India is going ligalize bitcoin

[kamilgeydarov]

The authorities of India are going to legalize bitcoin ( Bitcoin ) and other crypto-currencies. This is reported by CNBC India.

 Last week, the government set up an interdisciplinary committee to study virtual currencies - in view of concerns over the growth of their popularity in India. Its activities will be regulated by the Ministry of Finance.

According to CNBC, the committee will consider the possibility of legalizing bitcoin and using it as an official means of payment. In addition, the experts will discuss the new regulatory rules that will come into force if the initiative is approved. These measures will have to protect the rights of consumers, as well as to counteract the receipt of illegal proceeds.

The Reserve Bank of India, in turn, will consider the introduction of commissions for bitcoin-transactions.
For all operations with the crypto currency will be levied tax.

It is expected that the decision on the legal status of bitcoin will be taken on May 15-20.

Russia also made the first attempt to legalize cryptocurrency 2018. Finance Minister Alexei Moiseyev expressed his hope that in 2018 bitcoin will be recognized as a legitimate financial instrument. He noted that this step will help fight money laundering.

As of 19:28 GMT, bitcoin is trading at around $ 1228.39 (+ 1.59%).

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[expertofexperts]

Really, then how come this news agency reporting negative about it?  
http://www.thehindu.com/business/Economy/use-of-bitcoin-illegal-says-govt/article17702483.ece

[Blackshadow007]

Really, then how come this news agency reporting negative about it?  
http://www.thehindu.com/business/Economy/use-of-bitcoin-illegal-says-govt/article17702483.ece

They must be getting their news reports from the mouth of Honorable Minister Kirit Somaiya who told Bitcoin is Ponzi 

[getbet]

hi sir, was bitcoin iligal in india?
i dont know maybe this is  iligal on pakistan too

[expertofexperts]

hi sir, was bitcoin iligal in india?
i dont know maybe this is  iligal on pakistan too

It was never legal currency in India. Its only legal in few countries as per my knowledge..

[Rhshahindiana]

If India thinking of Legalizing it, there may be many other problems that would come. it becomes difficult wherever government interferes. Like what China has done, Banning ICO's so earning has been curbed.

[Jewel2895]

In India, Buy/sell or make investment in Bitcoin is not illegal. Indian Government and RBI is giving final touches to a report on the way forward for virtual currencies in India and whether or not to legalize or regulate them.

Currently, India does not have any monitoring mechanism for virtual currencies. The government panel is said to be exploring the possibility of various options. One of them being hiring an agency that would monitor the trading guidelines and finalise the laws governing virtual currencies.

All the cryptocurrency trading exchanges either live or off-exchange are self regulated. It would be a good decision, if government starts regulating them and provide licenses to them to operate in India. It will develop confidence in traders/investors and a more transparent platform will be available for them.

[shekhar0005]

Beautiful joke. Indian Govt and RBI have taken measures to curb bitcoin in India. It is not coming either. But rather RBI might launch its own digital currency called Lakhsmicoin.

[legendster]

Beautiful joke. Indian Govt and RBI have taken measures to curb bitcoin in India. It is not coming either. But rather RBI might launch its own digital currency called Lakhsmicoin.

Enough about this bullshit Lakshmicoin! I've been hearing about it for years and no there are no sources verifying this. Stop necro-ing old threads and stop spreading fuds.

[shekhar0005]

No, I don't think so. The Govt. has not issued any statement regarding this.
Rather RBI has put a ban on cryptocurrency.
And as long as this govt. is here, there is no hope for the legalization of bitcoin...

[rachit100798]

Indian income tax department try to implement tax law for crypto but they are not able to solve complex trading structure. They have sent some notices to people but people directly show the full excel sheet of trading history. After this RBI put a ban.

Now there is less hope to legalize bitcoin in india.

[cchoudhary]

RBI release a notice to ban banks dealing with crypto exchanges from coming 6 June ,While we can hope that the RBI will reconsider their stance, it would be helpful for them to understand, that this decision can impact the billions  of people who have already invested in various cryptos. Also,  will prompt users to move to the cash market, thus limiting regular honest businesses and individuals who have been using banking partners to transact or trade in cryptos and convert them to fiat

[botany]

RBI release a notice to ban banks dealing with crypto exchanges from coming 6 June ,While we can hope that the RBI will reconsider their stance, it would be helpful for them to understand, that this decision can impact the billions  of people who have already invested in various cryptos. Also,  will prompt users to move to the cash market, thus limiting regular honest businesses and individuals who have been using banking partners to transact or trade in cryptos and convert them to fiat

Transactions won't move to the cash market. There are already laws in place restricting transactions in cash, with value more than Rs 2 lakhs.
https://timesofindia.indiatimes.com/india/i-t-warns-against-cash-dealings-of-rs-2-lakh-or-more-seeks-tip-off/articleshow/58959584.cms

[seo.sapota4]

The authorities of India are going to legalize bitcoin ( Bitcoin ) and other crypto-currencies. This is reported by CNBC India.

 Last week, the government set up an interdisciplinary committee to study virtual currencies - in view of concerns over the growth of their popularity in India. Its activities will be regulated by the Ministry of Finance.

According to CNBC, the committee will consider the possibility of legalizing bitcoin and using it as an official means of payment. In addition, the experts will discuss the new regulatory rules that will come into force if the initiative is approved. These measures will have to protect the rights of consumers, as well as to counteract the receipt of illegal proceeds.

The Reserve Bank of India, in turn, will consider the introduction of commissions for bitcoin-transactions.
For all operations with the crypto currency will be levied tax.

It is expected that the decision on the legal status of bitcoin will be taken on May 15-20.

Russia also made the first attempt to legalize cryptocurrency 2018. Finance Minister Alexei Moiseyev expressed his hope that in 2018 bitcoin will be recognized as a legitimate financial instrument. He noted that this step will help fight money laundering.

As of 19:28 GMT, bitcoin is trading at around $ 1228.39 (+ 1.59%).

Yes, it will legalized cryptocurrency in Next year before election..

[sathyamg]

We hopefully awaiting, If its really legalize in india then very good chances of having good business in our country.

[snkiworld]

We hopefully awaiting, If its really legalize in india then very good chances of having good business in our country.

Yes more peoples start trading cryptos if its legalized in India and btc value also increase like last year