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Author Topic: Bitcoin is legal in India  (Read 1080 times)
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November 24, 2017, 01:39:31 PM
 #21

I don't think that Indian government will ban bitcoin now at this stage. Because now many have started  using it and government wont take such a stupid decision to go against the will of  majority of citizens. Many people have took loans to invest in bitcoin, hoping that in long run it will give profits. The government will do something that wont hurt the feelings and emotions of the citizens like imposing tax for every exchange or something like that but definitely they wont ban bitcoins.

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November 24, 2017, 01:56:48 PM
 #22

 Bitcoin is not yet legal in any country and no new information has been given about this from RBI in India. Smiley

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November 24, 2017, 02:37:17 PM
 #23

I don't think that Indian government will ban bitcoin now at this stage. Because now many have started  using it and government wont take such a stupid decision to go against the will of  majority of citizens. Many people have took loans to invest in bitcoin, hoping that in long run it will give profits. The government will do something that wont hurt the feelings and emotions of the citizens like imposing tax for every exchange or something like that but definitely they wont ban bitcoins.
Get down on the ground. Do you believe that the government is interested in what citizens think? Lol. Their is no interested. They have other interests. Do you know what percentage of people in India are using bitcoin? I'm sure it's less than 1%. Minuscule. The government is easily exchanged such a law on some not the big loan from America.

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November 24, 2017, 03:28:05 PM
 #24

Quote
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.
 

This is very clear that the MP wants to protect his people from getting into some potential disaster . But this clearly indicates that the sources from where the MP came to know about bitcoin were totally irrelevant and ignorant towards bitcoin . Maybe some associates from the Central Bank were insisting him to make such announcements . There are many ponzi schemes trying to hunt down people with scams .
For a country like India , where there is still a lot of room for improvement and development "bitcoin" may turn out to be a hall mark for them . But this can only be possible if people really initiate learning "bitcoin" . With all the job crisis goin on , bitcoin can turn out to be a life saver for country like India .

Quote
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 e-commerce. 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. 


This is totally agreeable . Bitcoin will open gates for so many opportunities for people and they will be introduced with the world of e-commerce . Not only there is a very bright chance of geeing money out of it , they will also be able to economically stabilize their family conditions . I hope the government does not take a very bad decision in hustle and haste against bitcoin by totally illegalizing it .
I've heard Zebpay ( Indian bitcoin exchange platform) is taking some applauded measures in order to make the government realize the big need of bitcoin in their country . I hope they succeed in doing so.

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November 24, 2017, 03:32:30 PM
 #25

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/

Yeah even i read about declaring bitcoin as illegal in India , but yeah it was not true. But according to Zebpay official website it claims that government was thinking of banning bitcoin in India and launching its own cryptocurrency. But Zebpay itself is trying to negotiate with government against the banning of bitcoin.
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November 26, 2017, 03:00:40 PM
 #26

In India, in just like many other contries, using crypto-currency is restricted. This can be considered as a positive factor for the future possible acception of Bitcoin .So more and more people in India from using credit cards are turning to the use of mobile wallets . While Bitcoin is currently not accepted in India, the Reserve The Bank of India (RBI) has already shown mixed signals about the position on Bitcoin. At the end of 2014, the chairman of the Central Bank  called Bitcoin "exciting project" and said that "in the future, we will move to the direction of a reducing cash in everyday life, and we will use some currencies like this will be used daily."
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January 14, 2018, 07:40:54 AM
 #27

Because now many people are using it, the government will not take such a stupid decision, contrary to the will of most citizens.
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January 20, 2018, 05:33:27 PM
 #28

If it's true ,well. In my country, it doesn't say. More like the government doesnt care, yet.
And I personally think, banning something such as cryptocurrencies in a country creates so much of an uproar that it gets so much attention, thus, another form of advertisement.
The banning of bitcoin in China, intrigued me more when I was undecided to create an account. XD
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January 20, 2018, 06:09:12 PM
 #29

Because now many people are using it, the government will not take such a stupid decision, contrary to the will of most citizens.

Since when did the governments started to take decisions according to the will of their citizens? I didn't see that coming at all! never.
A government won't stop if they want to ban bitcoin within the country. As a excuse for their citizens, they would probably say that it is harmful for our people because of its nature of volatility and they can lose money if they invest in it blah blah.
About India, I don't think it is totally legalized yet there. Maybe it is not illegal, but we cannot call it 'legal' in that case.

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January 25, 2018, 06:54:56 AM
 #30

Because now many people are using it, the government will not take such a stupid decision, contrary to the will of most citizens.

They have already sent tax notices to 100,000+ users. Unfortunately, in a country of 1.3 billion people, the voice of a few hundred thousand doesn't matter much. Especially if the political parties are dependent on 99% of the population, who happens to be welfare rats.

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January 25, 2018, 09:10:40 AM
 #31

Because now many people are using it, the government will not take such a stupid decision, contrary to the will of most citizens.

They have already sent tax notices to 100,000+ users. Unfortunately, in a country of 1.3 billion people, the voice of a few hundred thousand doesn't matter much. Especially if the political parties are dependent on 99% of the population, who happens to be welfare rats.
This is true, For capital gains they were collecting tax to the users who are earning through trading in exhanges. Even the details of their crypto holdings were asked.

I think its because among of these investors are prominent people. Although government didnt outlawed bitcoin they labeled it as ponzi schemes however that doesnt stop the indian users to use cryptocurrency.

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Hans17
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February 04, 2018, 04:08:22 AM
 #32

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/

I do some basic search about it and it said that in india bitcoin is illegal , but I read some to that it was a fake news. And still china been implementing the icos in 2018 , and hoping that bitcoin will be legal around the world.

GideonGono
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March 02, 2018, 04:17:40 PM
 #33

Well there are many countries left that not accepting bitcoin or still illegal so in india I heard some news that it's not actually ban or implemented or not yet legal though but not banned to be specific , the government is still working on it , debating it , they spread awareness to be careful on investing bitcoin. Well we can't blame the government that criticize the bitcoin, sooner or later bitcoin will implemented on the world hoping and looking forward.

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March 02, 2018, 04:48:23 PM
 #34

The debate is still going in government of india to become a legal one.Still now they are lot of investors and traders are in India.The country in which huge people involves in bitcoin is China,India,South Korea,United Kingdom.Due to the investment of this country the price of bitcoin is stable now and not reduce to low value.
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March 04, 2018, 06:30:00 PM
 #35

The debate is still going in government of india to become a legal one.Still now they are lot of investors and traders are in India.The country in which huge people involves in bitcoin is China,India,South Korea,United Kingdom.Due to the investment of this country the price of bitcoin is stable now and not reduce to low value.
For what I have watched and red they already said and clarified that in India bitcoin was not illegal nor banned, they are just after the money of people that is why they were saying to their people to invest their money wisely and to think well before entering into it.

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