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November 24, 2017, 04:28:27 PM
 #1

Is bitcoin legally recognized by the Indian Central Bank?
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November 24, 2017, 07:31:13 PM
 #2

Is bitcoin legally recognized by the Indian Central Bank?
As I know Indian relationships with bitcoin are pretty rough - Bitcoin exchanges are prohibit and permit operations with digital currencies are not expected in the short term.
Meanwhile Indian neighbour Bangladesh totally banned bitcoin. There transactions with every crypto may lead you to the jail for long period of time. I hope India will not follow this example and smooth their position to crypto currencies in the nearly future.


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November 24, 2017, 08:18:45 PM
 #3

Is bitcoin legally recognized by the Indian Central Bank?

Friend, its not  recognized as a legal currency in India. Even the reserve bank of India has warned all the bitcoin users about its usage. But there is no problem in holding it or trading it. Very soon government will do something to regulate it . I heard that they are going to regulate it and make it taxable in goods and commodities section. Lets wait and watch what's going to happen in future. 

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November 25, 2017, 03:09:13 AM
 #4

India is one of the few countries which find it difficult on deciding what to do with Bitcoin and the cryptocurrency in general.  The politicians and bureaucrats could not unite themselves whether to regulate and legalize Bitcoin or just like China ban the whole Bitcoin trading. However, let's give them time as we could not fully blame these leaders since Bitcoin is something new and there are expressed fears and doubts as to what impact it might have on its fragile economy.

I am always telling people that countries who are in doubt should look at Japan as the most successful and important model for accepting and embracing Bitcoin. They can indeed learn a thing or two (no, the lessons are enormous) from the Japanese. Japan is a rich country and Japanese are known to be good entrepreneurs yet they rolled out the red carpet for Bitcoin because they are sure that it is a blessing rather than a curse.

India is one of the most ripe and biggest possible market for Bitcoin. Once India would finally established the regulations on Bitcoin within the country then we can be sure that it would be a big hit and there would be exchanges to operate within its jurisdiction. India should not and must not squander this good opportunity.
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November 25, 2017, 08:24:27 AM
 #5

India is one of the few countries which find it difficult on deciding what to do with Bitcoin and the cryptocurrency in general.  The politicians and bureaucrats could not unite themselves whether to regulate and legalize Bitcoin or just like China ban the whole Bitcoin trading. However, let's give them time as we could not fully blame these leaders since Bitcoin is something new and there are expressed fears and doubts as to what impact it might have on its fragile economy.

I am always telling people that countries who are in doubt should look at Japan as the most successful and important model for accepting and embracing Bitcoin. They can indeed learn a thing or two (no, the lessons are enormous) from the Japanese. Japan is a rich country and Japanese are known to be good entrepreneurs yet they rolled out the red carpet for Bitcoin because they are sure that it is a blessing rather than a curse.

India is one of the most ripe and biggest possible market for Bitcoin. Once India would finally established the regulations on Bitcoin within the country then we can be sure that it would be a big hit and there would be exchanges to operate within its jurisdiction. India should not and must not squander this good opportunity.

I too believe that if India legalize bitcoin by following the Japan, then it will lead India to prosperity. A lot of people will start their own business based on the crypto currency and overall IT related employment will increase which will make the youth happy. Government will earn on taxes. So it will be a win-win situation for both of us.

But the problem is with the politicians and the bureaucrats who actually doesn't have the brain power to understand the fruitfulness of bitcoin and its impact on the economy. There was a Member of Parliament Kirit Somaiya who once said that bitcoin is a ponzi scheme. It proves, that they are simply not interested in understanding the bitcoin and the related technology. Whatever money matters goes over their head, become a ponzi scheme for them. That's laughable and hilarious. So I expect very little from this old aged politicians.

   
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November 25, 2017, 02:36:46 PM
 #6

Their is still no law that justifies the legality of Bitcoin in India.We have still no answer that whether Bitcoin is legal or illegal in India.But it is said that a decision will be taken regarding the legality of Bitcoin in the coming month of April. Bitcoin is a type of crypto currency that has a lot of potential to improve the economy of India.So it is better for Indian government to declare it as legal by imposing some regulations instead of declaring it as illegal. Bitcoin has the caliber to help the Prime Minister of India to achieve his aim of making India a cashless country.

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November 26, 2017, 01:46:47 PM
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After the collapse of 30% last week, bitcoin over the past few days has grown by 33%. That was promoted by growth of demand on stock exchanges of India, the second country on a population number in the world. And it happened after the government of India recognized bitcoin as legal currency in their country.The efforts of bitcoin-exchanges in India on market self-regulation allowed the Indian government to reconsider sectors of bitcoin and digital currencies, despite the criticism of a number of politicians who don't have enough knowledge about the crypto currency ....
Despite the negative attitude of some politicians, the government of India has come to a decision on the future regulation of the market and ensuring equal conditions for bitcoin-exchanges, which have allocated a significant amount of resources for standardizing the market and industry ...
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November 26, 2017, 02:53:17 PM
 #8

It's not illegal there. Reserve bank of India is not going to regulate Bitcoin, they stated  But you can't expect central banks to be friendly to bitcoin. There's still chances that they implement a total ban to Bitcoin. https://www.google.com.ph/amp/s/inc42.com/buzz/cryptocurrency-bitcoin-india-cme-group/amp/.  Anyway, bitcoin adoption there still small. So government should not alert by Bitcoin there. India just launched their own exchange. This is a good sign.

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November 26, 2017, 05:22:08 PM
 #9

Their is still no law that justifies the legality of Bitcoin in India.We have still no answer that whether Bitcoin is legal or illegal in India.But it is said that a decision will be taken regarding the legality of Bitcoin in the coming month of April. Bitcoin is a type of crypto currency that has a lot of potential to improve the economy of India.So it is better for Indian government to declare it as legal by imposing some regulations instead of declaring it as illegal. Bitcoin has the caliber to help the Prime Minister of India to achieve his aim of making India a cashless country.

At present the matter had gone to Supreme Court and  court has ordered the govt to either regulate this currency or else ban it. If govt finds it difficult to regulate it so they are left with no other option but will be banning it. Also they may then bring their own coin which would be only legal.

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November 26, 2017, 06:16:28 PM
 #10

nop, as of now bitcoin is legal in INDIA,bitcoin is still being used as its not illegal, but government has warn users about bitcoin and scams or frauds related to it and i am not sure they are going to help if anyone falls into this category of fraud.sometime before ,news was in air about legalization of bitcoin but still no law has been defined yet,decision of banning or legalization of bitcoin is still hanging in between.

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November 26, 2017, 06:35:24 PM
 #11

Indian Central Bank or Reserve Bank of India is absolutely silent regarding any issue about bitcoin. They neither banning it nor supporting it. The trend is such that they have not even been able to draft a law for its regulation or taxation. This makes me quite dubious about future of bitcoin in India. It being a quite fragile economy is absolutely not in a condition to promote BTC. Still worried what will I do if it is banned.
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November 28, 2017, 09:31:13 AM
 #12

Indian Central Bank or Reserve Bank of India is absolutely silent regarding any issue about bitcoin. They neither banning it nor supporting it. The trend is such that they have not even been able to draft a law for its regulation or taxation. This makes me quite dubious about future of bitcoin in India. It being a quite fragile economy is absolutely not in a condition to promote BTC. Still worried what will I do if it is banned.

True! We haven't yet heard anything from our Central Bank or the finance ministry yet on bitcoin. Which makes bitcoin's legal status unclear in India. It's neither legal nor illegal. It's good till the time they stay neutral, because if they start thinking about bitcoin, most likely it will be banned because our Central Bank runs under political pressure. Also we will see a lot of pressures coming from the commercial banks supporting the ban. So till the time they are silent, it's good for us.

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November 28, 2017, 09:53:48 AM
 #13

Is bitcoin legally recognized by the Indian Central Bank?

Bitcoin is not legal in India and the Indian Central Bank warn the people of not using any digital currencies at the moment while the government is continue evaluating the digital currency in which they will regulate it very carefully to ensure that safety of the use of this currency in the future  therefore you should wait for a while until it can be declared legally to use.

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November 28, 2017, 02:48:08 PM
 #14

Is bitcoin legally recognized by the Indian Central Bank?
Talking about legality of bitcoin in India, it is not yet confirmed or even there is no news about the topic . It is neither completely legal nor completely illegal in India . There may be some announcement in next year about the topic but still no heads up in any news. Still i think it is really important that bitcoin gets legal in as many countries as possible so there will be more stability and reliability on the currency. I think looking at the market status and growth of bitcoin India will eventually make it legal , may be they will have some rules and regulations .
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November 28, 2017, 05:29:35 PM
 #15

Is bitcoin legally recognized by the Indian Central Bank?

As of now, bitcoins are not yet legal in India. Reserve bank of India has already warned the people to invest into bitcoins on their own risk and there are minimum chances for legalization of bitcoins.
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November 30, 2017, 06:49:29 AM
 #16

Is bitcoin legally recognized by the Indian Central Bank?

No, bitcoin is not legally recognized by the Central Bank of India. And they will not make legal bitcoin as money in the near future. But bitcoin Exchange is legal . Gov is working with some Institute to track the bitcoin transaction and gov want to regulate the bitcoin but they have no intention to put a ban on it.

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November 30, 2017, 07:56:31 AM
 #17

Not yet, Indian Central Bank Will Not Allow Bitcoin as Legal Tender.
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November 30, 2017, 09:55:21 PM
 #18

BTC Legal Status is yet not clear in INDIA. But many INDIANS are getting into crypto-market nowadays. Seeing the popularity of BTC, Supreme court of India instructed Govt and banks to take reasonable steps to regulate BTC. Let's see what step Indian Govt take in order to regulate BTC, and will these steps able to protect BTC users interest in every way.


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December 01, 2017, 02:15:04 PM
 #19

Is bitcoin legally recognized by the Indian Central Bank?

Bitcoin status in India is up in the air so to speak. But unlike Russia, India has been pretty much consistent with their statement with bitcoin. There are lawmakers who truly opposed bitcoin, but there are also a lot of financial institutions who wants Indian government to recognized it. But as far as I'm concerned, they haven't deny nor confirm it yet. Maybe they are really divided as to what to announcement. And to think that they are not yet illegal their, you will see that the price of bitcoin is high or at a premium price. So imagine what will be the price of it once the government has finally legalized it or put a regulation on bitcoin and cryptocurrency in general.

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December 01, 2017, 05:15:33 PM
 #20

I can’t make judgement now as there is always bad and good news about the standing of cryptocurrency in that country.. And that is normal as most of the time,, it happens throughout each country.. But sooner that the government or the influential Indian people would realized that bitcoin can give more of advantages to them is better.. I know that there is massive bitcoin users in that country that profiting from it.. It might take time but it will soon be legalized in that country and I’m positive about it..

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