Bitcoin finally legal in India

[allen67]

WOW. Good news. if every country's government permitted the bitcoin, then it is too much blessing for every country. i think it should doing at an early date

[tomalours]

That's a great news. More and more countries are getting into it and more and more countries will follow cause of FOMO  

[DimensionsOfHell]

India wants to introduce an 18% tax on operations with crypto currency. The main points of the proposal are:
- Sale or purchase of crypto currency, which will be considered the supply of goods. Transactions such as transfer, storage and accounting will be treated as services.
- The cost of digital currencies will be determined depending on the value of the transaction in rupees or the equivalent in any freely convertible foreign currency.
- If sellers and buyers are residents of India, the transaction will be treated as software delivery.
- The place of sale and transfer will be the registered person's whereabouts. In the event that the sale is carried out by unregistered persons, the place of delivery will be the location of the supplier.
- Transactions outside India will be subject to an integrated GST and be treated as exports or imports of goods. IGST will be charged with cross-border supplies.

[fbastage]

It's just perfect. As we can see, more and more countries are beginning to support bitcoin, I hope that bitcoin will become legalized throughout the world without exception, then it will be quite possible to say that bitcoin is an international currency!

[Fire316]

   Making legal of bitcoin in many countries are good news because every people that use bitcoin and invest on it has no doubt and fear and the bitcoin demand will continue increasing.They are now using bitcoin freely even there is corresponding tax because i think if one country legalized bitcoin it means they put some regulations people must follow including taxation. They make bitcoin as centralized digital currency in their country just to use it by everyone.

[pawitrawijaya]

This is good news! With the bitcoin legality in India, it makes it easy for Indians to access bitcoin and invest bitcoin.. I hope in my country bitcoin can be legal immediately..

[peterpeterpeter]

Is this thread is true? Well this is an awesome because they appreciate the benefits of bitcoins to their country.
Knowing that thru bitcoin it will very useful to their citizens and can help their status of living for better future.

[THATBTC]

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'm agree with him

[indayburakday012]

Well this is really hard decision for the india's government decision being made as we all know that it is not an assurance that you invested in cryptocurrency and you will be able to earn. It requires smart attitude and good sense of prediction in order to earn in crypto investment. Aside from that a good choice of crypto to invest will also matter. So good luck to all people in india with the government that interfere then there would be extra payment for the government fundings on cryptocurrency rulings and maintenance on their system.

[soodungg26]

It mean GOLD is over.

[Jcabudx]

"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."

Wow! That was a good one huh? That's a good news that india accepts bitcoin and make it legal. More earnings and congratulations. I hope my country would make it legal too otherwise our country accept bitcoin but there is no law for bitcoin. hope make it legalized too.

[Tiger Junk]

This is a great news, if bitcoin has been already legal in india countries
Bitcoin will be great in everytime and many of countries is allowed of bitcoin to transaction.

Well i am sure that many people in india is really happy about that news, and bitcoin being legalize in india is really a good news because many people in india can try and support how to used bitcoin.

[Rakabel619]

Hello. Under these circumstances, I begin to think that India is driven by intelligent people who see the chance of earning some money for the state through taxes and taxes. It means that India has some powerful and very smart people in leadership

[jonathancool220]

please neatly first his writing, because you said the news loaded July 20, 2018, while you write this thread on July 15, 2018, are you a time traveler? haha lol!

but apart from that, the news is great because in the past months many countries banned Bitcoin and now India is opening a business for Bitcoin.

this can raise the price of Bitcoin itself.

[nursarjani]

I think the news about India legalizing Bitcoin is very good, hopefully other countries will behave like India, I think India legalize Bitcoin for investment not as a means of buying and selling goods such as using fiat money in everyday life.

[P60]

Legalization of Bitcoin in India would be a great thing for those people who are not wealthy there. It would be a great opportunity for them to start and work for something that is worth it.

[KingOfWinterfell01]

"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."

Great news! A better expansion in Asia is at hand and thank you, India for making opening your doors to investors and enthusiasts alike who, I hope, that are willing to make a difference in the industry of monetary systems and I hope as well bitcoins unite the world.

[Black Angel]

"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."

Great news! A better expansion in Asia is at hand and thank you, India for making opening your doors to investors and enthusiasts alike who, I hope, that are willing to make a difference in the industry of monetary systems and I hope as well bitcoins unite the world.

With citizens second largest maiden who has now reached over 1 billion then India's potential is huge, I'm sure that this will make bitcoin prices soon skyrocket in the near future so keep buying is a must we do.

[kangen riko]

When you post this statement, the Indian government has planned many things to dictate bitcoin. Ranging from spreading bad issues about bitcoin to the layman to high tax payments for every bitcoin user there and it's proven now, that the Indian government is greedy.

[Bowly88]

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.

It is how the country handle the bitcoin. The problem is, when this "illegal" thing happened. It may or it may not affect the users of bitcoin. But as far as the government of the country highly secured and handle the bitcoin. or maybe they should implement a law about using a bitcoin properly. i think legalizing bitcoin will never be a problem.