What If Govt makes BTC legal in India?

[vincentbeth934]

On a "not so light note", it would bring heavier traffic and congestion in the network which would result to slower confirmation AND higher fees.

[BitHodler]

On a "not so light note", it would bring heavier traffic and congestion in the network which would result to slower confirmation AND higher fees.

With or without India, Bitcoin's usage is increasing on a daily basis, meaning that we'll see the network get flooded with many more unconfirmed transactions in the coming months and years.

If we look a bit further, it's safe to say that the entire crypto industry isn't ready to deal with this magnitude of growth. The only thing we can do is try to catch up, but in most cases, the growth will always be a step or two ahead.

It's clear that we more than ever need off-chain scaling solutions to be implemented, otherwise we'll be up for much more network congestion, and that's not something we should allow to happen.

[crptowiz]

That would be a step in the right direction if the so called intent of *digital currency* associated with demonetisation in 2016 was genuine. In fact, I would hope that there are some serious discussions underway already, while there is none. Paytm that was suppsoed to be the biggest benefactor of demon in 2016 isn't even doing great if the hearsays are true.

Notwithstanding the government support, crypto adoption in India is increasing at an alarming rate; so who cares about what the government really thinks about it.

[Quazi1107]

If Indian government doing this imean they legalized BTC then its gonna be a great step for India to moving forward.

[abdulq]

If Indian government doing this imean they legalized BTC then its gonna be a great step for India to moving forward.

India is a great market for cypto trading, I think if India goes for adopting bitcoin that will be beneficial for them as they can find it as a new source of revenue collection.

[SixOfFive]

As a immediate impact, Bitcoin price will shoot up high after Bitcoin legalizing news in India. Many traditional investors who are investing in stock market will likely shift to cryto-market. A lot of Big corporates also jumps in crypto-market by introducing their own coin/ICO in it. It would be really amazing and exciting to see such a economical transformation in the country.

[jonas5222000]

bitcoin is not a currency own by a government, bitcoin is a crypto currencies that valued by a thousand u.s dollar so it means that any currencies that trad-able by us dollar have a same value.

[Olegnar]

It would be very positive. And everyone would benefit from it.
It's just needs to be regulated and they have to find out how to regulate it (control it).

[Firefox07]

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

If india make bitcoim legal in their country. There will be a huge effect on the value of bitcoin. Because the population of india is too many. There will be more potential investors and traders that will enter bitcoin.

[avikz]

Hello Guys!!

I'm just curious that what if govt. makes BTC legal in India does it have the same value what is now or lower or higher??
I hear they are going to make it legal soon with gambling.

thanks!

If Indian government makes bitcoin legal by issuing an official circular, it will benefit the market and bring in huge cheer in to the market pushing the price to the next level. Indians are pretty much active in this sector but most of them are doing it secretly because of the current unclear legal status. Legalizing bitcoin and other crypto currencies in India, will have dual effect. It will benefit the government as more people will come forward and declare their earnings in the tax information sheet to pay taxes. Secondly, market will see an inflow of Indian traders and a rush for buying. It is mutually beneficial.

But I am little skeptical about gambling. Goa is the only state where gambling is legal. I heard that Maharashtra is planning to legalize gambling which will be controlled by the state government. But gambling is still portrayed in a negative way in India. So unsure about its end. But crypto currencies will have to be legalize because government doesn't have any way to stop it. If they ban it, it will still be used by many Indians, but just the government will not get their share of the cake.

[Harlot]

Let us just remember that Bitcoin or cryptocurrency trading in general as well as mining cryptocurrency is legal in India. The only thing prohibited is the use of Bitcoin as some kind of currency which in by their constitution is not allowed just like most of the countries where Bitcoin is banned as a mode of payment. Now if Bitcoin is allowed as a mode of payment I don't think that it will have much affect to its price as I don't think people are striving for Bitcoin to become a mode of payment now.

[lili song]

As I know bitcoin not yet legal in India, I know bitcoin legal in Finland, US, Japan, South Korea, and Denmark. Maybe legal you mean just only can do transactions in India. But still not yet legal from the government side. I hope one day bitcoin can legalized in India by government.
I know in India bitcoin can be potential grow fast.