"Bitcoin annonced as illegal in india" not TRUE

[Mudit47]

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/


Hey Guyz,

There was a lot of drama After budget declaration in india that crypto is illegal in india from now on.

But after checking the statements made by indian FC, I can say that maybe Bitcoin trading is not illegal in india.

Sorry for all the mis-understanding.


                                                                                                Trade btc with no FEAR

[Timeme]

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

[Thyaga]

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?

We will not believe that if you do not include the reference link, try to find a reliable source and do not get the issue unclear.

[Flamebellow]

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 .

[Neuron76]

Finance minister Arun Jaitley, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India.
He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system,” Jaitley said.

Hmm 

[Mudit47]

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

[alex_kir]

Yes, I'm not at all surprised, I honestly do not know how things are in India at the moment with crypto-currencies, I think that there are a lot of people from India and I think that they will tell us how the state treats crypto currencies now?

[tramadols]

I'm not really following about the development of crypto in india. I think, there will be no major impact even though India has banned on bitcoins. This is proof, that corrupt systems still occur in India. yes I think so

[Sarcasm]

I'm not really following about the development of crypto in india. I think, there will be no major impact even though India has banned on bitcoins. This is proof, that corrupt systems still occur in India. yes I think so

whether this is a kind of issue for bitcoin to continue to decline or indeed the Indian government really prohibits bitcoin,
I think if bitcoin is banned in india as the currency is fair,
if bitcoin as an investment is also prohibited maybe this is the cause of the drop in current bitcoin prices now.

[bitcoinzen]

Bitcoin is either legal or illegal in india but new icos and ponzi programs and public meeting on any investment programs are nt legal in india so exchangers can run as of now

[Mudit47]

I'm not really following about the development of crypto in india. I think, there will be no major impact even though India has banned on bitcoins. This is proof, that corrupt systems still occur in India. yes I think so

whether this is a kind of issue for bitcoin to continue to decline or indeed the Indian government really prohibits bitcoin,
I think if bitcoin is banned in india as the currency is fair,
if bitcoin as an investment is also prohibited maybe this is the cause of the drop in current bitcoin prices now.

Today in india bitcoin came down to 6500$ after the news

[JetSet11]

It's true. Here's a news source: https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

It sucks, because a lot of states seem to have a knee jerk reaction that involves banning the sale of cryptocurrencies. I suppose that these corrupt systems of power don't like the idea of wealth distribution and financial freedom. Crypto is a revolution for a reason. It is especially unfortunate, and somewhat hypocritical for a country like India, which has stated aims of being a cashless society.

I think that the Indian government will come around, though. Just look at Russia. Crypto was once banned there, but now it is legal, and Russia may soon become one of the world's biggest crypto hotspots.

[ac2eugenio]

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?

If you have decent amount of bitcoins or you can live outside your country i suggest move to other countries that doesnt have any regulations about cryptocurrencies,venezuela would be a perfect place you can start mining there or you can cashout anytime without any hassle.Or you can choose to stay and to do what you need to do,cashout would be easier when you have relatives outside the country you can send them your bitcoins,which they will cashout outside your india then they will send your money to your bank account.But migration for me would be the best choice some exchange from china moved to japan/south korea to prevent regulation,houbi if im not mistaken that was the largest bitcoin exchange in china.

[mvplol]

The amount of bad news this last month is crazy. Seems like every single day someone is banning or fudding or there is a scandal. Seems like a coordinated attack. What the hell is going on.

[JetSet11]

If you have decent amount of bitcoins or you can live outside your country i suggest move to other countries that doesnt have any regulations about cryptocurrencies,venezuela would be a perfect place you can start mining there or you can cashout anytime without any hassle.Or you can choose to stay and to do what you need to do,cashout would be easier when you have relatives outside the country you can send them your bitcoins,which they will cashout outside your india then they will send your money to your bank account.But migration for me would be the best choice some exchange from china moved to japan/south korea to prevent regulation,houbi if im not mistaken that was the largest bitcoin exchange in china.

Moving to Venezuela would be a terrible idea. The country is unsafe and unstable, and there are regular crackdowns on crypto miners. It is one of the worst choices for a country to move to.

[Nfp]

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

It's probably true mate, here's the link of the news, https://www.ccn.com/india-signals-crackdown-bitcoin-cryptocurrency-usage/ and it says that "India Signals Crackdown on Bitcoin, Cryptocurrency Usage". But still some users are not believing of this news, they said that it's only a FUD and they just manipulating the bitcoin price.

[cryptohunter]

they have internets now in india too?

[Mudit47]

they have internets now in india too?

Comeon Don't think India is far behind, the rate india is catching with world if it continues india will be one of the top 3 in world soon

[CNY dasd]

If this is true, I can only apologize for the Indian people, whose government has rejected a great technology and people will therefore miss out on their chances of gaining more. If you are a bitcoiner from India, I suggest that you emigrate to countries that allow bitcoin because your country may arrest you for bitcoin or you forgo bitcoin and all cryptocurrencies.

[cilgindansci]

Many countries are doing contradictory statements about Bitcoin. I'm sure they will think again.
We should wait for their next announcements.