Bitcoin finally legal in India

[gadimbrut]

that's good news for bitcoin, but bitcoin is now the price keeps getting pressure, so the price keeps decreasing, hopefully the bitcoin will soon rise again like 2017

[ufalo3]

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.

At least we know that nobody banned Bitcoin and any other cryptocurrency in India. This is good news that we learned recently. Now some of the investors will not rush to sell their altcoins and Bitcoins.

[Onyx0]

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

No it is not the time to ban bitcoin because now people are going to invest more in it, as this fact will increase the demand and price of bitcoin is a lot of other countries as well, time managing is skill so if bitcoin is being use regularly in a country this thing is going to make bitcoin a legal currency. I hope just like India my country will also accept bitcoin as legal currency and I will be able to have huge income out of bitcoin and it will be a great surprise for all of us.

[ohlawdy]

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.

At least we know that nobody banned Bitcoin and any other cryptocurrency in India. This is good news that we learned recently. Now some of the investors will not rush to sell their altcoins and Bitcoins.

There really is no reason to believe al the articles about banning crpyto's .
Most country's seem to be pretty positive about it , so maybe some small regulations will only help us look more legit.

[divyasdm11]

i saw some where illegal also

[ALI AKBAR]

I still do not know that it is legitimate in India. But yes, the Indian government has given legal recognition to Bitcoin. But the sadness and the true Indian government imposed a tax on this. The Indian government is comparing it with the valuable assets. So maybe it is possible that the Indian government can legitimize Bitcoin.

[Sand King]

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.

Hearing this kind of news is very heart warming, i mean who would think that bitcoin can be legalized in almost all over the world?

I somehow agree with this answer, i don't understand why would the country's government stop you from using bitcoin if you use bitcoin just by your own and it is not connected or doesn't even bug them? Just why?

[dubinsky]

Slightly rectify that in 2018 India again banned bitcoin. BTCX India-the first bitcoin goose designed and built in India. The exchanges follow KYC and AML guidelines, and allow deposits and withdrawals of Instant INR (India Rupee) - forced to shut down their operations, and no longer serve bitcoin business as early as 2018.
in April 2018, the RBI (Reserve Bank of India) released an official statement saying that Bitcoin and other crypto currencies were officially banned in India. Along with the ban, RBI said that they will launch their own digital currency. The full report on this matter is planned to be published by RBI at the end of June 2018.

[Pan Troglodytes]

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.

Actually obviously there are (or may be) laws pertaining individuals too, like for instance tax-related laws when you must tax your income or capital gains (USA) but your Bitcoin purchases may be exempted (Germany) or laws permitting individuals to pay their taxes in Bitcoin (discussed but finally dropped in Arizona)

[ICOquora.org]

how a coin can be legalized by a country ?? Can a citizen apply to government for that ? If a coin legalized by government then they will able to take fee from bitcoin user??

[eashikde]

This is a very big step in the way of becoming bitcoin. I hope this will be a detachment point for many states. It is interesting to know the terms of cooperation))

[Shiversnow]

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.

I certainly agree to that opinion, legalization is always a good thing and idea. But if they want to legalize bitcoin there are lot of things that need to be done. If they already legalize bitcoin I think it is good news to bitcoin users in India because they can pay their bills easily and instantly. I hope in the near future all country will legalize bitcoin.

[CryptoMoar]

this is one of the advancements in the country of india. they have dared to legalize and inaugurate the bitcoin to use. and they've legalized the bitcoin exchange. this news will boost the value of bitcoin slowly and bitcoin investors will increase.

[ratatat bangbang]

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.

If they are going to legalize bitcoin in India that would be nice. But since your statement buddy is telling us that not yet legalized and maybe they still need to do and undergo some clarifications and legal mattrr with government. Hope they can pursue what they started. Gudluck for people behind this idea.

[extrimals]

This is great news! Although this is not new, but certainly India is an important country in the world economy. Can someone hear the latest news about how trade is progressing now?

[longwintershere]

I'm wondering what is the situation now. Do I understand it correctly that the government claimed that using bitcoin is perfectly legal yet the banks are trying to block bitcoin purchases?

[serverus]

How i wish this would be possible in our country.
Well our country is well introduced to cryptocurrency but it is not so developed and less people are adapting it.
I guess it is ideal for business purpose since it is emerging.

[A Feeder]

"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."

This is great news. Now people can utilize their tokens or earn from it. I have no idea how the government illegalize bitcoin or any other cryptocurrency. I do not think  there is wrong in using it because it is a part of technology that we invented.

[sino22]

because India is now somewhat legalized because of its economic problems

[saumang2m]

I have no information about this that the Indian government has made Bitcoin legal in its own country. If it has happened then both India and Bitcoin have the advantage of it. Because the people living in India will be able to invest in Bitcoin, which will increase the value of Bitcoin and we will also get the benefit.