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Author Topic: What If Govt makes BTC legal in India?  (Read 134 times)
bhupsaa
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December 21, 2017, 09:50:50 AM
 #1

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!
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December 21, 2017, 01:52:50 PM
 #2

Legalizing bitcoin in India will bring in a huge positive impact on the crypto community as a whole. Because India is the largest democracy in the world. So with millions of legal bitcoin users will definitely bring in good amount of investment in the crypto market pushing the price up to another high level. However, the current government of India is lead by a hypocrite government who doesn't want their citizens to stay wealthy. However, I know that a parliamentary committee is debating on this matter since some time now. If they come up with a positive news, it will be great news for all of us. But since nothing has happened yet, it's too early to talk about it. Lets wait and watch.   

   
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December 21, 2017, 03:06:47 PM
 #3

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!
If theres a certain country which would decide to adopt bitcoin then I would say it would positively affect bitcoins price but as being said above I don't think it would really be easily to be recognized or the government of india would decide such thing knowing that they are really very keen into things.For now we don't have any plans or news regarding on such step for them to make but one things for sure if theres an adoption it would really have a positive impact on the price and at the same time positive impact for those people who do live on that place.


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December 21, 2017, 03:10:12 PM
 #4

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!
Ideally thinking legalization of BTC around India will attract a lot of crypto investments in the country as more and more people are going to come up with their own ICO's but before making such legalizations they have to come up with a whole new tax system to tax such persons dealing in cryptos. India is making some large steps to avoid money laundering they will never just allow people to use BTC as a tool to evade taxes. But for sure it will increase value of btc across the whole world.


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December 21, 2017, 05:47:54 PM
 #5


Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

That would be amazing if bitcoin gets legal in India . I read the news and there is a huge potential that bitcoin might get legal in India . India is one of the most active users of Bitcoin and legalizing it is much needed . That would make everything so simple and less tactic . There will be no fear of " how to handle bitcoin " and how to declare the source of money . But there s a huge possiblity that they impose taxes on the transactions or on the money you earn from bitcoin.                           

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December 22, 2017, 05:31:36 PM
 #6

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

Hmmm. Let's see, India is one of the most populous nation on the planet, so obviously if they legalized bitcoin like Japan did and everyone went on-board, there will be huge impact on the prices. Right now India's bitcoin community is alive so just imagine if one day the government declare bitcoin legal. It will be a welcoming news not just for India's community but the whole crypto as well. Sadly, I think there's so much do to before they are going to accept bitcoin. It's gonna be a tug of war, there are a lot of of government officials who are anti-bitcoin. But we will see, it looks like the government is still open for tighter regulations against a total ban on bitcoin and crypto's in India.

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December 22, 2017, 06:16:32 PM
 #7

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

Legalizing Bitcoin in India will surely foster bitcoin transactions in India. People will use btc much openly. A large mob around the country suspects the legality of bitcoin which really stops them from dealing in it. Moreover Indian media and press have created such a terror regarding bitcoin which further stops people from buying bitcoin. Legalizing it will create a huge demand in the country and increase the value of cryptos

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December 22, 2017, 06:56:36 PM
 #8

Legalising bitcoin in the country with second largest number of internet users will not only boost the local Bitcoin price, but would bring a positive wave globally pushing in more demand and adoption and hence, boosting the price. Whatever recently happened in India regarding taxing capital gains and a thorough check of exchanges indicate towards a positive response from government.

I feel soon Indian government would make cryptocurrencies legal!

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December 22, 2017, 08:07:34 PM
 #9

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

The Central bank have no plan to make BTC legal. There is a news spreading around that Tax dept have send notice to several people how have exchanged huge amount of btc to flat.
And almost the same thing about gambling. Gov have completely overlooked the online gambling but there will be no permissions for any real casinos.   

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December 22, 2017, 10:24:02 PM
 #10

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

The Central bank have no plan to make BTC legal. There is a news spreading around that Tax dept have send notice to several people how have exchanged huge amount of btc to flat.
And almost the same thing about gambling. Gov have completely overlooked the online gambling but there will be no permissions for any real casinos.    
This sounds right. I would be very surprised if India legalized bitcoin. They could, but only after a few other countries.
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December 23, 2017, 07:26:21 AM
 #11

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

I have no idea that in India bitcoin is illegal?

In every news that there comes an adoption or it's a positive one for the sake of bitcoin then that's something that will increase the price of bitcoin.

And if they will legalize it with gambling then there will be too many Indian's that will gamble through bitcoin, simply gonna make the demand higher again.

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bitcoinisbest
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December 23, 2017, 08:25:03 AM
 #12

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

I have no idea that in India bitcoin is illegal?

In every news that there comes an adoption or it's a positive one for the sake of bitcoin then that's something that will increase the price of bitcoin.

And if they will legalize it with gambling then there will be too many Indian's that will gamble through bitcoin, simply gonna make the demand higher again.

Gambling and bitcoin are 2 different aspects and Gambling is banned from starting itself.  Regarding bitcoin govt is still not much in favor since they have already told that in terms of legal tender it cannot be accepted.  Now they would collect the tax on the income earned through the revenues of the bitcoin and once they receive it they may ban it or make the stringent laws if they do not want to promote such virtual currencies.

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December 23, 2017, 12:19:14 PM
 #13

The Indian government is debating this topic for 2 months now. A country can only make the exchange of a bitcoin illegal. Because cryptocurrency can't be traced and is protected by blockchain, these transactions are secured.

What is meant by "banning a CURRENCY"?
It actually means that the government will not consider it as a legal tender for exchanges. But we can still exchange it where it is a viable option.

Effect of legalizing

If the Indian government makes bitcoin legal, there will be a huge impact on the value of bitcoin. It's a game of demand. When a certain phenomenon is acknowledged by the government, the trust for that phenomenon in the citizens increases. This increases in trust will lead to increase in demand and hence a shooting increase in value.

And why did I say "shooting" increase?
With the building of trust and increase in demand and hence value, people will start demanding it more. And hence a cycle of increase in demand and value will form. The only difference in each circle will be its size. Due to its large population and booming IT sector, more and more people will be getting involved. This can increase the value of bitcoin to new and unimaginable heights.
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December 24, 2017, 05:23:40 AM
 #14

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

To the level of statistics around bitcoin users now, India is still not very much mentioned. The population is there but how many percentage of the whole bitcoin enthusiasts around the world that they control this is key and that is why the legalization of bitcoin might not make the same amount if effect it would have if same thing would have been done by China in addition to India not part of the world powerful country. What this will bring is some sort of relief around the community.

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December 24, 2017, 05:28:10 AM
 #15

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

The world markets of trading determine the price of Bitcoin based on the supply and demand. Not the government. Price will continue same.
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December 24, 2017, 08:06:20 AM
 #16

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

Forget it. They will never make it legal. The Indian government is full of idiots and they have already sent tax notices to almost 600,000 Bitcoin users. In case they legalize it, then a lot of Indians will be ready to make investment in this asset and we can expect the global exchange rates to jump by at least 20% to 30% as a result of it.

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December 24, 2017, 09:23:44 AM
 #17

Hello Guys!!

I hear they are going to make it legal soon with gambling.

thanks!

From where did you got this info ? As per my understanding, state governments are the responsible to formulate laws for the gambling and not the central indian government. There has been old central gambling act which prohibits indian citizens from being involved into gambling activities. But there are few states who has legalized gambling eg. Goa.
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December 25, 2017, 05:25:04 AM
 #18

Legalizing bitcoin in India will bring in a huge positive impact on the crypto community as a whole. Because India is the largest democracy in the world. So with millions of legal bitcoin users will definitely bring in good amount of investment in the crypto market pushing the price up to another high level. However, the current government of India is lead by a hypocrite government who doesn't want their citizens to stay wealthy. However, I know that a parliamentary committee is debating on this matter since some time now. If they come up with a positive news, it will be great news for all of us. But since nothing has happened yet, it's too early to talk about it. Lets wait and watch.   

I am banking on India and that by next year the government would eventually allow Bitcoin to flourish within the country under a strict regulatory framework that participants have to closely follow otherwise there would be heavy penalties outlined in the law. India is representing a big market potential and this can even rival that of India. With strong base of entrepreneurial people, cryptocurrency can thrive within India's society and economy. With many young people already into  online activities including that of cryptocurrency, once this market is opened we should be expecting a gradual increase in its adoptions and popularity. The only problem is that the Bitcoin right now is not ready for expansion as it is continually suffering from clogging and ridiculous transaction fees -- this is not the kind of first impression we wanted that those in India to greet when they started tinkering with Bitcoin. I am then hoping that Bitcoin can already surmount the challenges thrown its way before we let in a big country like India get into the Bitcoin rollercoaster ride.
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December 25, 2017, 09:42:15 AM
 #19

Sad but it’s totally unexpected from Indian government to be so strict regarding cryptocurrency while most Indian individuals are into it.. Hope it eventually change in a better neutral environment for the bitcoin users that might help more economically that country.. If they find a good reason on making it reversed in the future to a more legal and regulated bitcoin that’s much better..

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December 25, 2017, 10:39:52 PM
 #20

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

I have no idea that in India bitcoin is illegal?

In every news that there comes an adoption or it's a positive one for the sake of bitcoin then that's something that will increase the price of bitcoin.

And if they will legalize it with gambling then there will be too many Indian's that will gamble through bitcoin, simply gonna make the demand higher again.

Gambling and bitcoin are 2 different aspects and Gambling is banned from starting itself.  Regarding bitcoin govt is still not much in favor since they have already told that in terms of legal tender it cannot be accepted.  Now they would collect the tax on the income earned through the revenues of the bitcoin and once they receive it they may ban it or make the stringent laws if they do not want to promote such virtual currencies.


Yes that's 2 different thing, gambling is for gambling and bitcoin is for crypto's.

That's the only way to make bitcoin legal anywhere in this world. Government can take the advantage of those people who are earning through bitcoin and other cryptocurrencies as well.

And that is by taxing us.

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