Bitcoin finally legal in India

[anga3636]

"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 a good sign if a country accepts and legalized.It only means they have seen a big potential to grow and help them and specially the people in that country.If the other country could only the positive side of bitcoin that India seen from it, then maybe it is much better.

Yeah, India is a MASSIVE market cause you have like a fifth of the world having full access to cryptocurrency

[anga3636]

Nice, it'll help the economy problem in India, but i'm still waiting btc legalization in IND/INA 

The title is saying that BITCOIN is legal in India but you’re saying:

i'm still waiting bitcoin legalization in IND/INA

wut??

[mx667]

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 news and I'm happy to hear it for the Indians. Currently in my country he says Bitcoin is being banned, somehow it will be in the future. And I also do not know what part is forbidden, whether it is the transaction or its use. However, I am not afraid, I still collect Bitcoin as much as possible and still invest. I think Bitcoin has become an important part of my life because I want to make Bitcoin a tool to improve my family's economy. I hope this investment can work even if it takes a long time and a lot of capital. I hope my country can also open minds about Bitcoin and start managing it well. With so many people will get profit and the economy of this country could be better.

[Shrinath]

Normally, adventurous people 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 or her life. However, I sincerely support the growth of the business in India. In India there is steady downfall or depreciation of GDP.  I such a situation this business needs to be successfully implemented in every home in every 3rd world country.

[marjoree]

Bitcoin banned in another country was trending in this forum last week. However, I am glad knowing that bitcoin is not banned and already legal in India. It was obvious that the crypto economy has nothing to do with the economy of a certain country. Normally, most of the people changed their decision after they already found out their mistakes and that's a good character. I really don't want bitcoin to be banned here in the Philippines and I don't think that it will happen because the president of our country is too busy dealing with the crime or drugs.

[LeeMBlack]

And to think that right now they have put great bans on him...

[Derrick]

Good news, when today I read the newspaper that the south korean government is banned cryptocurrency and ICO actually in India bitcoin is legal, hopefully soon followed by other big countries like USA, Canada, Australia, UK and so on.

USA has some semi legalization for cryptocurrency though, IDK about the rest of the countries you mentioned though

[queenhallmark]

Hopefully with bitcoin legalization in india will make the future bitcoin better and i will continue to buy as much bitcoin as i can, and hope my country also follow India.

I hope the Indians buying BITCOIN and cryptocurrency in bulk will raise the price of BITCOIN this year quickly and give stability

[BitcoinCasinoFinder.com]

Hopefully, this is true because this will surely lead Bitcoin to become accepted and be taken seriously. These are the kind of good news every crypto needs to push away the bad PR it currently receives. Also, hope this news will make the price go up.

[kevindjunaidi]

I hope with this good news, bitcoin prices will start to improve and increase again. so bitcoin investors do not lose money and even get big profits, because I think the price of bitcoin dropped due to the many bad news about bitcoin.

[Rappyboy]

They are not against bitcoin anyway, they just want to regulate just like korea.

[ivanst776]

I don't think so.Bitcoin is not legal in india.Because there government should be not legalize bitcoin in this year.Is bitcoin is legal in india then the price will be rise up.

India announced that bitcoin is not welcome to their country a week ago that added to FUD that makes bitcoin price fall more.
just BITCOIN and they are not referring to cryptocurrencies. i just hope India find bitcoin a good way to have for their country.
India is not that well-developed country and they need to accept that having bitcoin is one way to its citizen to have a good way to earn in life. Bitcoin is no harm but a help for anyone who wants to earn and save for the great future.

[mOgliE]

Hi,

Well, that's interesting to see that some governments instead of trying to ruin bitcoin, are legalizing it. I think that for Indian bitcoinners it changes nothing but... Well, it's funny to see that whereas one of its members has spoken against bitcoin, the government is still able to acknowledge bitcoin as a legitimate currency.

[oginiimaoyani]

Good one hope other countries will follow same.

[mostkey]

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.

well, any impact. both on legality and prohibited. maybe if you look at the current situation we (bitcoin users) are in dire need of legality in order to increase prices. because at the moment it feels very restrictive in some countries, causing new problems such as the fall in bitcoin prices very drastically. and the expectation of a rising rise from bitcoin will depend heavily on legality

[genset88]

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.

In my country Bitcoin was also banned by the government, many people thought Bitcoin wanted to be legalized in the state, but it was difficult to do so because in my country the economy was not developed and there were There are many risks involved in Bitcoin trading on the price floor

[aditya6997]

Not legal as a form of payment. You can have it as an asset. You can use it for trading. But at your own risk. Read the Arun jaitley's article.

[bukikbarisan]

In an illegal situation, nothing can really stop you sending bits to someone else or stop others to consider that these bits are an income, but the environment affects our decisions and the illegal environment is more friendly to most people.

[12tribes]

The idea that India is legalizing the bitcoin is not yet confirmed. The bitcoin is still been traded but the reality is that the Indian government is watching it.

[santieevanz]

Banning bitcoin from different country was the issue last week and still the issue today. I'm glad that bitcoin already legalized the use of bitcoin for transactions because it will make the job easier, but the only thing is the expensive transaction fees. Based on my opinion, one of the reasons why bitcoin has been dropping was because of some countries that keeps on banning bitcoin. I hope this will lead to recovering of bitcoin's price in the future.