Is Bitcoin Legal in India?

[btc.fanda]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

What should I do at this moments? I am new in this field for that I am aware about it

[bitcoinvamp]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

I think you need to read some latest news about the bitcoin legality and the Indian government as they recently said that they don,t consider bitcoin as a legal currency . But on the other hand they didn't even make it illegal completely. They just don't appreciate the bitcoin and there users as a whole. Maybe there will be some update on the topic in some months but till then no one say what the Indian government wants.
For more information on the topic you could check the article .
http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html

[AssiZichlinski]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

[btc.fanda]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Have you checked the Indian subforum here?
Please spend some time reading up on the various discussions there and make up your mind. No government controls Bitcoin so it is neither legal nor illegal. But in most instances, like in the case of US, Bitcoin and cryptocurrencies are tagged as 'virtual property' and are taxed accordingly.

In India however, the government is just waking up to the idea of taxing Bitcoin investments. Recently the IT department sent a bunch of HNI bitcoin investors and traders a notice where all the details of their portfolio and so on. But that was a fruitless effort.

I suggest you follow the Indian subforum closely and read the posts there.

Can you please refer any link where I can get all information

[btc.fanda]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

Thanks for your referral Link, I visited this link and got some new information

[btc.fanda]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

I think you need to read some latest news about the bitcoin legality and the Indian government as they recently said that they don,t consider bitcoin as a legal currency . But on the other hand they didn't even make it illegal completely. They just don't appreciate the bitcoin and there users as a whole. Maybe there will be some update on the topic in some months but till then no one say what the Indian government wants.
For more information on the topic you could check the article .
http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html

Thanks for your Reference link

[btc.fanda]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

Thanks a lot for reference link

[btc.fanda]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

Thanks, What a great link you share.

[btc.fanda]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

I think you need to read some latest news about the bitcoin legality and the Indian government as they recently said that they don,t consider bitcoin as a legal currency . But on the other hand they didn't even make it illegal completely. They just don't appreciate the bitcoin and there users as a whole. Maybe there will be some update on the topic in some months but till then no one say what the Indian government wants.
For more information on the topic you could check the article .
http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html

Thanks a lot for your referral link.

[btc.fanda]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

Thanks for your valuable post and I read the reference link carefully

[btc.fanda]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

I got this link Do you have any other reference Link ?

[futureofeth]

Hey, I just saw this article posted on cointelegraph, although it appears (based on the user comments) that its veracity is not so clear. Does anyone have any information about it?

https://cointelegraph.com/news/indian-banks-suspending-bitcoin-exchange-accounts

I got this link Do you have any other reference Link ?

See I hear one of the major business wants to launch its own coin in India, but I don't know his name exactly. He is a very famous person in India may be the government is afraid of him and want to collect tax from those exchanges, maybe because of that, they have blocked the exchange accounts.

[Zackgeno96]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

[dokie987]

I know that there are lots of indian citizen who are dealing with bitcoin and other cryptocurrencies. So i think that bitcoin is not illegal there.

[Gotumoot]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

My opinion is bitcoin haven't legal in india and to be honest it is banned on some reason and still doing research regarding this topic the link is down below. I hope this would help thank you.

Link: https://www.express.co.uk/finance/city/913101/Bitcoin-ban-India-news-BTC-price-crash-cryptocurrency

[Lasvista]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

I think it is illegal not legal , but I think that are some just conclusion or a bluff but still I seen some article which you can look at the link is down below feel free to look , and share your thoughts.

link: https://www.express.co.uk/finance/city/903024/bitcoin-in-india-is-it-illegal-cryptocurrency-status-explained

[stomachgrowls]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

It does only mean that they don't encourage people of investing in Bitcoin because scams are so mainstream in their city that's why the government have taken some actions to inform their people that not to invest to some 'too good to be true' aka ponzi scheme. It is widely reported lately as what i have read from the news but they didn't really ban Bitcoin at all they just pose a warning to everyone on their country.

[Oceat]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Yes bitcoin is still legal in India,but there is a serious discussion going on Indian government for regulating the bitcoins because Indian government realized that many people from India are earning huge money through crypto currency but no one is paying taxes for that income.Recently a central minister address about this issue in parliament.Since that there are lots of rumors created that India banned bitcoins but not yet maybe soon we have the official announcement from the Indian government.

The Indian Government has not taken any decision regarding the legality of bitcoins so it is wrong to say that bitcoin is legal in india. Government has constituted a committee to study the possible tax frame and whether the bitcoin should be regulated or not ? At the moment, you can trade into the bitcoins but government authorities may ask you to pay the tax on the income generated through trading of bitcoins.

It does only mean that they don't encourage people of investing in Bitcoin because scams are so mainstream in their city that's why the government have taken some actions to inform their people that not to invest to some 'too good to be true' aka ponzi scheme. It is widely reported lately as what i have read from the news but they didn't really ban Bitcoin at all they just pose a warning to everyone on their country.

I do agree on this which a lot of scammers are using the fame of Bitcoin and applying it to their pyramid ponzi scheme. But the Indian government has not yet confirming it and it might be one of the fake news that someone was spreading to create a negative effect on Indian investors. That's why maybe Bitcoin now is not yet moving up. People should learn to know the truth and do their own research if everything was too blurry.

[GideonGono]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Its not yet legal and not ban , this is the false of some that saying bitcoin is ban on india , no its not true dont be fool by the fake  news , the truth is the government see bitcoin as a threat they just wanted to be careful and spread awareness but as of now bitcoin becoming regonizable by government , just debating it.

[whirlcoin]

In the view of Indian Governtment Bitcoin is Legal. Means if we trade Bitcoin from India is there any legal issues?  

Right suggestion only.

Its not yet legal and not ban , this is the false of some that saying bitcoin is ban on india , no its not true dont be fool by the fake  news , the truth is the government see bitcoin as a threat they just wanted to be careful and spread awareness but as of now bitcoin becoming regonizable by government , just debating it.

Yeah that was rumors were created by the bitcoin haters but now they are in the regulation process.I heard that Indian government want to link the ID verification for the individual on the local exchanges.So it means they gonna make bitcoins as legal in their India soon but the problem with the trading crypto is you may have to pay high taxes.