Bitcoin Trading is not illegal in INDIA

[Mudit47]

Hey guyz,

On feb 1,2018 Indian FC made statement about crypto in Budget 2018.

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy.”

Media mis-presented the statement by saying that crypto is illegal in india, But thats not  the case.

All FC said that Crypto is not a legal tender, which means that cypto will not be used as payment system in india.

Last i cheked gold is also not a legal tender doesn't mean that its illegal to possess it. Or If someone is using gold to fund illegal activities Govt. will not ban Gold trading in country.

If you still don't trust me check what is the statement of Indian Blockchain committee head >>>>https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/


PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

PPS- Sorry for my mis-understanding, will make a change to last post.


                                                                              Trade BTC with no FEAR

[1714926419]

1714926419

[lobo13hf]

This time has been proven media is having a prominent role in the cryptocurrency. What already happened with the latest chart of crypto tells me if the media try to change a little structure of the article and that's enough to make a lot of people feeling scared. What already done by India minister looks like the same with what already happened in Indonesia.
At least both of case looks the same.

Banned to make a relationship with the legal institution. I meant crypto couldn't be considered as a legitimate thing.

[jassanpary]

Yes, Bitcoin trading is not legal in India, yesterday in the budget finance minister clearly made a statement that bitcoin is not official and also in various news papers already published many articles on bitcoin as it is unofficial.

[Mudit47]

Yes, Bitcoin trading is not legal in India, yesterday in the budget finance minister clearly made a statement that bitcoin is not official and also in various news papers already published many articles on bitcoin as it is unofficial.

Are you not reading I said its not illegal. Means you can invest.

[BtcBling]

Yes, I already read the news and the Indian Finance Minister did not say that he will ban Bitcoin and other altcoins. What I see here is that the Indian Government will create regulations on regarding on how to use Bitcoin and other cryptocurrencies. They are afraid that cryptocurrencies will be used in wrongdoings such as money laundering, illegal drugs trading and funding of terrorism.

[boonsterx]

Yes. Bitcoin is not illegal in India.

But everyone is nervous at the moment and any news is misinterpreted as bad news. In this case, it is interpreted in the worse possible scenario which is that bitcoin is banned.

I do not think India wants to ban bitcoin as this would not just be a politically unpopular move, it will also move India back several years in the Fintech race.

But Modi has been keen to eradicate money laundering and illegal financial activities over the last few years and has taken out of circulation 500 and 1,000 rupee notes to fight "black money". So I suspect he will follow suit with what South Korea is doing and eliminate anonymous trading of cryptocurrencies. Exchanges in india are still business as usual at this moment so it is unlikely crypto is illegal.. but soon, regulations against anonymous trading and hence tax evasion will be eliminated.

[zoata87]

Yes, unfortunately, the media still play a big role in crypto since they can manipulate investor sentiment. If they want to pump Bitcoin, they will publish good news and the opposite if they want the FUD because the crypto market is very weak against the bad news. In addition, market makers will take the opportunity to manipulate the price since the media will make it easier so it is a win-win situation for both of them.

[3months18w]

You take this news to let me go to sell in panic , no way !I have read so much bad news recent years, nothing could beat BTC and me , I am a BTC believer.

[BlackWidow]

Yes, this year has shown and taught how to act in the market with the news , the panic is there anything all will be well . The main thing to wait this time

[msuheb]

Hey guyz,

On feb 1,2018 Indian FC made statement about crypto in Budget 2018.

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy.”

Media mis-presented the statement by saying that crypto is illegal in india, But thats not  the case.

All FC said that Crypto is not a legal tender, which means that cypto will not be used as payment system in india.

Last i cheked gold is also not a legal tender doesn't mean that its illegal to possess it. Or If someone is using gold to fund illegal activities Govt. will not ban Gold trading in country.

If you still don't trust me check what is the statement of Indian Blockchain committee head >>>>https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/


PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

PPS- Sorry for my mis-understanding, will make a change to last post.


                                                                              Trade BTC with no FEAR

Yo... India Govt. is only after illicit activities, it has got no problem with bitcoin it only says that cryptocurrencies are not legal tender...

[Vadik89]

It creates a feeling that the Indian authorities simply want to buy cheap bitcoins and therefore imagine such a panic...

[summonerrk]

India is one of the most developed countries that generally deal with the site and they are magnificent know whether to spread panic then it will be possible to buy cheap crypto-currencies...

[kier010]

India don't want to ban bitcoin what they to avoid is using it in illegal activities. that is why they want to regulate it or will find solution. media most of the time report fake news or they exaggerate things just to report that is why i seldom watch news.

[Manchumichael]

Yes, unfortunately, the media still play a big role in crypto since they can manipulate investor sentiment. If they want to pump Bitcoin, they will publish good news and the opposite if they want the FUD because the crypto market is very weak against the bad news. In addition, market makers will take the opportunity to manipulate the price since the media will make it easier so it is a win-win situation for both of them.

Yup this kind of fake news will make new users to get panic and it will make them take wrong decisions. and the people will quickly believe whatever news published in media.

 

You take this news to let me go to sell in panic , no way !I have read so much bad news recent years, nothing could beat BTC and me , I am a BTC believer.

You have a strong belief in Bitcoins so you are not going to do any panic sell and I think you are in this market for a long time, that's why easily you will not believe any news. But new users 100% they will get panic after seeing this news in media.

One thing is sure that Bitcoin trading is not illegal in India, you can trade.

[michael shikany]

India has not banned bitcoin, just ban the bitcoin use for illegal crime, these so-called shit media report the news, always like to excessive that make all investors are beginning to panic.

[kuronokishi10]

according to me if bitcoins are banned in India it would beneficial for the country as India ranks atop where  in people /business man use btc to hide their black money.
though it has a negative impact on the bitcoin market i believe it should only be legalised in india after proper rules and regulations have been established regarding bitcoin trading .

[tomahawk9]

It creates a feeling that the Indian authorities simply want

We all know this was the main reason of the FUD attack, and not only in India, if were up to date with the news, you would've seen that the international media also misinterpreted the news (most likely on purpose) in order to spread FUD and cause a major breakdown in the market. It was pathetic and lame how obvious this whole thing was and yet it blew up big time in such a short time, but at least we got rid of the weak hands meaning that in case something like this happens again it might not have the same impact (hopefully) as it did previously, next time people will actually if such news are fake or not.

[bbcolex]

Bitcoin not legal nor illegal, It was the media who misinterpreted everything and made it mainstream, this media controlled by oligarchs who cannot accept the fact that something big is changing and happening overtime , they want to control everything and will destroy a thing they cannot control. That's my opinion.

[Kakabawa19471947]

i would still be keeping a close eye on whats happening in india,  year ago i was trevelling in india and their Prime minister had a brain Fart and baned all higher denomination  notes preety much overnight to kerb curruption left an average person helpless, where as the ones who were doing curruption were enjoying life in their vills haven already been told and exchanged thei old notes,
so you never know what that sycho will do next, with the level of curruption in india they rich political elite might ban it for a while to kill the price and stock up, its been run by some really sly people

[Svelto]

Agreed with OP.

I realise when the fuds are going on, no matter how you explain to the panic sellers, they won’t listen. They rather believe the manipulated news.

[whirlcoin]

First of all thanks for creating this great thread because already the people understand that bitcoin is illegal in india but they never try to understand what is the real statement of the financial minister from India.Still bitcoin is legal so we can invest buy and trade I saw that still people from India is trading so no problem and stop spreading the fake news guys.

[judeafante]

Let's hype this news so people who are dumping or selling their coin will understand this at first I thought India will finally get rid of people and companies that deals with Bitcoin and this is not the case anymore I hope with this news Bitcoin will get back to where it was a month ago.

[manlyxman]

I think it's a little too late.

The FUD already scared people away and you can feel the effects it had on the drop.

[xianbits]

PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

If they intend to mispresent it for the reason to make FUD, then they succeed at this point
But I doubt if all these media have enough knowledge about crypto or even bitcoin itself. I think they only got a very shallow understanding about it compared to most of us here in the forum.

Banned to make a relationship with the legal institution. I meant crypto couldn't be considered as a legitimate thing.

Yeah, but if it happens, the original definition will then become "centralized" from being "decentralized". I'm being sarcastic here to those who want it to be "legal" as they want it to be.

[papagapa]

actions of the authorities are quite understandable - they fear that the cryptocurrencies, which they can not control, will become very popular, in this case the percentage of its shady use will

[Similificator]

Well, good thing that this have been clarified because the Indian people will really be sad if it really happened that all cryptos were banned in their country since a lot of Indians have already invested into crypto currencies while other are already making cryptos a living. And no matter how few crypto lovers India has, it will still really be a bad thing for the crypto world since a loss of even a single crypto supporter is still a loss.

Now, in regards to the media people, well, what can I say? I really am truly not surprised. Media personnel and television networks often tend to make even the most positive information into negative information just so that their news will sell. Because clearly, negative stuff is what catches people's attentions more than anything else. They even go as far as making false news just because they are taking one side. The media nowadays just isn't something you can still trust anymore.

[CoinMaker7]

Yes, Bitcoin trading is not legal in India, yesterday in the budget finance minister clearly made a statement that bitcoin is not official and also in various news papers already published many articles on bitcoin as it is unofficial.

it is legal to trade bitcoin you read it wrong

[erick94]

I suspect that from the controversial remarks mention that India forbid bitcoin is highly unlikely. I just suspect it's a game of politics and the media. and now it is proven if the media has an important role to make a coin holder in India exposed to panic sell and the aim is big traders to buy the bitcoin and earn profit.
this is just an issue and does not prove a true and fundamental statement.

[batang_bitcoin]

PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

Medias job is to give confusion to the people with their news and for others that are new to crypto's they are being mislead by these FUDs. From the beginning when that so called ban came out some of the people knew it that it's just a FUD and I'm nearly one to believe it but when I saw some other news circulated that there's no ban in India I knew it that the cause of the falling of bitcoin is due to these news. India should give sanction to these medias that are bringing up wrong info.

[ModaFuka1994]

After rumors that Bitcoin trading will be banned in India, their government has confirmed today that it will not prohibit the Bitcoin transaction in India, suggesting that the government saw the potential of this virtual currency and would like to develop it to replace cash in the future.

[muhdatha]

It's a new trend in a worldwide media to make a fake news.
One day breaking news - 'All governments will kill immediately all miners and burn to hell Bitcoin'
Second day breaking news - 'It's a joke. Bitcoin is a future of investments. Miners are good guys and we won't kill them'

[John Langut]

It's not illegal, but it wasn't really positive news either. Of course we can't expect governments to embrace technology that's designed to take power away from them. Blockchain is not a threat. Cryptocurrencies are. If fiat is replaced with cryptocurrencies, moneyary policy will be ineffective. They can't stop the blockchain behind the cryptocurrencies, but they can make it illegal to exchange and trade them, like China did. They can also continue to scare buyers out of cryptocurrencies so the prices will drop like an avalanche down to zero. 

[MGmahesh]

Hey guyz,

On feb 1,2018 Indian FC made statement about crypto in Budget 2018.

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy.”

Media mis-presented the statement by saying that crypto is illegal in india, But thats not  the case.

All FC said that Crypto is not a legal tender, which means that cypto will not be used as payment system in india.

Last i cheked gold is also not a legal tender doesn't mean that its illegal to possess it. Or If someone is using gold to fund illegal activities Govt. will not ban Gold trading in country.

If you still don't trust me check what is the statement of Indian Blockchain committee head >>>>https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/


PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

PPS- Sorry for my mis-understanding, will make a change to last post.


                                                                              Trade BTC with no FEAR

yes, this is a smart government because of the policy I think is appropriate for the function of cryptocurrency is to be a digital asset that should be maintained due to the support of cutting edge technology. for the common good, including the appreciation of the people who expect the certainty and support from the government. this time the media has been in accordance with the nature of preaching the fact that there is good and useful, do not look at the element of news manipulation or public deception and I believe.

[johnnywoo2015]

Hey guyz,

On feb 1,2018 Indian FC made statement about crypto in Budget 2018.

“…The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy.”

Media mis-presented the statement by saying that crypto is illegal in india, But thats not  the case.

All FC said that Crypto is not a legal tender, which means that cypto will not be used as payment system in india.

Last i cheked gold is also not a legal tender doesn't mean that its illegal to possess it. Or If someone is using gold to fund illegal activities Govt. will not ban Gold trading in country.

If you still don't trust me check what is the statement of Indian Blockchain committee head >>>>https://yourstory.com/2018/02/indian-blockchain-committee-head-clarifies-cryptocurrency-not-illegal-india/


PS-- Media has a habit to mis-present things, so guyz donot be afraid bitcoin trading is not illegal in india till indian Govt. says so.

PPS- Sorry for my mis-understanding, will make a change to last post.


                                                                              Trade BTC with no FEAR

Good reading, thanks.

I guess people realize it and this is the reason for the slow market recovering we are watching. Bitcoin is not a legal tender in almost all countries.

[minestro]

Really? Did some medias spread the news that India completely banned cryptocurrency? That would a crazy misinterpretation.
Let's hope the truth is going to spread as fast.
Thanks for clearing that up.

[Adil Amim]

Cryptocurrencies have grown popular in India, and digital asset markets in the region have seen exponential growth despite uncertainty from the Indian government. May be the Indian government will not recognize cryptocurrencies as legal tender for now. And as per my knowledge from the current news the Indian government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system.