"Bitcoin annonced as illegal in india" not TRUE

[MISS_nSTASSY]

I dont understand these news. I should say more - I dont understand people who believe these news and especially people who make decisions to buy/sell depending on these news. Why are you like that??
Bitcoin was made to be DECENTRALIZED electronic cash system. Governments ban bitcoin(lets say) but they cant ban us - people who use bitcoin.
Bitcoin will work ANYWAY - no matter what
So I truly dont understand all these peole

A crypto noob can't think that way they are easily manipulated.

I think the problem is that they are not "crypto" noobs but "trading" noobs. Many people dont understand what is crypto about, they buy ripple for 3.6 waiting for 10-20-100$ in few months, thats crazy. What will they do if someone autoritative will say "ripple is scam"? They will see that the price is going down and say "ok, I'll sell". What if someone will say to someone "crypto"(even noob but - "crypto") that bitcoin is scam? They will answer - stfu, see you later broke buddy.
Thats the difference

[trickyriky]

Unfortunately that was the news #1 of February, 1, 2018. It has affected the market, and all altcoins (Bitcoin, too) started to decrease. I believe that stabilization will come very soon, but investors are shocked. The best policy is to wait.

[markalis]

whether because of this news the global market is falling and even surpassing the record of bitcoin correction late last January, but I believe bitcoin has its own way to increase its value again

[trudovik]

It seems to me that in India and before this statement it was not very good with crypto-currencies, because judging by the fact that we are told about India on TV, there in general everything is very bad and without crypt. I am not surprised

[Kivalar]

OMG... After Asia India...I think that someday the European Union will adopt legislation regulating altcoins

[Piterg]

Such a sharp drop is most likely due to the statement of Indian Finance Minister Arun Jetley on Budget 2018. He said that the government does not consider crypto currency as a legitimate means of payment. After that many mass media started writing about the imminent prohibition of bitcoin and other crypto currency in India.
But this is a complete nonsense, because India does not prohibit all the crypto currency.
Conclusions that can be drawn from the statement:
The authorities of India do not recognize bitcoin as a means of payment and will struggle with using crypto currency in illegal actions, as well as discouraging the public from using crypto currency as payment instruments.

[koloNikolo]

Now a lot of news made for whales to come in bitcoin. The big agencies control the price. People and traders have to understand that. All the experienced traders (whales) doing waves for bitcoin to buy at low price. Did you ask yourself why the news about Bitfinex and Tether come to us just in the end of January but it was already known in the end of December? I think the same situation now. YOu can be sure in few days we will see news like "India government deny news about Bitcoin and will start suing the agency that post that".

We are waiting for the Lightning now. Price will go higher. Just wait for the whales

[tiar4dewie]

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?


REF-:

https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

https://economictimes.indiatimes.com/news/economy/policy/arun-jaitley-settles-the-bitcoin-issue-for-once-and-all/articleshow/62737852.cms

http://www.livemint.com/Politics/xmBDOdP2H2hbXH7eV1VTqL/Budget-2018-Crypto-currencies-illegal-will-eliminate-their.html

https://www.hindustantimes.com/india-news/union-budget-2018-bitcoin-other-cryptocurrencies-not-legal-govt-to-eliminate-their-use/story-MrpXhzzrc9HwNxItWuGw3L.html

http://www.india.com/news/india/union-budget-2018-19-bitcoin-crypto-currencies-illegal-government-to-eliminate-its-use-says-arun-jaitley-2873185/

Supposing they could hold the BTC they had, and keep collecting it up in bulk.
And when it is enough with the BTC they have, if the local government has not changed the policy, they should visit the state that legalize BTC and make withdrawal entirely.

[sunX3]

Such a sharp drop is most likely due to the statement of Indian Finance Minister Arun Jetley on Budget 2018. He said that the government does not consider crypto currency as a legitimate means of payment. After that many mass media started writing about the imminent prohibition of bitcoin and other crypto currency in India.
But this is a complete nonsense, because India does not prohibit all the crypto currency.
Conclusions that can be drawn from the statement:
The authorities of India do not recognize bitcoin as a means of payment and will struggle with using crypto currency in illegal actions, as well as discouraging the public from using crypto currency as payment instruments.

So it's all FUD, right?

This happens quite a lot, the best thing you can do is monitor the news and react accordingly.

[lesinset]

This is an alarming news. Just this, I heard over the radio that our country will also be making steps to stop or regulate the use of bitcoin in our country. Having in mind that what had happened to India might soon also happen to our country. In such situation, I suppose I'd just buy all the bitcoin I have in a none traceable way, that I believe there is, and put it into the bank and wait for another good place to invest.

[sudhirratra68]

Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. This was supposed to happen sooner or later and as of today, it is banned in India. It is not only limited to bitcoin but other virtual currencies also come under this ban.

[brainitterem]

as i read it was fake news about india, and people just panicked for nothing, its like always for years was with chinese nothing new, people love panic to rebuy more crypto at cheap, because news matters wwe will receive more this kind of fake news in future, so we can cut profits from newcomers.

[travelgear17]

I am not surprised about this news. I think India is not a major country in cryptocurrency.
Don't panic about this type of news. Wait for good time in cryptocurrency.

[Soul Master]

It's not good news, but it's also not good reason for such drama.
People in India don't have much money to dramatically influence the price of Bitcoin. Countries in Europe, in the other hand, have much more influence over the price of Bitcoin, because there are the investors with much higher purchasing power.

[adam1230]

Everyday a country announce bitcoin illegal then they say its not illegal bla bla.
India cannot ban bitcoin cause too many freelancers getting paid on blockchain development. This will never happen.

[Cryptosaphire18]

It's not good news, but it's also not good reason for such drama.
People in India don't have much money to dramatically influence the price of Bitcoin. Countries in Europe, in the other hand, have much more influence over the price of Bitcoin, because there are the investors with much higher purchasing power.

Sad to say,but we have to accept it because that's reality.All we can do now after that announcement in india are to stay positive and don't panic.Even critics call cryptocurrencies a speculative mania that will end in tears for thousands of retail investors. And some say that the price volatility is a distraction from the value of the underlying technology, which will transform the way money is stored and transferred and upend conventional banking.We hope that after this,in the future there are no other  banning announcements and news like what happened in india.

[overnight54]

Crypto is anonymous enough for trading , selling if you take care about it . Do not invest in projects wich is requiring to do KYC and do not use exchages with mandatory KYC and you will be fine. If you need a cashout , there is always an options , it differs from country to country , but you always can trade crypto for fiat at a black market .

[mrspumpkin]

Every day we have terrible news...WTF?? Maybe capitalists understood, that the crypto is real danger for them?

Most of these news are fake, especially for most people to sell their coins. Now you just need to wait. Only HODL

HODL. This strategy begins to transform into its true meaning -  Hold on for dear life
I can't see the end of this falling and I'm afraid our optimism let us down

[atupolev]

Is there a link to the news?
Has the Indian government declared it illegal to invest in bitcoin and encrypted cryptocurrency?

Unfortunately this is the truth. I do not understand the real position of Indian government, but they declared Bitcoin illegal. Here is the video about it:
https://www.youtube.com/watch?v=zsvcXmJQjgw

Don't trust all the news. News about the prohibition of bitcoin in India turned out to be FUD... again
https://ambcrypto.com/bitcoin-not-banned-india-community-lashes-misinterpreted-news-published-certain-news-sites/

[coin0101]

Is there a link to the news?
Has the Indian government declared it illegal to invest in bitcoin and encrypted cryptocurrency?

Yeah today was budget declaration for 2018 in india, and cypto was announced as illegal and also announced that they will take all necessary steps to stop crypto in india

is there a reference you can share here?