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dado7
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May 21, 2018, 06:18:58 AM |
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There is actually no country in the world currently where some cryptocurrency is considered as a legal tender. They are mostly left undefined or are treated in the same way stocks are. So don't worry. The problem with cryptos currently is their volatility. Would you really like to have a currency that unstable?
I presume you can use cryptocurrencies normally as tokens and that nobody is forbidding that?
I think you are not fully updated about the cryptocurrencies development. Japan is the country who have declared Bitcoin and cryptocurrency as legal and the development is very high. Even some more country are their who have legalized it and even regulated the law for it. But india is afraid of it that is why they are giving instruction to bank to close the cryptocurrency traders account. No, I actually am, but people are confusing the terms and what they mean. Here is the explanation about the status in Japan: "The Virtual Currency Act defines Bitcoin and other virtual currency as a form of payment method, not a legally-recognized currency or legal tender." You should understand the difference. None of the cryptocurrencies have been given the status of a currency yet. That is why a term "cryptocurrencies" is still a misnomer. Them being legal and accepted as means of payment, just like any other virtual tokens, has nothing to do with them being actual currencies like USD, EUR etc. Once one of them will be accepted as a currency, it will provoke a marketing boom. Keep a close watch for that moment, as it will surely come. |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Saiful Islam777
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May 21, 2018, 09:15:58 AM |
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In keeping with the developed countries, India is now taking the country forward with the use of technology. Similarly, a strong cryptocurrency like Bitcoin is influencing India. Currently, some companies are thinking about Bitcoin in India. Bitcoin will be used in all the countries including India, if Bitcoin really becomes the all-time currency.
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wantjokull
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May 21, 2018, 12:00:25 PM |
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They wont support it because Gold is something different. It is need of our life. People like Gold, they like it for wearing as ornaments, jewellery and much more things you count on.
If you from India then you must be knowing the fact that traditionally we have rituals to gift huge amount of gold ornaments to our relatives at the time of marriages or even at the occasions huge amount of gold is bought.
Now that is something which is embedded in our tradition but as far as bitcoin is considered it is out of reach of any application that can help country. For sure people will use it for money laundering purses and nothing else. Thats why they dont support. Yet!
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Virtual miner
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May 21, 2018, 04:04:25 PM
Last edit: May 21, 2018, 04:56:41 PM by Virtual miner |
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They wont support it because Gold is something different. It is need of our life. People like Gold, they like it for wearing as ornaments, jewellery and much more things you count on.
If you from India then you must be knowing the fact that traditionally we have rituals to gift huge amount of gold ornaments to our relatives at the time of marriages or even at the occasions huge amount of gold is bought.
Now that is something which is embedded in our tradition but as far as bitcoin is considered it is out of reach of any application that can help country. For sure people will use it for money laundering purses and nothing else. Thats why they dont support. Yet!
The main reason for government not supporting cryptocurrencies is that Bitcoin poses threat to many powers of the government. As Bitcoin is decentralized, the financial power will transferred to the general public. The banks and other financial institutions will also lose their control on the financial market as blockchain eliminated the need of intermediary. Just today RBI has pleaded to supreme court about what bitcoin is. It says that bitcoin cannot be credit as mode of sending or receiving money merely because its a P2P system which lacks any kind of intermediary. |
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jagdeepjd
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May 21, 2018, 04:25:27 PM |
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Not recognising as a legal tender and declaring it illegal is two different things. It's not easy for a developing county like India to declare virtual currency as a legal tender as of now it will take time for the government to observe this new thing and make appropriate measures to regulate the same.
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readygoaw
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May 22, 2018, 02:27:54 PM |
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Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced. Without any official news from the authorities, we should not conclude, already many of friends are paying taxes on Bitcoin exchanges. We have to get clearance from the government whether how much money we have to pay in the form of taxes while trading the cryptocurrency. Still, Indian authorities do not know whether to accept Bitcoin as the cryptocurrency or prohibit it. They say the question might be decided not earlier than in July 2018. I wish all Indians good luck. |
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LuffyD.Monkey
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May 25, 2018, 07:35:12 AM |
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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?
it depends on which country, in india's case, they are not all out support for bitcoin because bitcoin is not widely recognozed by people, we all know that inda is a third world country, many people has no access on internet and maybe there are no merchants that accept bitcoin payments so it will not be possible for them to adapt cryptocurrencies. Bitcoin in India is banned and I do not think they would ever legalize it for they do not want to have their already poor citizens get more crippled for Bitcoin is volatile and investing in it could be a possible threat to losing the money you invest. I do not agree with that. Furthermore, they fear they would loose their fiscal policy instruments to control their exchange rather if Bitcoin made it to the market, which is why it is banned. |
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alizalela7
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May 25, 2018, 07:48:50 AM |
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Only need one word to describe why a government would ban crypto.
"Enslavement"
India has discussed the legal framework for how best to integrate a burgeoning digital currency into its structure. A task force has worked to determine the legality of such things as Bitcoin by law in India |
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squog
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ANONYMOUS MOBILE PAYMENTS
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May 25, 2018, 08:05:27 AM |
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I think the conspiracy theorist in me is saying that it is all about money. Maybe the banks and the big wigs in your country doesn't want crypto currency to threaten thier livelihood. When crypto currencies are used, it opens up more people to buy since they have money to spend. Then again, I'm not in that country so all i say is move to a neighboring country to cashout your holdings then go back.
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tdtduy
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June 13, 2018, 02:32:01 PM |
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As far as I know, despite being one of the countries with a strong investment in technology, the Indian government has decided to ban the Bitcoin. This is surprising to many, but with the political complexity of this Central Asian country, the ban on Bitcoin is seen as a means of managing the country. It will take a long time for the Indian government to set up a legal framework and accept Bitcoin.
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Lloyd Jacksok
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June 17, 2018, 02:54:39 PM |
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In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry. Back in April, CEO of Coin secure, one of the largest Bitcoin exchanges in India, told Coin telegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.
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bncbnc
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June 17, 2018, 11:48:05 PM |
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Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced. Without any official news from the authorities, we should not conclude, already many of friends are paying taxes on Bitcoin exchanges. We have to get clearance from the government whether how much money we have to pay in the form of taxes while trading the cryptocurrency. Still, Indian authorities do not know whether to accept Bitcoin as the cryptocurrency or prohibit it. They say the question might be decided not earlier than in July 2018. I wish all Indians good luck. I personally have not yet heard such news, but if it is true, then we wish a good luck for India, that their government should turn bitcoin as legal currency in their state, i think that it will also bring a very positive impact on bitcoin and its price, people will get more confidence and will hopefully invest more money in bitcoin. |
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Rowan White
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June 18, 2018, 02:54:51 PM |
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Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecureand Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.
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Epimetheus
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June 18, 2018, 06:52:15 PM |
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Bitcoin has a good reputation in India. Many people in india accept bitcoin. In indian currency rate one Bitcoin is equal to approx 480000₹. In recent some years the users of Bitcoin in India enormously increase. Indian central bank know as reserve bank of india allow indian Bitcoin user to convert their Bitcoin into indian currency. In india many bitcoin user use zebpay to convert their money and also use for investment purpose and also use zebpay to buy bitcoin. Indian people love to use the money transaction facility of Bitcoin. I think india is a good platform for bitcoin.  |
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vagsun
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July 24, 2018, 06:06:11 PM |
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There are many countries which do not consider bitcoin as legal tender. The government says that the number of illegal activities will rise if bitcoin is considered as legal tender. I think that government is against crypto because of its decentralisation. According to view points of government ,cryptocurrency will create instability in the economy. Govt.also thinks that the criminals will use the crypto to hide their black money, moreover government is not ready to use block chain technology and wants to remain on its traditional banking methods.
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asadbd1
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September 14, 2018, 03:53:39 PM |
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It is very possible and it is for a very simple and clear reason, I have noticed that in India there is a lot of demand for Bitcoin buyers, there are many, and the simple law of higher demand less supply and less supply is more likely that the price is increased because everyone wants to get bitcoin! That is the main reason for me and without doing a corresponding market study.
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