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.

[legendster]

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.

[chiggz]

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

Right suggestion only.

As of now the government hasn't made is illegal. I guess the corrupt politicians themselves are using it to store as an asset for their black money hoarding. Recently the government has warned the people not to take part in Bitcoin or any Crypto related activities. Also there has been news about tax officials raiding certain exchanges.

All the government requires is you too pay taxes. If you are cashing out a large sums from Crypto and get a your taxes paid, there should be no issues whatsoever.

If the Indian government can demonetize currency notes out of the blue, I wouldn't be surprised if they put a ban on Bitcoin exchanges tomorrow. People will have to deal with it and there is no going anywhere.

[supermine]

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.

[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.

Thanks for your comments and I knew that If I trade Bitcoin from India I won't be criminal or I won't do any job against Law. Here I mentioned that I want to pay tax if I trade Bitcoin and what is the process.

[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 provide some reference links where real discussion is done

[cluelesssoul]

Hi All,

I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.

As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.

It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.

Crypto is eating Fiat!

We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.

Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.

Trying to regulate something of non-regulative nature is quite a challenge.

As this point of time : kind of neither legal or illegal. You are at your own risk.  

[Sithara007]

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

Right suggestion only.

Strictly saying, Bitcoin is neither legal nor illegal in India. But since it is not illegal, it is OK to trade in Bitcoin or any other crypto-currency. But you should remember a few things here. Although it is not illegal to trade in Bitcoins, you need to pay capital gains tax on the profits from trading. Also, check this article:

https://www.gadgetsnow.com/tech-news/tax-axe-finally-falls-on-thousands-of-bitcoin-investors-in-india/articleshow/62570839.cms

[Hexah]

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 am not from India but I have connections to some Indian individuals here on forum but I think it is legal on there country by now but there are rumors of banning exchanges there and those taxes involvement on the use of cryptocurrencies. I am aware that cryptocurrencies are healthy on their country hope that doesn't end just by government interventions on crypto policies. I know policies are good but hope every government doesn't overboard that crypto earners will not be in vain too.

[btc.fanda]

Hi All,

I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.

As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.

It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.

Crypto is eating Fiat!

We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.

Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.

Trying to regulate something of non-regulative nature is quite a challenge.

As this point of time : kind of neither legal or illegal. You are at your own risk.  

What should we do now?

[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 am not from India but I have connections to some Indian individuals here on forum but I think it is legal on there country by now but there are rumors of banning exchanges there and those taxes involvement on the use of cryptocurrencies. I am aware that cryptocurrencies are healthy on their country hope that doesn't end just by government interventions on crypto policies. I know policies are good but hope every government doesn't overboard that crypto earners will not be in vain too.

I need clear information. Can you please where I can get it?

[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.

Strictly saying, Bitcoin is neither legal nor illegal in India. But since it is not illegal, it is OK to trade in Bitcoin or any other crypto-currency. But you should remember a few things here. Although it is not illegal to trade in Bitcoins, you need to pay capital gains tax on the profits from trading. Also, check this article:

https://www.gadgetsnow.com/tech-news/tax-axe-finally-falls-on-thousands-of-bitcoin-investors-in-india/articleshow/62570839.cms

Thanks for your referral link and read this link and got some information.

[cluelesssoul]

Hi All,

I am from India. This is my first activity here and it is taking time to get to understand how bitcointalk.org works. Nevertheless I am about to complete 1 year in crypto and reading extensive about this space.

As far as the legal perspective is concern, that's a tricky question. We have already entered into an era where money is being redefined. The invention blurs the line between legal and illegal and offers a better, transparent, open and trustless means for transacting.

It certainly is a mammoth task to keep track of all the individuals when distributed computing's nature makes it hard to do so. Many experts who are in the industry for long have been vocal in terms of criticism towards government for their inefficiencies.

Crypto is eating Fiat!

We also witnessed a sharp rise in Privacy focused projects which makes a point that governments should focus on alternative and much healthy ways of taxing it's citizens.

Government does realise the potential of underlying technology 'Blockchain'. IRDBT which is under RBI has successfully done POC and the paper is available on public domain.

Trying to regulate something of non-regulative nature is quite a challenge.

As this point of time : kind of neither legal or illegal. You are at your own risk.  

What should we do now?

I don't know. But it certainly is a crucial time to wait and watch, we have to see what new policies will be framed to implement taxation. In the mean time if you have some money which you can afford to risk, buy more crypto.

[/quote]

[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 am not from India but I have connections to some Indian individuals here on forum but I think it is legal on there country by now but there are rumors of banning exchanges there and those taxes involvement on the use of cryptocurrencies. I am aware that cryptocurrencies are healthy on their country hope that doesn't end just by government interventions on crypto policies. I know policies are good but hope every government doesn't overboard that crypto earners will not be in vain too.

How Can I know that in details and need real information

[btcformula]

in one word -It's not legal. no Govt don't declare illegal because it's a good source of tax. and country never wants to cut there earning. BTC is unstoppable if one way will close another way will open. This is a true fact.

[btc.fanda]

in one word -It's not legal. no Govt don't declare illegal because it's a good source of tax. and country never wants to cut there earning. BTC is unstoppable if one way will close another way will open. This is a true fact.

Thanks for your valuable Comment

[avikz]

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

Right suggestion only.

Bitcoin is neither illegal nor legal in India. Indian finance ministry led by Mr. Jetley has constituted a committee to discuss on the impact of bitcoin on the Indian economy and they are yet to come up with any proposal yet. Probably we will have some more clarity on 1st of February during the budget speech. So as of now, it is hanging between two decisions. It will either be banned or be taxed. No official decision has yet been made.

However, in the meantime, our central bank RBI had issues two notices mentioning bitcoin and crypto investment a very risky affair and requested Indian people to stay out of that. With such negative mentality from RBI and below average IQ of our uneducated ministers, don't expect any positive things to come out from government. Mostly they are going to ban it. So if they ban it and if you have transacted in some huge amounts, you may receive some tax notice in future.   

[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.

Bitcoin is neither illegal nor legal in India. Indian finance ministry led by Mr. Jetley has constituted a committee to discuss on the impact of bitcoin on the Indian economy and they are yet to come up with any proposal yet. Probably we will have some more clarity on 1st of February during the budget speech. So as of now, it is hanging between two decisions. It will either be banned or be taxed. No official decision has yet been made.

However, in the meantime, our central bank RBI had issues two notices mentioning bitcoin and crypto investment a very risky affair and requested Indian people to stay out of that. With such negative mentality from RBI and below average IQ of our uneducated ministers, don't expect any positive things to come out from government. Mostly they are going to ban it. So if they ban it and if you have transacted in some huge amounts, you may receive some tax notice in future.   

I want to pay tax it does not matter but is Indian Govt. Block my transaction? If I invest Huge money then happened a great danger

[sheymom]

It is not illegal. As long as they say explicitly, you do not have to worry about it man.

[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 am not from India but I have connections to some Indian individuals here on forum but I think it is legal on there country by now but there are rumors of banning exchanges there and those taxes involvement on the use of cryptocurrencies. I am aware that cryptocurrencies are healthy on their country hope that doesn't end just by government interventions on crypto policies. I know policies are good but hope every government doesn't overboard that crypto earners will not be in vain too.

Thanks for your valuable comments but I am aware of it