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

[1714717957]

1714717957

[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.