Bitcoin finally legal in India

[naitik01]

India has bitcoin already as a legal form of payment, the focus of the the Indian Goverment is promoting digital money.

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[Best Dreams]

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 .

It’s a very big and great news for bitcoin and as well for the users of bitcoin so I will must give congratulation to bitcoin for such a big achievement and now bitcoin price will be more increase and as we knew that end of this year some countries will join bitcoin so now it’s come true and hope before going to finished the year some other countries will also join.

[lucemferrum01]

"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 now really think india is slowly increasing an advantage in IT industry and I wouldn't be surprised if their country continue to develop since they focus on their education and was able to adapt to new changes such as cryptocurrencies like bitcoin.

[Bluestreet]

According to a recent report, IT ministry officials, Finance ministry officials, Reserve Bank officials, and NITI Aayog officials committee will legalize the virtual currencies in India soon.

The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.


Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –

The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.

According to him, India has been ranked fourth in trading the Bitcoin in the market.

[xvids]

I really think that this ia great because bitcoin market is reaching other countries and reachimg a lot of potential invetors. It will help bitcoin price to grow even higher.

[Bluestreet]

According to a recent report, IT ministry officials, Finance ministry officials, Reserve Bank officials, and NITI Aayog officials committee will legalize the virtual currencies in India soon.

The Government of India is finally thinking over the Bitcoin and other cryptocurrencies as these digital currencies are gaining popularity in the financial market and becoming a hyper-growth investment.


Therefore, if Bitcoins will be legalized in the country, then it will impact certain things. Some of them include –

The investors of Bitcoin will be taxed.
It will fall under RBI’s 1934 Act.
Reserve Bank of India will issue guidelines with regard to purchase and investment of Bitcoins.
Any payment made with Bitcoin will fall under FEMA Act.
ROI from Bitcoin will also be taxed.
As per Chris Burniske, Bitcoin trade analyst, Indian trades are accounted around 10% of cryptocurrency trade made globally in May 2017.

According to him, India has been ranked fourth in trading the Bitcoin in the market.

[rasyiqul1505]

"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."

if in india already legalize bitcoin, i hope in my country also legalize bitcoin so i can buy something with bitcoin.

[taiwww]

Bitcoin has obtained legal status in many countries. Until 2013, Bitcoin wasn’t very popular in India.
Now, customer base is growing with good pace as well as investor confidence is also rising with its rising price.
Many operators like Zebpay,Unocin, Coinsecure have started bitcoin exchanges in india.
Government of india and RBI both have not cleared their positions yet about the legal status of bitcoin.
They have not restricted operations of these exchanges but RBI have issued a caution notice to its citizens against use and investments in cryptocurrencies.
Future of bitoins in india is seems promising, trading exchanges are expecting from Government a framework to operate within.

[wangxiaoyan888666]

India is far sighted ah, China is closed

[Harrisonimo]

It is good to know that India has joined the list of countries legalizing the ease of use of Bitcoin; accepting fully the blockchain technology. The country itself with its large population is awesome to find them embracing technology and seeing the citizens up and doing on the internet; especially the social media and now the Crypto world. I do hope other countries, especially in same category with India will take time out and learn so as to improve on their mode of operations in the country system. The use of the blockchain technology is quite versatile, I say yes to change and newness in technology!

[MetalGear]

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.

I think if they legalized the bitcoin will become more popular in their country and I guess they will use it as real money where they can exchange it in many valuable things. Furthermore, I think it has positive effect on bitcoin industry, bitcoin community and in their country.

[na2nk182]

Wow ... this is good news if the government of India has given legality for bitcoin now, but does everything about bitcoin be approved? I hope... because bitcoin has a very large network where the government participates in it. and I hope other countries will follow this statement.

[OrangeII]

That will increase urco bitcoin entrepreneurs in India. well, I really hope that it will increase the price of bitcoin, but not at this time, because I do not have a lot of bitcoin stock. if India receives bitcoin, may the country around it also accept bitcoin.

[sayemcse]

Well , it is good for Crypto world.

i hope indian people will know about BTC.

[raymart0720]

this is cool that bitcoin is continuous to became more popular and legalizing.
but in that legalization makes it to have taxes and .. I don't know how they implement the legalization but with that it is surely a good news. .
maybe this is the start for the others to follow and give bitcoin a try in terms of economy

[Best Dreams]

This is an old information, but it's good. Besides Pakistan, China, Hongkong, Japan, Taiwan, South Korea,...Which India accepts BTC will help more and more investors feel more confident in Bitcoin.

It’s a very good news for bitcoin users and also its very good for bitcoin and I think it’s a very great achievement for bitcoin in this year a lot of countries have join and a lot of countries make bitcoin legal so I hope next year bitcoin will also be legal in other countries and then there is no doubt that bitcoin will unstoppable for everyone.

[teejayrichard2]

india legalize bitcoin, this is good news. am super excited about this and am sure other countries will follow this trend. soon bitcoin will be official in every part of the world and people will be free to trade with it.......nice one

[phelbaby]

India Government panel is to curb Crypto,the Government have advise its Centre to shut down cryptocurrency dealers/exchangers at this time when Bitcoin has gained more currency,so the question is what are they up-to Legalization or Crub?

[mriansa]

this can be the trigger for bitcoin price increases, because surely they will buy some bitcoin to try to transact using bitcoin. I hope bitcoin is valid in all countries and can be a legitimate payment tool.

[Kiweikoo]

wow .... I'm happy to hear it. So with this bitcoin show its existence, hopefully more and more countries will receive bitcoin, to make it easier for bitcoin farmers.

Yes it is good to hear such a news because it is a great step for the development of a country, it will not help them only to connect with other countries but also help them to raise their economy but will also help them to eliminate poverty from their country to some extent, and raise the financial status of their mass.