Bitcoin in India.

[Leyss]

After bitcoin in December last year rose in price to $ 20,000, the Indian government saw in it the signs of a financial bubble and therefore began to warn its citizens that investing in crypto currency is very risky. Perhaps, that's why they do not want to recognize it as a legitimate means of payment. However, it is interesting that in response to the prohibition of the Reserve Bank of India to its banks to provide any services in the crypto currency, a lawsuit was filed against the violation of the rights of citizens. People are beginning to defend their right to deal with the crypto currency.

[Lumada]

After bitcoin in December last year rose in price to $ 20,000, the Indian government saw in it the signs of a financial bubble and therefore began to warn its citizens that investing in crypto currency is very risky. Perhaps, that's why they do not want to recognize it as a legitimate means of payment. However, it is interesting that in response to the prohibition of the Reserve Bank of India to its banks to provide any services in the crypto currency, a lawsuit was filed against the violation of the rights of citizens. People are beginning to defend their right to deal with the crypto currency.

Investing when the price is at peak is a delicate move, they should always take consideration of its falls, and the government should accept the movement cause it will depend to their people how they can earn from it, not on them.

[mostcrack]

That's what matters to most countries today, I'm going through that period when the government does not want to know about cryptocurrency, may not like bitcoin when there is a lot of good potential in bitcoin and that helps many people to move forward at least it can alleviate the burden of every poverty level state, whatever the reason there must be a government fear of increased bitcoin that will fluctuate in price and make many people successful, the government should consider the many benefits that cryptocurrency has.

[richkellj]

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.

There are about 40 top crypto currencies in the market and description is on internet as it is connected with internet. Indian people are also using Bitcoin but some of their governmental ministers are against but even they can not control some coins like Lakshmi coin and many more which are introduced by India. So they have not control and power over any crypto currency. People are using it with great interest.

[Docafid888]

In my opinion they are really afraid if their citizen become rich and it must be harder for them to control the citizen. They trying to ban everything that they think will destroy the government.

[carlisle1]

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.

its their problem not providing regulations while they know that bitcoin ibeing popular in they're country and yet th dont create a policy or regulation..but as of this moment we speak crypto is being regulated in india and i think banned in some matters

[jona]

This will tell you how selfish some government are,they will will not accept because of it decentralized nature and this is of no interest to the government because they can not control all transactions coming from cryptocurrency investment.

[Kidmat]

This will tell you how selfish some government are,they will will not accept because of it decentralized nature and this is of no interest to the government because they can not control all transactions coming from cryptocurrency investment.

This is the reason why government did not stated as legal the bitcoin is. They see bitcoin as a threat to the economy and cannot control and monitor all the in and out transactions in the blockchain technology. Therefore, supposedly regulation should be held in their country as to legalized the bitcoin for the benefits of the user.

[vidprab5]

In my opinion they are really afraid if their citizen become rich and it must be harder for them to control the citizen. They trying to ban everything that they think will destroy the government.

India must not be doing this. If they are really banning bitcoins just for the reason that the citizens become rich and those bureaucrats will be losing their power to control the public. But I think this is just a fud. No one is such foolish to ban something for covering up this statement that their citizens might get wealthier. Rather every government work on this to make their citizens prosperous.

[worle1bm]

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?

Yes this statement was issued two months earlier and now centeral bank of India RBI has announced that all the legal institutions coming under it's regulation will not involve in any crypto related transactions but still the decision by government has not taken and they stand at neutral which means neither they have banned it nor consider it as legal tender.They cannot control this decentralized currency and think that it can be used in illicit activities and for tax invasions thats why issue warning to users to stay away from it.But still they cant stop the growth in long run.

[emelyanova]

In india,about bitcoin trading,RBI appraised of five major  risks.The first and foremost is that digital currencies,being in electronic format,are prone to losses arising out of hacking,loss of password etc.

So they should discontinue all the online banking activities or even banks where all transactions are digital now. They should go for barter system , will be apt for safety .

[srmecdes]

it is really big potential and big market.. due to this reason there  is  important.. it will  effect volume..

[Bugsbey]

Many threads discussing the reason behind the objection of the government in cryptocurrency.
There are two reasons:
1. The government is threatened by the power of cryptocurrency in future. They cannot manipulate the citizen wether in illegal activities nor storing of assets without any taxes.
2. The government do not want to risk the financial stability of their citizen and economy to a volatile asset.

For me, that is a valid reason fellow. I think you are right. The government cannot really manipulate or cannot easily keep track and trace illegal doings. And maybe they are afraid of that. But I think they can do some regulations in this matter.

[daddypastes]

most of you might know that here in India bitcoin is not considered as a legal tender the finance minister of India,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...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!is the government right for not recognising cryptocurrency as a legal tender or they should reconsider it....

[guschinaa]

The recent update is that Indian exchanges have went against the decision of RBI in high court. It is possible that court may reverse the decision made by RBI.

[hualangktsld841]

It is not surprising that the government of India has such an attitude, not only India, but we can see that most countries in the world do not recognize bitcoin for French currency, and if they admit that the government will lose the seigniorage. As I learned from some of my friends in India, the India government has not banned bitcoin, but on the contrary to some of the India's bitcoin exchanges, there have been several new India exchanges in recent months.

[Harper6]

Many threads discussing the reason behind the objection of the government in cryptocurrency.
There are two reasons:
1. The government is threatened by the power of cryptocurrency in future. They cannot manipulate the citizen wether in illegal activities nor storing of assets without any taxes.
2. The government do not want to risk the financial stability of their citizen and economy to a volatile asset.

For me, that is a valid reason fellow. I think you are right. The government cannot really manipulate or cannot easily keep track and trace illegal doings. And maybe they are afraid of that. But I think they can do some regulations in this matter.

Yeah those who are doing something illegal will for sure so something to get the goal but we should not blame the innocent bitcoin for it, if they are afraid of bitcoin that it is not legal then It is not a big deal as in some countries bitcoin is already legal, same as we have heard recently about Japan and Korea that they have decided to make it legal and they are really acting upon it not only saying, so Indian is also going to make bitcoin as legal currency but it will take a bit time to develop the trust of Indian government.

[marginal]

Every world country government are deciding buy their own, some coutries has already accepted bitcoin as a currency, some of them have alreadyforbid it.

[c++btc]

India are just following the move of another county they are not even do without following some countries they need to do a move and make a difference like in bitcoin  they should consider that cryptocurrencies have so many aspects that india can be improved.

[St4yInTh3D4rk]

Every world country government are deciding buy their own, some coutries has already accepted bitcoin as a currency, some of them have alreadyforbid it.

But the status of crypto currencies are still neutral in India the cantral bank just asked everyone to stop dealing with bitcoin but it is not statement by government and now there is an exchange appealed on Supreme court about the decision of central bank of India,so still the condition is favour for crypto currencies.