Bitcoin Legality in India

[GAUMZEE]

Will bitcoins be recognized by the Indian Government ?

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[Thanasis]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

[LyQaN]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too

[VikashSurin]

yes it's already legalised by the goverenment.

[Kronos21]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

It seems to me that legalization is another. Finally legalized bitcoin is only when you can exchange bitcoin to any Bank in the country. It is not. The fact that bitcoin is not forbidden that does not mean its legalization. I think that until the Americans will not indicate its position on bitcoin, we will not see a full legalization in all countries.

[Ailmand]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

I agree with the reply, based on my readings, India has already legalized bitcoin, and actually, India has the largest holding of bitcoin and is one of the countries that has the biggest bitcoin value. I mean India has been known in the tech industry for quite a while now, no wonder they have already delve deep into the bitcoin market considering it's rise in value and popularity these days.http://

[brontosaurus]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too

First of all I would like to tell you all that just today our honourable Finance Minister has come with a statement discussing legality of bitcoin and clearly expressing that India does not recognizes bitcoin as legal nor does it has any intentions to do so. However certain recommendations and provisions related to bitcoin are in making.

This statement clearly explains that Bitcoin is not perfectly going to be legal across the country however also clearly depicts that government are not expressly using the word "Illegal". Indian Govt. recognizes the importance of bitcoin. India has been receiving the most of outsourced services from United States and other countries. Most of these exported services are reimbursed in Bitcoins. So if India bans bitcoin the services sector could shake a lot.

Moreover the world's top countries have still not made any preposition regarding bitcoin and I think this is what is constraining India from making any statement regarding it. While countries like Japan and New Zealand are favoring it a lot. Countries like USA and China have no specific intentions of banning it. India doesn't really wants to get added to the list containing countries like Morocco and Zimbabwe. So most probably yes it will be recognized.

[squatter]

Indian customs are not clearing Bitcoin mining hardware shipped from Bitmain, based on publicly unknown government directives. Shipments were being rejected at the border, so Bitmain has stopped shipping to India entirely. Refunds are being issued. Bitmain retweeted this, which I interpret as confirmation that these reports are true.

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.

Do you have any sources to back this up? My understanding is that Bitcoin and cryptocurrencies are in limbo with regard to Indian laws and regulations. Just today, India's Finance Minister said that the government does not recognize BTC as legal tender. Apparently, regulations are forthcoming.

Last month, the Supreme Court apparently pressed the government to respond to calls to regulate BTC:

Concerned over bitcoin's anonymity and its potential illicit uses, justices issued a notice to the central bank and other agencies asking them to answer a petition on the matter, reports indicated.

The Finance Minister reiterated that the country does not have regulations governing cryptocurrencies. That is not "legalization" but rather a grey market where regulation is unclear, and where other general Indian laws and regulations (re: taxation, commerce, AML/KYC) apply.

[dogandogru]

Recently Indian Finance Minister has declared that BTC is not a legal tender in INDIA and they are working on its regulation will soon come with a firm decision on its legal status. Till now BTC is not illegal in INDIA, You can bear your own risk if you want to hold it.

[marcbitcoins]

Will bitcoins be recognized by the Indian Government ?

Bitcoin is not yet declared legal currency in India because the government is still assessing the possibility of legalization by regulating the bitcoin and other digital currencies to ensure that it will not be used in illegal activities such as scams, laundering and smuggling therefore you still can enjoy the benefits of engaging bitcoin without tax because bitcoin is not legal but not ban in the country.

[rasl.curt]

As i know, at present, there are no regulations governing virtual currencies like bitcoins in India.But RBI issued a press release on virtual currencies like bitcoins, litecoins, bbqcoins, dogecoins stating that creation, trade and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority. Further, RBI has cautioned virtual currency traders and users to various security related risks such as hacking, malware attack etc. While RBI has not legalized bitcoins, it has declared them unauthorized as of now.

[HiringYou]

Their is still no law that justifies the legality of Bitcoin in India.But it is said that a decision will be taken regarding the legality of Bitcoin in the coming month of April. I think that Indian government will declare it as a legal currency because Bitcoin  has a lot of potential to improve the economy of India but government will surely impose some rules and regulations on it in order to control inappropriate use of Bitcoin .Bitcoin has the caliber to help the Prime Minister of India Mr. Narendra Modi to achieve his aim of making India a cashless country.So I think it will be recognized by Indian government .

[uputer]

Yes, of course. The government Venisuely to come up with a financial crisis creates its own cryptocurrency. India will follow the same example

[Maheshkumar_Hrangkhawl]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too

You are 100% right. Bitcoin is neither legal, nor illegal in India. Zebpay operates with a general financial services license. They don't have a specific license to trade in crypto-currencies. This means that the website can be closed down anytime without warning.

[1NV3ST0NM3]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too

First of all I would like to tell you all that just today our honourable Finance Minister has come with a statement discussing legality of bitcoin and clearly expressing that India does not recognizes bitcoin as legal nor does it has any intentions to do so. However certain recommendations and provisions related to bitcoin are in making.

This statement clearly explains that Bitcoin is not perfectly going to be legal across the country however also clearly depicts that government are not expressly using the word "Illegal". Indian Govt. recognizes the importance of bitcoin. India has been receiving the most of outsourced services from United States and other countries. Most of these exported services are reimbursed in Bitcoins. So if India bans bitcoin the services sector could shake a lot.

Moreover the world's top countries have still not made any preposition regarding bitcoin and I think this is what is constraining India from making any statement regarding it. While countries like Japan and New Zealand are favoring it a lot. Countries like USA and China have no specific intentions of banning it. India doesn't really wants to get added to the list containing countries like Morocco and Zimbabwe. So most probably yes it will be recognized.

That is quite a valid point but India is a country which these days is fighting with its full strength against problems like money laundering and tax evasion. In between this we see a cryptocurrency which gives you anonymity of identity. How can one even expect India to allow its people to trade bitcoins? If this happens the amount of black money into it will take a whole new level. Even banning purchase of bitcoin in cash would not be enough as one can easily purchase it in cash from other people or indirectly using foreign currencies. Its whole lot of confusion and I think that is why India is silent on the question of cryptocurrencies.

[dsouzac72]

Legality of cryptocurrencies has been one of the major point of concern in India. It has kept many investors on a side where people think that investing in bitcoin might put them in trouble or they might even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for a quite long time. But with so much use of cryptocurrencies (bitcoin) is India they might soon be made legal in India.

[bitcoinvamp]

Will bitcoins be recognized by the Indian Government ?

Well there is nothing particularly talked about legality in India and maybe there will be some news next year. I think bitcoin will become legal in India as the Prime Minister of India wants to make the country a cashless country so making bitcoin legal can help to take big step towards the goal. Also, a leading wallet and bitcoin exchange named ZEBPAY is very useful in buying and selling your bitcoins as it is providing the best profit and offers than any other wallet available in India .

[Immakillya]

There's no decision yet about legalization of Bitcoin in India. There are no final verdict yet. But hopefully And they have no interest about regulating it. So people are free to buy and sell Bitcoin there. But i think mining there is quite hard. The government of India does not allow transporting miner there as far as i know. Because Bitmain doesn't support transporting Bitcoin miners on that territory. I could be wrong about that. I have checked Wikipedia. There's still no updates yet. What's important is, citizens there can still be able to enjoy Bitcoin.

[bitcoinisbest]

Legality of cryptocurrencies has been one of the major point of concern in India. It has kept many investors on a side where people think that investing in bitcoin might put them in trouble or they might even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for a quite long time. But with so much use of cryptocurrencies (bitcoin) is India they might soon be made legal in India.

It is not sure because government is trying to regulate this space. And if they feel that its not possible to regulate this and misuse can happen than they will be banning it. So its under discussion and committee have submitted their report and decision should be around the corner now. Lets us see what does government comes with the plan for cypto currencies and its future in India.

[ahmad21]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

Hey which country do you live in?? Whats the source of the information you are stating? Our Finance minister just said a few days ago that they don't recognize bitcoin as legal. Moreover just yesterday our central bank also stated the very same thing. India isnt saying its illegal therefore not banning exchanges but they are still not declaring it legal.