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GarrySingh
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January 29, 2018, 06:38:04 AM
 #1

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

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January 29, 2018, 08:23:34 AM
 #2

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

Bitcoin and other crypto currencies are not banned in India as of now. But neither it's legal. The finance ministry has constituted a committee to discuss and create a framework for the crypto currency users in the country and they have't yet come up with a decision. So I think, we will have some news frm them on our budget day which is scheduled to happen on February 1st.

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government. 

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January 29, 2018, 12:41:01 PM
 #3

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

Bitcoin and other crypto currencies are not banned in India as of now. But neither it's legal. The finance ministry has constituted a committee to discuss and create a framework for the crypto currency users in the country and they have't yet come up with a decision. So I think, we will have some news frm them on our budget day which is scheduled to happen on February 1st.

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government. 
It seems to me that the biggest problem of the bitcoin community is disunity. We are waiting for the government's blessing. Many people look to events in India as on news. They do not understand that now ban of bitcoin in Bangladesh in India tomorrow and the day after the ban will be in your country. Now you need to create a system in which bitcoin will continue to exist without the use of Fiat and will not be divided by state boundaries.
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January 29, 2018, 12:45:14 PM
 #4

They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.
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January 29, 2018, 01:55:05 PM
 #5

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
I think before  creating a thread on any topic you should first search for the same as this topic has been created several times and you could find the answers in the same.

But , answering your question i would say that bitcoin is still not banned in India . It is only declared that the use of bitcoin is not legal in the country but is not banned . They say that the use of any cryptocurrency is not appreciated by the Indian government and would not be entertained. But still you can use it for now . As for the full detailed article you can read through this link : http://www.livemint.com/Money/jKmPIwhqwLQ1SBvEtDSpYO/Bitcoin-is-not-legal-tender-in-India-finance-ministry.html
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January 29, 2018, 06:33:49 PM
 #6

Bitcoin until now is absolutely not banned in India but yes the whole of the Indian government doesn't really has a very positive acclaim about it. Bitcoin has been left unregulated until now and people are being continuously warned regarding its usage and mishappenings. But still govt. hasn't expressly declared it as banned or completely illegal. However when it comes to neighbouring countries its use is forbidden in Bangladesh where the central bank has clearly said that strict actions will be taken against the law violators.
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January 29, 2018, 07:27:52 PM
 #7

They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.
As i have read before they(Indian Government) are not banning Bitcoin nor legalizing, they just want warn people to avoid investing in Bitcoin because some people are using the advantage of it to take money from other people by doing any investment scam. A lot of people have been reported that complaining about the scam activity that's why the government is worried that's why they forced to stop supporting Bitcoin.

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January 30, 2018, 05:24:42 AM
 #8

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government. 
So what do you think buddy is mining more profitable or buying some bitcoin and holding it?

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January 30, 2018, 05:43:04 AM
Merited by bakerlisa510 (1)
 #9

They have said that just like Korea bitcoin is not banned in their country nor legal they were just keeping people warned by the risk that associated with bitcoin. Here in our country, bitcoin is not legal as well but they are not limiting the belief of the people who were trying to take this opportunity. A lot of people here were scammed and that is true but that is not the reason why they are not legalizing bitcoin yet.

but what do you think about this Jiocoin? it is said to be launched in sometime! Will Ambani have the permission because I don't think so they are a scam coz they have a big company to back up.

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January 30, 2018, 06:48:02 AM
 #10

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government. 
So what do you think buddy is mining more profitable or buying some bitcoin and holding it?

I think Bitcoin mining is not profitable in the present difficulty people facing and you need to spend a lot of money for mining equipment in order to make Bitcoin fastly. I think it is always better to buy the Bitcoin and hold it for the long term you will get more benefit instead of Bitcoin mining.
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January 30, 2018, 09:51:09 PM
Last edit: February 01, 2018, 09:09:29 PM by kimochidesh
 #11

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

BTC is not banned in India, However NEPAL and Bangladesh have prohibited Bitcoin usage. Though Indian Finance minister has declared that they are not taking BTC as a legal tender. India has exchanges like zebpay, Unocoin etc which are taking KYC with documentation proof before enabling you to buy/sell BTC. So there is nothing illegal going on in India that needs to be stopped so stay calm and keep on trading crypto.
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January 31, 2018, 10:41:32 PM
Last edit: February 02, 2018, 08:00:03 PM by dogandogru
 #12

No BTC is not banned in INDIA. Indian govt has appointed a committee under Finance and economic department of India to determine guidelines and legal status of crypto in INDIA. This committee has not submitted their report yet and is in process of evaluation of its pro and cons at country's economy. It is hoped that this committee will soon come up with a report on it, on basis of that report, legal status of BITCOIN and other cryptos will be decided in INDIA.
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February 01, 2018, 01:34:11 PM
 #13

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

no bitcoin is a e-currency and govt has no right in bitcoin that's why bitcoin is not banned any country   
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February 01, 2018, 03:01:52 PM
 #14

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

They are still neutral as far as I know. Although last year there was one parliamentary members who really voice out against bitcoin (forgot this name), they are still divided over bitcoin's legalization.  RBI, India's Central Bank has not issue any licenses for crypto to operate and at the same time the country doesn't have any regulations as well. I guess our fellow Indian brothers can still enjoy to trade or invest in cryptos. Again the issue with bitcoin or crypto being used for illegal activity will be the main focal point of those parliamentary members who are against it. It's going to be a struggle before crypto could be accepted or regulated in the country.

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February 01, 2018, 04:30:52 PM
 #15

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India.

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February 01, 2018, 11:14:40 PM
 #16

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India.

Yes Right said, BTC is not banned but declared as "not a legal tender" in India.
But Is this a Informal warning issued by Indian govt. to all the BTC users to stay away from it and disinvest so that they do not suffer any big loss.
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February 02, 2018, 06:16:17 AM
 #17

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?
Bitcoin is not Banned in India,they are going to regulate the usage of crypto currency usage in their country.But already the FUD created that bitcoin was banned in India.The economic times the popular news site also states that there maybe the regulations for usage of bitcoins from the government of India.

Yes Right said, BTC is not banned but declared as "not a legal tender" in India.
But Is this a Informal warning issued by Indian govt. to all the BTC users to stay away from it and disinvest so that they do not suffer any big loss.

The finance minister of India stated that,not to involve in bitcoin investment to avoid of loss.They not said bitcoin is illegal in India,Investment in bitcoin is your own risk. If you loss any money by investment of bitcoin, government is not responsible for that.The reason for this may be regulation of bitcoin in India.So just hold your bitcoin and don't sell it at low price.

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February 02, 2018, 11:04:34 AM
 #18

Are Bitcoin and other cryptocurrency banned in India and its neighbouring countries?

India did not ban digital currencies especially Bitcoin but they did not declare also as illegal which means not illegal but not ban. They only refused to recognize the crypto currencies because they need to review it very well if digital currencies are feasible to the country. Therefore you could still do engage in Bitcoin activities and enjoyed earning without tax while waiting for their verdict to ban it or to regulate it in which if Bitcoin become legal you will be required to pay Bitcoin tax.
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February 02, 2018, 03:11:49 PM
 #19

Bitcoin is certainly not banned in India . The current status of bitcoin in India is still unknown .
Many speculations have been passed out that bitcoin might also get banned in India . But according to the news , the government offcials just said that bitcoin is still too small to get legalized in India and there were no comments made regarding it being illegal .
Even if it gets illegalized in the future bitcoin is going to be used by the people knowing that most of them knows that there will be no way to detect the users and the government will not take a lot of consideration in finding them as they said themselves that bitcoin is too small to be the part of India .
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February 02, 2018, 04:40:07 PM
 #20

As far as i know bitcoin isn't banned in india.
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