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thefinancialdiet
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November 09, 2017, 08:26:25 AM
 #1

Recently, there have been a few media reports that bitcoin has been declared illegal by the Indian government.
No, that is not true. Nothing has changed regarding bitcoin’s legal status in India this week. In our opinion, bitcoin is not illegal. Bitcoin is legal under all existing laws. It’s business as usual at all Indian bitcoin exchanges, including Zebpay.
But there’s no smoke without fire
Many new technologies stroke fear especially among regulators as it is their responsibility to protect us. And the same is with bitcoins. We appreciate genuine concerns of our regulators and politicians.
A respectable MP raised the issue that bitcoin is a ponzi scheme. Certain sections of the media reported this as if bitcoin has been declared illegal.
So is bitcoin a ponzi scheme
No.
Ponzi schemes are unfortunately common. They use different modes to accept and make payments. Sahara’s chit fund was a ponzi scheme. It used Indian Rupees for payments.
Unfortunately, there are a few ponzi schemes which use bitcoin as the payment method. Just like Rupee is not a ponzi, neither is bitcoin. In fact for a few months now, we have been regularly warning our users to beware of such ponzi schemes on our website, Facebook and Twitter accounts.
The well meaning MP wants to do is his job of protecting the people of becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.

What is bitcoin
Bitcoin is a decentralized payment network of money, just like the Internet is a decentralized network for information and media.
So why shouldn’t it be declared illegal
Just for the same reasons that the Internet, the smartphone or a taxi hailing app should not be declared illegal when used for illegal activity. Because it makes far more economic sense to go after bad actors (ponzi schemes) rather than shutting down the entire technology.
What are the economic benefits
Some immediate ones are the potential of bitcoins in remittances and banking the unbanked. India could potentially save 7 billion US Dollars in remittance fees paid to US companies for allowing hard working Indians to send money home to their poor families. Compare this to the 2 billion US Dollar budget of the Indian government to feed millions of poor kids under the Mid Day Meal Scheme.
Bitcoin allows people who cannot easily open bank accounts to open bitcoin accounts and get the power of modern financial services on their mobile phones. If that happens, they can help fuel ecommerce. It can also help India build a futuristic and secure payment network by skipping the inefficient and insecure plastic card / centralized infrastructure of the western world. Just like we built modern telecom infrastructure by skipping the landline generation.
Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain this technology and address their genuine concerns.
Update 27th March, 2017: As per media reports, inter-ministerial committee has been setup to study the legality of bitcoins. They will give a response on 20th April 2017. All stakeholders will be called to represent
article refrence  :http://thefinancialdiet.us/bitcoin-is-legal-in-india/
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November 09, 2017, 03:41:53 PM
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we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin

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November 09, 2017, 04:24:37 PM
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The well meaning MP wants to do is his job of protecting the people of becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.

I understand what you mean by that. With good intention, that lawmaker is just expressing some concerns which most probably also relayed by other people to him regarding Bitcoin. Bitcoin is something that is still relatively new and so if someone heard of a ponzi program that is using Bitcoin, the conclusion can be that Bitcoin is also a ponzi. It is because Bitcoin is not yet clearly defined as a currency or a store of value that anyone (good or bad) can use to further his/her own interest. Now, I am sure there had been many scams that used rupee as the medium of exchange and I am sure that nobody in his/her right mind would accused rupee as also a scam just because of that simple association. This analogy has to be clearly explained to lawmakers so that they can avoid making any remarks that can be one-sided.

Indeed, lately there had been some mixed news on the question of legality of Bitcoin in the big India. The whole Bitcoin community is all wishing and hoping that soon India can be one of the biggest market for Bitcoin and cryptocurrency...something that can pushed the price of Bitcoin further and can promote stability for the whole digital currency movement. When India can be fully opened (when the regulatory framework is already working), we don't need China to come back to the Bitcoin table anymore (though the more the merrier, as they say).

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November 11, 2017, 06:22:45 AM
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That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

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November 11, 2017, 07:29:37 AM
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we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin
Yes, it's does look really right like that, Bitcoin now has more power than ever before and I'm sure Bitcoin will increasingly be accepted in various countries by all its benefits that can be obtained from bitcoin itself. As time goes on I am sure.. we will be more apart from any restrictions that still saying illegal on bitcoin. And surely the country will looks more advanced if has been legalize bitcoin.

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November 11, 2017, 10:51:24 AM
 #6

we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin

Right, and even if bitcoin is ban, there are a lot of ways to continue to do your trading or exchanging of your bitcoin. Just like the above posters said. Even China can't stop the flow of bitcoin OTC. But as far as India banning it, I'm at lost because there is no official word coming from the government and all we can see is pure speculation. But I believed that there are a lot of anti bitcoin proponents and lawmakers in India, the question is why. I think before making any decision to ban it, they should put further study the advantage and positive things that bitcoin could bring in their nation. Even right now a lot of Indian are treating bitcoin signature campaigns are jobs now and its even paying them better if they work in their country.

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November 11, 2017, 04:41:59 PM
 #7

As many have stated there are indeed many ways to bypass bitcoin ban. Something on internet and available globally is certainly out of any government's control.

But the point is will India ban Bitcoin?

I think it won't. Bitcoin or cryptocurrencies in general are gaining importance in financial landscape. Some world's superpowers have already started integrating Bitcoin in their system. Right now banning an emerging global phenomenon in financial landscape would be a stupid move by any country. The major concerns regarding Bitcoin for any country is its potential use in illegal activities. But is that reason enough to let go an emerging currency where there are tons of ways to carry out illegal activities even in the absence of cryptocurrencies.
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November 11, 2017, 06:03:25 PM
 #8

Recently, there have been a few media reports that bitcoin has been declared illegal by the Indian government.
No, that is not true. Nothing has changed regarding bitcoin’s legal status in India this week. In our opinion, bitcoin is not illegal. Bitcoin is legal under all existing laws. It’s business as usual at all Indian bitcoin exchanges, including Zebpay.
But there’s no smoke without fire
Many new technologies stroke fear especially among regulators as it is their responsibility to protect us. And the same is with bitcoins. We appreciate genuine concerns of our regulators and politicians.
A respectable MP raised the issue that bitcoin is a ponzi scheme. Certain sections of the media reported this as if bitcoin has been declared illegal.
So is bitcoin a ponzi scheme
No.
Ponzi schemes are unfortunately common. They use different modes to accept and make payments. Sahara’s chit fund was a ponzi scheme. It used Indian Rupees for payments.
Unfortunately, there are a few ponzi schemes which use bitcoin as the payment method. Just like Rupee is not a ponzi, neither is bitcoin. In fact for a few months now, we have been regularly warning our users to beware of such ponzi schemes on our website, Facebook and Twitter accounts.
The well meaning MP wants to do is his job of protecting the people of becoming victims of such ponzi schemes. It’s a misunderstanding of the technology that made him remark that bitcoin is ponzi.

What is bitcoin
Bitcoin is a decentralized payment network of money, ju, sst like the Internet is a decentralized network for information and media.
So why shouldn’t it be declared illegal
Just for the same reasons that the Internet, the smartphone or a taxi hailing app should not be declared illegal when used for illegal activity. Because it makes far more economic sense to go after bad actors (ponzi schemes) rather than shutting down the entire technology.
What are the economic benefits
Some immediate ones are the potential of bitcoins in remittances and banking the unbanked. India could potentially save 7 billion US Dollars in remittance fees paid to US companies for allowing hard working Indians to send money home to their poor families. Compare this to the 2 billion US Dollar budget of the Indian government to feed millions of poor kids under the Mid Day Meal Scheme.
Bitcoin allows people who cannot easily open bank accounts to open bitcoin accounts and get the power of modern financial services on their mobile phones. If that happens, they can help fuel ecommerce. It can also help India build a futuristic and secure payment network by skipping the inefficient and insecure plastic card / centralized infrastructure of the western world. Just like we built modern telecom infrastructure by skipping the landline generation.
Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain this technology and address their genuine concerns.
Update 27th March, 2017: As per media reports, inter-ministerial committee has been setup to study the legality of bitcoins. They will give a response on 20th April 2017. All stakeholders will be called to represent
article refrence  :http://thefinancialdiet.us/bitcoin-is-legal-in-india/

DJ-Crypto - Bitcoin should made legal in India, since India has big population so If govt makes it legal mass adaptation will happen, these days so many companies are targeting Indian customers because at end of the day mass adaptation brings huge customer base and awareness & popularity.
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November 11, 2017, 07:36:30 PM
 #9

we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin

Bitcoin is not breaking any ban in any countries though and it is only regulated by some other countries in the world not fully ban. The China issue in regulating cryptocurrencies affects the price of Bitcoin last 2 months but it bounce back because it's only a FUD that has been spread by the fraudsters of the community that also bite by some people that resulted of some panic sell.

No matter what happens to this 'banning issues' to different countries if the people or an individual really want to use Bitcoin or any other cryptocurrency they will still find a way to use it so I think banning is not an option instead regulating such laws in it is much better for Governments.
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November 11, 2017, 09:00:04 PM
 #10

we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin

Bitcoin is not breaking any ban in any countries though and it is only regulated by some other countries in the world not fully ban. The China issue in regulating cryptocurrencies affects the price of Bitcoin last 2 months but it bounce back because it's only a FUD that has been spread by the fraudsters of the community that also bite by some people that resulted of some panic sell.

No matter what happens to this 'banning issues' to different countries if the people or an individual really want to use Bitcoin or any other cryptocurrency they will still find a way to use it so I think banning is not an option instead regulating such laws in it is much better for Governments.


Banning isn't right if you have to analyze it so well, because this digital currency that we have right now is  a decentralized type and government has no direct control over it. The impression it has through internet network has nothing to do about it with the local exchange transactions like of using it to buy goods at local area. Maybe it isn't used to purchase some goods but not the idea of banning and that's what make people hesitant because there's no proper support of other countries government. If India legalizes bitcoin as one of their currency to be used for specific purpose, then I conclude that their government has given them full democracy on how they think for their own comfort as well as making profit for their own future, and I believe that can help improve the economy of India.

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November 12, 2017, 12:32:52 AM
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I can see the reason why people try to switch into BCH at the moment.
India consider as the most populated in the world and I'm sure there are many people also interest on bitcoin and it will affect on bitcoin's value globally.
After they purchase BCH, bitcoin will continue with bigger uptrend than before.

 
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November 19, 2017, 07:46:22 AM
 #12

I can see the reason why people try to switch into BCH at the moment.
India consider as the most populated in the world and I'm sure there are many people also interest on bitcoin and it will affect on bitcoin's value globally.
After they purchase BCH, bitcoin will continue with bigger uptrend than before.
It is very pleasing to get such a news that bitcoin is legalized by one of the most populated country of the world, there is  much poverty and unemployment in india, they are trying hard to eliminate these two factors but the resources are limited, bitcoin will help them to a great extent in order to subtract these two factors from society and raise the standard of livng of the citizens

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November 19, 2017, 08:02:39 AM
 #13

I can see the reason why people try to switch into BCH at the moment.
India consider as the most populated in the world and I'm sure there are many people also interest on bitcoin and it will affect on bitcoin's value globally.
After they purchase BCH, bitcoin will continue with bigger uptrend than before.
It is very pleasing to get such a news that bitcoin is legalized by one of the most populated country of the world, there is  much poverty and unemployment in india, they are trying hard to eliminate these two factors but the resources are limited, bitcoin will help them to a great extent in order to subtract these two factors from society and raise the standard of livng of the citizens
yes now bitcoin is regulated in india
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November 19, 2017, 09:42:09 AM
 #14

I can see the reason why people try to switch into BCH at the moment.
India consider as the most populated in the world and I'm sure there are many people also interest on bitcoin and it will affect on bitcoin's value globally.
After they purchase BCH, bitcoin will continue with bigger uptrend than before.
It is very pleasing to get such a news that bitcoin is legalized by one of the most populated country of the world, there is  much poverty and unemployment in india, they are trying hard to eliminate these two factors but the resources are limited, bitcoin will help them to a great extent in order to subtract these two factors from society and raise the standard of livng of the citizens
yes now bitcoin is regulated in india

Where did you heard this that it has being regulated in India? SC has given its guidelines to govt that either regulate it or ban it. If govt cannot regulate and does not find it easy to do it they will be banning it. So still there is uncertainty whether it will be banned or regulate.

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November 19, 2017, 11:15:36 AM
 #15

we are at 2017 not 2011 Bitcoin now have power to break any ban , you can go to other country that support bitcoin or use twitter & facebook to find users Buy/sell bitcoin , exchange it to paypal , payeer ,use prepaid cards and buy/ sell from any market you can do more with bitcoin
There may be other options to over come the ban but using twitter and facebook to find users to buy and sell bitcoin is the riskiest method you could advice anyone,ether you need to have an escrow in order to have a safe transaction if not it is not that easy to find trustful users in social media sites when there are ton of scams going on online.

India consider as the most populated in the world
Hope you have forgotten about China  Tongue














 

 

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November 19, 2017, 11:22:26 PM
 #16

That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

China has not banned the owning or trading of BTC. It has only banned online BTC exchanges.
Having said that, there is indeed a vibe from chinese govt trying to suppress btc in the country.

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November 20, 2017, 01:14:26 AM
 #17

That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

As we can see more countries now are accepting bitcoin and this moves by India will surely have a good impact on the price of bitcoin. I do hope that china will finally accept bitcoin because this technology is the future. Bitcoin should be accepted by everybody, this is a great technology after all.

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Sithara007
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November 20, 2017, 02:13:11 AM
 #18

Bitcoin is neither legal, nor regulated in India. The Reserve Bank of India (RBI) have been talking about regulating the crypto-currency for sometime now, but they haven't taken any concrete steps in that regard. The local Bitcoin exchanges which are based in India, operate with general finance institution licenses, as the separate licenses for crypto-exchanges are not available.

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November 20, 2017, 08:44:54 PM
 #19

That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

As we can see more countries now are accepting bitcoin and this moves by India will surely have a good impact on the price of bitcoin. I do hope that china will finally accept bitcoin because this technology is the future. Bitcoin should be accepted by everybody, this is a great technology after all.
This is false information. And this applies not only to India. I don't know of any country in which a fully legalized the use of cryptocurrencies. There are States which have expressed the intention to legalize the market, but no real action in this direction there. Many users heard another such statement is wishful thinking.
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November 22, 2017, 06:50:49 AM
 #20

That's good news from the after China ban bitcoin a couple ago it can be a strong comeback in the growth of bitcoin price.

As we can see more countries now are accepting bitcoin and this moves by India will surely have a good impact on the price of bitcoin. I do hope that china will finally accept bitcoin because this technology is the future. Bitcoin should be accepted by everybody, this is a great technology after all.
This is false information. And this applies not only to India. I don't know of any country in which a fully legalized the use of cryptocurrencies. There are States which have expressed the intention to legalize the market, but no real action in this direction there. Many users heard another such statement is wishful thinking.

Most countries has their own intent on how to regulate the use of Bitcoin some totally banned it but are planning to create their own crypto currency. What we can only do is keep our trust to bitcoin and hope that price will continue growing in the next years.
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