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Author Topic: Bitcoin in India.  (Read 1819 times)
ToyotaFortuner
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February 24, 2018, 10:39:22 AM
 #21

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


which I can capture from this statement of legal bitcoin in india and hopefully this is the key to bitcoin price increase as more and more countries are legalizing bitcoin it will trigger people to buy bitcoin and auto prices will surely rise.

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February 26, 2018, 02:50:00 AM
 #22

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

Bitcoin in India is not so much appreciated they tend that it is illegal and they didn't  want their currency to be dead so thats why
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February 26, 2018, 03:29:00 AM
 #23

In some sense government only protecting their people because of the risk crypto might give to their countries.and most of those countries are on the lower part.those are not ready for this ki of futuristic currency behavior,they might think that th people cant easily adapt on this.and the criminals may take this as advantage to to their bad works

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February 26, 2018, 06:23:26 AM
 #24

The main reason why bitcoin has no legal status in India is the lack of a sound regulatory system.

The government has yet to introduce regulations governing the regulation of bitcoin, such as the regulatory framework for the registration and listing of industry companies.

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February 26, 2018, 06:32:31 AM
 #25

The main reason why bitcoin has no legal status in India is the lack of a sound regulatory system.

The government has yet to introduce regulations governing the regulation of bitcoin, such as the regulatory framework for the registration and listing of industry companies.

I think we are missing the point here. There is no country where there are sound regulations for the bitcoin because bitcoin came into existence later. There were no regulations earlier and neither any of them have it now. What they have is just the status of illegal tender for the use of bitcoin or any crypto currency per say.

It means nothing when we say framework for the registration and industry listing because bitcoin regulations itself is in infancy stage. It has evolve much more and first India needs to understand the actual working of it for which they have already taken the initiative by using blockchain for digital certification.


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February 26, 2018, 01:05:45 PM
 #26

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


Bitcoin in india is not ban and yet not implemented or legal on india , but there is a issue on the investors , said by the government be aware and be careful on bitcoin , still to be honest they doubt the bitcoin , they can't see the good side of it , still the bad side.

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February 26, 2018, 01:56:13 PM
 #27

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


Bitcoin in india is not ban and yet not implemented or legal on india , but there is a issue on the investors , said by the government be aware and be careful on bitcoin , still to be honest they doubt the bitcoin , they can't see the good side of it , still the bad side.
yeah indians are doing a lot in bitcoin and this thing is giving economic rise to the india and soon their government will legalize bitcoin after seeing its effects on the common people, and i think india will now lead in economic race as well.
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February 26, 2018, 02:00:27 PM
 #28

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


I think it’s just a matter of time before these countries begin to accept cryptocurrencies as part of the world economy going forward. It’s a technology that is not going away and if a government doesn’t accept it while many others do, they will fall behind. India will fall behind in technology if they wait too long to adapt to all the benefits of this new technology.
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February 26, 2018, 02:51:39 PM
 #29

Not all is well for India when it comes to cryptocurrency. Don't lose hope. All will be better in the coming years. As Bitcoin rise, other countries are entertaining Bitcoin. India will accept in the near future. Nothing will stop Bitcoin. Technology is booming and advancing fast. India will appreciate it. Bad thing about it, the reason why they are not accepting Bitcoin is because government of India want the full control of Bitcoin in their country were what they want is manipulate and benefit more than the people who want to be in Bitcoin. A inverted vision of Bitcoin for the people. Don't worry team India everything will be all well for you and your country men. Its just a matter of time.

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February 26, 2018, 03:07:59 PM
 #30

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?



Now that all countries are considering the regulation of bitcoin, it is a new thing that makes governments all over the world difficult. In particular, Venezuela has issued a new and effective financing channel.
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February 26, 2018, 03:14:26 PM
 #31

Supporting the bitcoin would be clear indication that government is happy with the crypto currencies and it may start a fire of investment in India. Looking at the black money that was capped last year with currency upgardes in India I am sure people will again start to invest huge on crypto currency ans might hide their black money over there. To avoid such consequences government has to rule out such use of currencies by themselves unless and until they devote completely different commission for the same thing. Once that's amended I'm sure regulated crypto currencies will be used sooner or later.


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Pleione527
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February 26, 2018, 03:14:45 PM
 #32

Crypto currencies is different with gold, it has the technology governments are threaten about. Since bitcoin is decentralized many countries think that it can lead to illegal activities or corruption because no one can control it or even view a trace for every transaction. I think as long as the government cannot establish a regulation for bitcoin surely many will still continue to prevent the legality of bitcoin and all other cryptos

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April 18, 2018, 01:54:46 AM
 #33

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

Currently,there arr no regulation on these virtual currencies.So, by emphasising that they are not legal.but without declaring them illegal,the governtment has put them in the grey zone.and also government constituted a commitee to suggest a framework for regulating these virtual currencies and to understand their current structurr and legal implications.
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April 18, 2018, 03:46:35 AM
 #34

From a technical point of view, the total ban of digital cryptographic currency is difficult to achieve!

India may be studying how to fight money laundering and protect digital cryptocurrency investors related laws!

If such regulatory laws exist, the BTC will be relegal in India!

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April 18, 2018, 04:00:56 AM
 #35

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

I think a currency to be considered as legal tender it must be first recognized by law to meet financial obligations or as a means of payment for debts. Bitcoin is not yet generally accepted in India that is why it is not a legal tender. Correct me if i am wrong but i think there is no country worldwide that considers bitcoin to be legal tender.

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April 18, 2018, 06:22:31 AM
 #36

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

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April 18, 2018, 06:35:00 AM
 #37

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“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."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


I don't want to change aim of your subject but
beside the bitcoin it very interesting to know gold is not also legal. because we heard that Indian people (I think rich ones) give a lot of gold in wedding ceronomies.
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April 18, 2018, 06:39:14 AM
 #38

as an investor eye, india is the biggest market with 1.5 billion population and underrated country for projects, if i were there, pay more attention to indian market, waves started this 2 days ago.
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April 18, 2018, 07:38:37 AM
 #39

I think that the government just needs to figure out what is bitcoin and its uses. New things terrify people and the fact that btc is valued so much scares them even more. They only see the potential bad things it could bring because that's their job. But as btc gets more popular people are starting to realize its use. Im sure they'll come around. My country doesnt recognize it too. But im sure it's only because they're behind with the latest tech.

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April 18, 2018, 09:22:58 AM
 #40

Well right now the government of india are now disscussing whether it implemented or not , its not illegal though they just want to keep their people safe on the scammers , as of now little by little bitcoin is now recognizing or should i say gaining its popularity , i hope and looking forward to implement bitcoin , just like my country too ph , all the government are now debating on bitcoin.

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