Bitcoin finally legal in India

[missyqt29]

"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."

Does legalizing bitcoin in a country means establishment can now accept bitcoins from customers? If this is so, then I am glad for India for this huge step towards success. You'll never know how cryptocurrency can help the economy of a country so I hope the locals will try and like bitcoin.

[Qunetick]

just imagine, if 100 million of them buy $100 worth of BTC each.. thats some crazy mcap addition to the crypto world 

That's true and that would be great because it will be the key to bitcoin price increase again and again because of the number of people who are investing in bitcoin now. They began to invest and if the number of people will increase, especially those bitcoin investors, then this would be a very great news to all of us considering the fact that we will have the big chance to fulfill our dreams.

[wisdomcn]

If this happened and the population India have a legal right to invest in bitcoin it will increase the price of the bitcoin. If bitcoin become legalization in every country, I tell you the price will be very high. I like such new if only it is true. Bitcoin is making the world surprise.

[Genosx]

Accepting the bitcoin in India is great deal that will open lots of opportunities. The government of India sees that potential and importance of electronic banking in their country.  For the good and well civilize system in future they need to innovate there selves and be open in any opportunities that may come.

[fateh1313]

I think bitcoin can not be legal in india because government will not allow it india is very wide and big country with different culture which need time to accept this technology frequently

[jona]

What is the Government interest in the legalization of bitcoin,of what benefit it is to them sincere bitcoin is a decentralized cryptocurrency and how do they tract down their Taxes.I do not think this is possible.

[mammoniter]

It just show how bitcoin is destined to be successful and accepted step by step throughout the world specially now that it reachers its 10k mark  I think even mass media is starting focus more on bitcoin in a positive approach compared to when it started.

[BlasterS]

 In the past years performance of bitcoin in the whole world. India sees the potential and opportunities that will bitcoin give. The partnership of the government with bitcoin can open lots of doors to success since bitcoin provides a time killing for every financial transaction and convenience to everybody. Bitcoin establish a well develop society where in the government and the people itself will benefit in future. Changing the life of everyone is their main goal and make a civilize society for the innovation of a bright future.

[nika_lina]

Bitcoin finally legal in india.Yet many people didn't know india that what is bitcoin.only Educated person known this matter.Moreover bitcoin still now not acceptable in india shop or other.They accept bitcoin only online shop or other.

agree with that however this situation saves in many countries, we cannot do anything to make it better in short time

[jkoin]

"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 think that in the near future, bitcoin will be ligated in every country of the world and this will contribute to the even greater capitalization of the Crypto-currency.

[niahasasj]

India is accepting the bitcoins.there is verifications compulsory to know the customer.if customer verification is over then, they can use the bitcoin.this is good for avoid the scammers.

[MSdosOutput]

This is a good news for Indian as it is legal in India. Though India is a mean-minded country yet it is good as they have given legalize of bitcoin.

[furry04]

I hope there won`t be any difference for bitcoin. Because it`s aim is to be decentralized and if it continues its road by not letting regulations it would be fantastic otherwise if governments try to sneak into cryptos for licences and other things it would be another place for the `1%

[monika27]

I don't believe in such statements. Regularly on the forum there are reports of different countries, but any changes we see. I think that people perceive the attempts of governments to take taxes from turnover cryptocurrency for legalization. This is a mistake.

[brickafterbrickwalldpt]

Good for them I suppose. It's showing that the age of gold is slowly coming to an end, maybe more countries will follow suit. I just hope they don't plan on taking the decision back, because it may cause a bit of bad PR for bitcoin and other cryptocurrencies, and we all know how the public media likes to spread unchecked facts and rumors.

[Shrinath]

It is quite normal for adventurous people to start trading bitcoin in exchanges or accepting bitcoin once bitcoin becomes legal in any country. However, they must not forget that it is completely upon the discretion of the legal authorities of the country to maintain the legal notions supporting the business. One fine day, if they make it “illegal” again, then the consequences binding the person to the business will become a liability for the rest of his/life.
However, I sincerely support the growth of the business in India. The depreciating GDP in India needs this sort of a business to be successfully available in every home in India.

[BureauChef]

Bitcoin is legal in india,in in india they had kyc verification.this is good for know about the customers,scammers and fake people can identify.

Where you seen this KYC verification? I think it is with exchangers, but you can exchange without KYC documents also able to spend in Hotels without Taxes. Our Govt Telangana already made some arrangements to use Digital currency with own tokenized system, but they are afraid in maintaining taxes.

I'm not from India, but if this is real, this is good for bitcoin legalization and adoption in mass measures. After Japan we need more countries to accept bitcoin.

[pepoaly007]

i dont know if ha good for bitcoin or not but any way its good idea and good for us

[johnwest]

I dont think any country will legalize bitcoin this early, most of the news are rumors as there is no official statement from the government. They may try to regularize the currency in the future or try to add it to their taxation schemes.

[reck1ess]

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.

I see, so somehow here in Philippines, bitcoin is also legal. Since we have one known website where we can deposit a money and where we can buy bitcoin on it. Also it is connected to some shops and banks.