not give negative affect anyone include India government and nation

The price of the bitcoin will be very high and it wills the currency of the country like indeed and in my country the value of the bitcoin is very high because it is being use by almost everyone in indeed so the chance of the legalization is very high according to me. Bitcoin is making the world surprise. So I wish the news would be true.

[MiBambino]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.

this cases still on debate all people. i found many news regarding this in some websites cryptocurrency news. but you said that it is hoax. i try to be neutral about this.
back to the topic 'bitcoin legal in india'. for sure the big 3 india 's exchanger biitcoin (Zebpay, Coinsecure and Unocoin) will support it. due to they are operating their trading platform with their own rules as called "know your customer' (cyk) that it is support anti money laundering, that have big chance to legalized by india government. so bitcoin will not give negative affect anyone include India government and nation

The price of the bitcoin will be very high and it wills the currency of the country like indeed and in my country the value of the bitcoin is very high because it is being use by almost everyone in indeed so the chance of the legalization is very high according to me. Bitcoin is making the world surprise. So I wish the news would be true.

Also take into account that there's a lot of grey area between legal and illegal

[que91]

Another country officially joined the global crypto currency market. And in India, this market is huge, given its territory, and especially the number of people. True, the population is mostly poor. However, this is good news, which shows that the crypto currency is confidently spreading around the world and does not leave some countries with chances for its effective prohibition.

Have you read the previous posts? This is a fake news. Bitcoin is still not 100% legal in India and the Reserve Bank of India (RBI) remains opposed to the legalization of Bitcoin. It is true that a lot of Bitcoin exchanges are operating in India. But there is a good chance that the government can order them to close down their operations at any point of time, just like what China did.

this cases still on debate all people. i found many news regarding this in some websites cryptocurrency news. but you said that it is hoax. i try to be neutral about this.
back to the topic 'bitcoin legal in india'. for sure the big 3 india 's exchanger biitcoin (Zebpay, Coinsecure and Unocoin) will support it. due to they are operating their trading platform with their own rules as called "know your customer' (cyk) that it is support anti money laundering, that have big chance to legalized by india government. so bitcoin will not give negative affect anyone include India government and nation

The price of the bitcoin will be very high and it wills the currency of the country like indeed and in my country the value of the bitcoin is very high because it is being use by almost everyone in indeed so the chance of the legalization is very high according to me. Bitcoin is making the world surprise. So I wish the news would be true.

It still depends on the policies of the government of every country. If they do not want to give Bitcoin a chance to helps the economy of their country grow more, they will not accept it like the Chinese government .

[FACE 2 FACE]

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.

Legalization is fine. But if we take as an example China - then, as you can see - there is not all good. I think India will have about the same situation in the future. Do not think that everything will be very simple.