Bitcoin Legality in India

[SixOfFive]

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.

Don't give false statement on the forum...try to do a handful research before posting.
BTC is never been legal in INDIA, still indian govt. is unable to take any firm decision on crypto-market. Recently Indian finance minister states that they do not recognize BTC as a legal tender (though its not illegal to hold or trade it). Even Reserve Bank warned investors about BTC in a informal tone.
So BTC legality is not clear in INDIA but soon a firm decision will be made by indian govt on its regulation and trading.

[palle11]

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.

Countries like America would not be in a haste to make legal statement about the bitcoin legality. This is because, bitcoin is valued above every fiat and America "pride" itself about there dollar currency; so making such statement would mean outright subjugation of there pride.

Also, the economy of America is better off and they might not want anything thing that would help other countries to equal them financially and in status. They want to continue playing the "big brother" role.

The point then is, countries that will be quick to legalize it are countries that are more or less need to support their economy.

[s31joemhar]

Will bitcoins be recognized by the Indian Government ?

India is one of the power house countries in Asia because of its influence and alliance. It is nice thing that one of countries in Asia like India slowly accepting the electronic currency in their system;
for the innovation of good future.

[ahmadhidayat27]

I always hope Bitcoin can be legalized in developing countries in asia like India. India is a country with a fantastic population in the world. It certainly becomes a big challenge in the application of bitcoin. Bitcoin is not currently at a stable level. I really hope the application of bitcoin can happen in India so that other developing countries in Asia can follow the steps taken by the government of India.

[Fire Rabbit]

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.

Yeah, I also saw the same news in the newspaper two days back. Government has not declared it as legal nor illegal. So we can use it. If its illegal, government will first ban bitcoin exchanges but the exchanges are still continuing their service without any problems. So from that we can understand that government hasn't declared it as illegal either.

[Netnox]

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.

Don't give false statement on the forum...try to do a handful research before posting.
BTC is never been legal in INDIA, still indian govt. is unable to take any firm decision on crypto-market. Recently Indian finance minister states that they do not recognize BTC as a legal tender (though its not illegal to hold or trade it). Even Reserve Bank warned investors about BTC in a informal tone.
So BTC legality is not clear in INDIA but soon a firm decision will be made by indian govt on its regulation and trading.

Hmm... what you have posted is closer to the real ground situation. And from what I have heard, the Indian authorities are closely monitoring the crypto usage within the country, especially after the trading volume surged during the demonetization drive. Currently they are compiling the database of traders with significant volume. But there is nothing to worry about.

[yojodojo21]

For clarification, why some others reply post In this thread says that bitcoin is legalized in INDIA, it 's a big NO, are they lying or what? Bitcoin is not legalized in INDIA, and as far as I know there is no country from third world that already legalized bitcoin, maybe they accept but legalization is not as easy as picking up wild flowers in wild garden.

[kimochidesh]

Not yet legal in INDIA...but soon it will be cleared about BITCOIN legal status in India. After the supreme court order, Indian govt has formed a committee to analyze pros and cons of BTC and how its legalization will affect the countries economy in near future.
Let's wait and watch what decision will govt take on the legal status of BTC.

[bryant.coleman]

Not yet legal in INDIA...but soon it will be cleared about BITCOIN legal status in India. After the supreme court order, Indian govt has formed a committee to analyze pros and cons of BTC and how its legalization will affect the countries economy in near future.
Let's wait and watch what decision will govt take on the legal status of BTC.

Indian red tape is quite famous all over the world. They have just started a committee to study the pros and cons of Bitcoin usage. And my guess is that they will complete the study by sometime in 2022 or 2023, and the status of Bitcoin and its users will remain in legal limbo up to that date. Perhaps the government will wake up from slumber before that.

[Kingofbitcoin12345]

Will bitcoins be recognized by the Indian Government ?

Well,, some say it’s legalized already or some insist that it is not either illegal or legal as if no decision has made.. But I have known that the bitcoin community in India is open,, means neutral like my country.. They can buy,, sell and invest in cryptocurrency when they want to.. Even I heard many bad news of attempts of regulation in that country,, many India bitcoin users are still one of the most numerous in my observation..

[rahmanrock]

Yes. :)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. I am so happy.

[dave111223]

Legal or not, seeing 90% of the bitcointalk population is indonesian, they will still be trading and doing their things in bitcoins, in such country, the police can't really do anything

[Renr]

i simply dont understand what kind of regulations this baldy is talking about,do we have regulation in marriage where a muslim guy can marry 4 times at the same time keeping 4 ? do we have regulation on how much looting congress can do from india ? do we have regulation on how much money can be stashed in foreign banks ? do we have an accountability to people other than using them as tools to get elected ? if not ,shut the buck up,people will want to end the slavery and idiotic democracy that runs with an italian woman intercepting a young indian and killing the guy to get to power and trying constantly to get son into the throne of indian PM post,gone are those days we used to sound gullible,not anymore,we know more economics than you and your entire family knew ,we decide what we want to do with our lives,not some fake gandis and fake yadavs and fake good for nothing subserviant to vatican agenda sick people who wear turbans.

[Usine]

i simply dont understand what kind of regulations this baldy is talking about,do we have regulation in marriage where a muslim guy can marry 4 times at the same time keeping 4 ? do we have regulation on how much looting congress can do from india ? do we have regulation on how much money can be stashed in foreign banks ? do we have an accountability to people other than using them as tools to get elected ? if not ,shut the buck up,people will want to end the slavery and idiotic democracy that runs with an italian woman intercepting a young indian and killing the guy to get to power and trying constantly to get son into the throne of indian PM post,gone are those days we used to sound gullible,not anymore,we know more economics than you and your entire family knew ,we decide what we want to do with our lives,not some fake gandis and fake yadavs and fake good for nothing subserviant to vatican agenda sick people who wear turbans.

So the people who have already robbed us blind need to regulate and rob us blind again. No Thanks.

[Kesecer]

i simply dont understand what kind of regulations this baldy is talking about,do we have regulation in marriage where a muslim guy can marry 4 times at the same time keeping 4 ? do we have regulation on how much looting congress can do from india ? do we have regulation on how much money can be stashed in foreign banks ? do we have an accountability to people other than using them as tools to get elected ? if not ,shut the buck up,people will want to end the slavery and idiotic democracy that runs with an italian woman intercepting a young indian and killing the guy to get to power and trying constantly to get son into the throne of indian PM post,gone are those days we used to sound gullible,not anymore,we know more economics than you and your entire family knew ,we decide what we want to do with our lives,not some fake gandis and fake yadavs and fake good for nothing subserviant to vatican agenda sick people who wear turbans.

So the people who have already robbed us blind need to regulate and rob us blind again. No Thanks.

Governments can choose to either do nothing – which is okay; make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions; or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field,”

[Amial]

i simply dont understand what kind of regulations this baldy is talking about,do we have regulation in marriage where a muslim guy can marry 4 times at the same time keeping 4 ? do we have regulation on how much looting congress can do from india ? do we have regulation on how much money can be stashed in foreign banks ? do we have an accountability to people other than using them as tools to get elected ? if not ,shut the buck up,people will want to end the slavery and idiotic democracy that runs with an italian woman intercepting a young indian and killing the guy to get to power and trying constantly to get son into the throne of indian PM post,gone are those days we used to sound gullible,not anymore,we know more economics than you and your entire family knew ,we decide what we want to do with our lives,not some fake gandis and fake yadavs and fake good for nothing subserviant to vatican agenda sick people who wear turbans.

So the people who have already robbed us blind need to regulate and rob us blind again. No Thanks.

Governments can choose to either do nothing – which is okay; make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions; or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field,”

Government can't 'create' a level playing field because the field is already level. The only tool government has is a sledgehammer. It can only restrict markets. It can only destroy level playing fields by distorting the playing fields with force and violence of restrictions.

[Bamel]

i simply dont understand what kind of regulations this baldy is talking about,do we have regulation in marriage where a muslim guy can marry 4 times at the same time keeping 4 ? do we have regulation on how much looting congress can do from india ? do we have regulation on how much money can be stashed in foreign banks ? do we have an accountability to people other than using them as tools to get elected ? if not ,shut the buck up,people will want to end the slavery and idiotic democracy that runs with an italian woman intercepting a young indian and killing the guy to get to power and trying constantly to get son into the throne of indian PM post,gone are those days we used to sound gullible,not anymore,we know more economics than you and your entire family knew ,we decide what we want to do with our lives,not some fake gandis and fake yadavs and fake good for nothing subserviant to vatican agenda sick people who wear turbans.

So the people who have already robbed us blind need to regulate and rob us blind again. No Thanks.

Governments can choose to either do nothing – which is okay; make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions; or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field,”

Government can't 'create' a level playing field because the field is already level. The only tool government has is a sledgehammer. It can only restrict markets. It can only destroy level playing fields by distorting the playing fields with force and violence of restrictions.

Future will be regulated, whether we like it or not :p

[kohlicool54]

Any thing which does not comes under direct taxation of government will not be legalized in India.
They can't even block it. What all they can do is stopping the Indian exchanges ( there are few lesser known exchanges which doesn't have any impact on the overall bitcoin ecosystem)

[Sithara007]

Yes. :)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. I am so happy.

Did you even bothered to read the previous posts in this forum? Bitcoin was never legal in India and from what I have heard that situation is not going to change in the medium-term. The authorities remain very hostile to the crypto-currency and they are not banning it outright because it can drive the crypto-usage underground.

[Tungsten-1]

Legal or not, seeing 90% of the bitcointalk population is indonesian, they will still be trading and doing their things in bitcoins, in such country, the police can't really do anything

Its over whelming to hear that Indonesian are supporting bitcoin, well it’s hard to say that governments are making wrong policies in regard of bitcoin because they may also be having some solid reasons and goals in their mind. If we talk about mass then they will prefer bitcoin over the fiat because it is easier to be used and gives a high output