"Bitcoin annonced as illegal in india" not TRUE

[Svelto]

It is better to wait for the official announcement from the India government. Without a proper source, it is really hard to believe the news nowadays.

[ostsee77]

Subpoena: Notes of price manipulation by Bitfinex are thickening

For some time now, there is a suspicion that Bitfinex is tampering with the market for cryptocurrencies. Now the US authorities are investigating.The operators of Bitfinex are also behind the cryptocurrency tether.many people know this too and the course of btc will sink

[sunX3]

It is better to wait for the official announcement from the India government. Without a proper source, it is really hard to believe the news nowadays.

So far all FUD.

But of course, it'll suck if they end up banning it completely. Wonder if it's just btc or cryptos in general.

[max6575]

customs of characteristics with the demographic of india as compared with the prc country that they have similarity on population of the large numbers of citizen but india has with the less on manufacture industry as investment from investor country.

that those may leads on initials as the differences with the chance on citizen to gains with the returns from work of compliance with the casual business or trading with the offlines entrance,
as the offers to work with the online business might gives as extras of returns while raising limit on level of perspectives that improving scale on rate with the indicator value of resistance as moderating use with different aspects of initiation as referring details of qualification.

[YajairaSN]

In fact, the oppression of the digital currency market in India began in December last year. Then the users had problems with withdrawing funds from bitcoin-accounts and the tax service firmly took up trading floors to obtain information about traders.
In what we have the decision of the Indian authorities "dropped" bitcoin again! 

[Irriversible]

I really find it hard to believe that this is the final view of the governement in India.
I always saw the country as innovative and relativly openminded towards Crypto. So all of the crypto's are illegal? Ripple for example as well?

[zhekinsp]

No,you are wrong.There is no confirmation from the indian govenrment that they banned the crypto currencies.He just stated that it is never considered as a legal tender in their country and they will take actions to stop using crypto from illegitimate activities that doesn't mean they banning it.I hope there will be a taxation system on bitcoin soon. So stop creating FUDs and it will cause more price fall.

[sergio red]

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/

it depends on individual whether they quit bitcoin or not.Indian government is not allowing bitcoin because money laundering and terrorist funding.the authority said that the government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system. I hope it is not their final decision. if they take the decision then it will not good for bitcoin investors. it is better to wait for the official announcement for the discussion on this topic.

[APICEMTECH]

No such thing happened. Its the same old news in a new shell that was presented today and noobs sold bitcoins for as low as 4500 USD in one of the biggest exchange in India - zebpay.

[arunakiran]

Recently some countries are saying contradictory statements over bitcoin anyway these statements will damage bitcoin price.
With this statement I have seen high volatile in zebpay in bitcoin price.

[btc-facebook]

Well if this really happen, I feel sad but IMO it will not affect to much just like Chinese incident.
India as I know already have many contrary against bitcoin so not all people using bitcoin as main transaction.

All they can do for now is sell or try to move into exchange that still legal to trade because they can't trade on India or they will face the law enforcer !

[kodtycoon]

It's heartbreaking that there is news in India that makes the crypto market plummet, Indians are very much involved in cryptocurrency but surely there are those who take advantage of this opportunity to buy as much bitcoin they can, I think with this kind of news the market value will be decline.

[jim_crypto]

Mmmmmn not sure about this - where is the proof ??

[tarlok01]

There is no confirmation that bitcoin is totally banned in India. It is said that there will be the strict actions against the individuals who are not paying their taxes when buying cryptocurrencies.

[OzyMeister]

As I said earlier It is very unlikely that they would ban Cryptos in India rather they are looking forward to use 'smart contracts' like Estonia and Dubai which are based on blockchain technologies for keeping land records, etc.; land records has been an intractable problem for a large country like India and declaration of pilot around using ‘smart contracts’ can help start more innovations around blockchain technology and also may also reduce corruption. Next time Listen to FMs speech instead of believing in news.

[jlanzago]

Bitcoin itself cannot be illegal. The use of bitcoin, exchange or trade may be considered illegal in some territories, yes, the same as they restrict imports or exports of certain goods. Not an issue in my opinion.

[Jonsnowstark]

I think it is just a misconception. I read about it and there was a bitcoin walletprovider called Unocoin that has stood up to its belief in bitcoin and dissected the view of India's president towards bitcoin and other crypto currency. It was said that the support for use of crypto on illegal activity is what the indian government is seriously gonna run after, not the supporter for bitcoin. I hope it will be made clear to everyone what he means so that bitcoin will recover from this fall. Read more on this here: http://fortune.com/2018/02/01/bitcoin-price-india/

[sourish]

There has been no such decision made yet, and one should not create panic over words misconstrued and misunderstood. Heed the various responses here holding a very valid interpretation of this news item.

[yudhistira]

Hello,

As far as I understand from the statement of the Finance Minister of India Arun Jathley, the government forbids the crypto currencies as a means of payment, but not as a means of investment and trade.
That is, places that accept crypto currencies will have to stop, but people will be able to trade on the exchange for the crypto currencies.

"The government does not consider the crypto currencies as legal tender and will take all necessary measures to eliminate the use of these assets."

[AK47-]

No no no they have not. This not true. They just said bitcoin isn't a legal tender of currency, which is true for most other countries as well. Legal tender is a currency in which rejecting payment is illegal, bitcoin is not legal tender in most countries. They reinforced just that, which they have multiple times in the last 3 years. So half knowledge about news and economics has given this nothing news fud status and caused bitcoin to go under 10k $. Which hopefully it bounces back from.