Bitcoin in India

[glowing10]

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.

Supreme court has given clear instruction they should regulate it and if government finding it difficult or cannot regulate it they will have to ban it. There is no other alternative to it. So what will happen is that if they ban it and still they want to make use of this technology govt may bring their own coin and which would be only legal in India then. 

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[VikashSurin]

i think bitcoin is still legal in india. and i hope it will be forever.

[dsouzac72]

Bitcoin is neither legal nor it is banned in India. Digital payments are all of the rage in India right now. That isn’t surprising, given last year’s demonetization efforts. Companies such as Zebpay, Coinsecure, Unocoin, and others are all competing for the top position. That is a positive sign, as it may hint at future Bitcoin adoption throughout the country. That will mainly hinge on the new regulations being handed down by the government, though. Indian citizens are certainly bullish on Bitcoin right now. This is not a big surprise, given the recent price trend for the world’s leading cryptocurrency. Moreover, it is not just the average consumer getting interested in Bitcoin. We also see high net worth individuals in India favor for the world’s leading cryptocurrency these days. It is evident Bitcoin is a great investment tool for anyone on the planet.

[RealKhan]

Firstly ,bitcoin trading is not regulated in India. So, just like SEBI regulates the stock market, there is no entity which regulates Bitcoin trading. While this makes it risky to trade in bitcoin, it sure doesn’t make it illegal as no law prohibits Indians from trading in bitcoin.

[GideonGono]

Is bitcoin legally recognized by the Indian Central Bank?

As far as I know bitcoin becoming recognized by the indian bank , but still not implementing bitcoin and yet it's not ban that's the common misunderstanding on some that they think bitcoin ban in india , no it's not. Here is some prove feel free to look at. The government is still talking about bitcoin , they just afraid because of the bad image of bitcoin , they just spreading awareness for the people of india who's been investing on bitcoin.

Link: https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

[gatti]

Is bitcoin legally recognized by the Indian Central Bank?

As far as I know bitcoin becoming recognized by the indian bank , but still not implementing bitcoin and yet it's not ban that's the common misunderstanding on some that they think bitcoin ban in india , no it's not. Here is some prove feel free to look at. The government is still talking about bitcoin , they just afraid because of the bad image of bitcoin , they just spreading awareness for the people of india who's been investing on bitcoin.

Link: https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

Bitcoin is legal in India.Due to some unwanted fake news,the investors in India is reduced.You make them to understand that bitcoin is legal in India.It's good work buddy.So the people in India can inverse their money in bitcoin to get some profit.Don't spread the fake news to make the investors panic.

[supermine]

Is bitcoin legally recognized by the Indian Central Bank?

As far as I know bitcoin becoming recognized by the indian bank , but still not implementing bitcoin and yet it's not ban that's the common misunderstanding on some that they think bitcoin ban in india , no it's not. Here is some prove feel free to look at. The government is still talking about bitcoin , they just afraid because of the bad image of bitcoin , they just spreading awareness for the people of india who's been investing on bitcoin.

Link: https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

Bitcoin is legal in India.Due to some unwanted fake news,the investors in India is reduced.You make them to understand that bitcoin is legal in India.It's good work buddy.So the people in India can inverse their money in bitcoin to get some profit.Don't spread the fake news to make the investors panic.

I don't think India announced as bitcoin usage of Bitcoin is legal in their country yet,But it is neither illegal nor legal.So we can use bitcoin in India still but I think they will regulate the crypto currencies soon,since they are linking asking to link their ID to the local exchanges it means they want to keep track the bitcoin usage and will implement taxes according to that.

[Yzhel]

I don't think India announced as bitcoin usage of Bitcoin is legal in their country yet,But it is neither illegal nor legal.So we can use bitcoin in India still but I think they will regulate the crypto currencies soon,since they are linking asking to link their ID to the local exchanges it means they want to keep track the bitcoin usage and will implement taxes according to that.

At some point India is one of the countries who are actively doing cryptocurrency, and we are thankful with it despite of the fact that the status of crypto their is not yet clear. Just like here in our country, they are not saying whether it is illegal or not they were just advising us to be extra careful on it.

[supermine]

I don't think India announced as bitcoin usage of Bitcoin is legal in their country yet,But it is neither illegal nor legal.So we can use bitcoin in India still but I think they will regulate the crypto currencies soon,since they are linking asking to link their ID to the local exchanges it means they want to keep track the bitcoin usage and will implement taxes according to that.

At some point India is one of the countries who are actively doing cryptocurrency, and we are thankful with it despite of the fact that the status of crypto their is not yet clear. Just like here in our country, they are not saying whether it is illegal or not they were just advising us to be extra careful on it.

I hope soon bitcoin will be legalized in India but with heavy taxes because India's current president is encouraging the citizens to convert to the cashless economy so bitcoin and other cryptos are also the way for cashless economy if he said for the benefit of people then he will legalize it,but implementing heavy taxes to the cryptos is unfair but I don't know it is possible to track all the crypto currencies in a country like India where the population is around 1.5 Billion.

[tweetbit]

Is bitcoin legally recognized by the Indian Central Bank?

Give attention to this root word “central banks” as a sign that they don’t like cryptocurrency. So if this word belongs to a question then expect an answer negatively. Or you must known the answer even before posting it, like a common response all the time. I don’t how they accept bitcoin, the Indian government as whole but when we talk about banks you should have a clue what to expect.

[MicroEarn]

Central banks would probably never recognize Crypto currency. Cryptos take away their monopoly in determining the value of currency.

[hacekd]

The decline in bitcoin prices follows investor concerns over regulatory upgrading in India and potential price manipulation in some major exchanges. Quoting CNBC, bitcoin prices even touched about 8,810 dollars in Coinbase, one of the leading virtual currency exchange centers in the US. A, bitcoin prices observed at 9,023 US dollars position.

[MicroEarn]

The decline in bitcoin prices follows investor concerns over regulatory upgrading in India and potential price manipulation in some major exchanges. Quoting CNBC, bitcoin prices even touched about 8,810 dollars in Coinbase, one of the leading virtual currency exchange centers in the US. A, bitcoin prices observed at 9,023 US dollars position.

Do you really think that possible Indian regulations can effect BTC prices significantly?

[Taki]

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.

You live in a dream if you think that India will follow Japan. With their recent politic towards gold I do not believe that crypto currencies will ever succeed there. I guess with time their relationships with cryptos are going to become even more rough, like in Bangladesh where crypto users are going in a jail.

[Kemarit]

I don't know if you guys have read this article:

(https://cointelegraph.com/news/india-two-crypto-exchanges-halt-trading-blame-discouraging-government-stance)

"BTCXIndia and ETHEXIndia’s websites both currently display a message to customers informing them that any deposits received after Jan.1 will automatically be sent back to the investor’s bank account."

What's funny is that both trading platform says that Indian government is putting a lot of stress on them that's why they stop trading. Do you actually believed this news? What irritates me is that those 2 trading platform are not that recognized and the main Indian exchanges are Unocoin and Zebpay. So I don't know what's the real intention behind why the government is not putting pressure on the main Indian exchanges? Is this sort of FUD from cointelegraph? (again).

[Virtual miner]

Is bitcoin legally recognized by the Indian Central Bank?

The position of Bitcoin in India is unchanged as it was before. The central bamk of the country i.e. RBI has not declared Bitcoin as a legal tender that can be used as a medium of exchange. The finance minister Arun Jaitley has declared lately that Bitcoin is not a legal currency in the country.
The regulatory panel of the country is continuously warning its people of the harms of investing in btc. So they have not regularized digital currency for trading purposes. According to the Indian government, it is quite risky to invest in Bitcoin because of the associated drawbacks like no control n regulation, deventralized n open source mechanism, no authentication, illegal activities, etc.

[belford11]

as far as I know, he was not recognized...

[Lasvista]

Is bitcoin legally recognized by the Indian Central Bank?

Well as of now the indian bank is now recognizing the bitcoin , but still debating on the court , because they wanted to be assure that the people on india is safe on investing through bitcoin. So that's why as of now bitcoin is not legal on india.

[makolz26]

For clarifications and for confusion of all the people stating that Bitcoin was banned in India is not true, according to the report by their government it is neither illegal nor legal, they are just saying to make extra cautious in putting your money or in investing your hard earned money their but they are not banning bitcoin.

[iram1011]

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.

How that even makes sense of comparing Indian monetary model to Japan's?

Japan is a country with only 127 million population and is technologically way ahead than India. Japan has already made bitcoin and other cryptocurrencies as a legal tender. But I don't see cryptocurrencies as a legal tender a working model in India. Where people are still struggling in adopting mobile wallets and credit/debit cards, Bitcoin as a legal tender hardly has any future. Also, the percentage adoption rate for cryptocurrencies is way to less in India.

Moreover, a government committee is analysing the scope of cryptocurrencies in India and will most probably give their conclusion before the end of financial year. According to me, they will most probably regulate them and will not ban them.