Bitcoin Ban In India

[mhsingh]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

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[Herbert2020]

as far as i know there are some restrictions in India regarding cryptocurrencies and there has been some "rumors" regarding bitcoin ban but there has not been any real news or any laws against it.
if you want a more accurate answer you may want to ask in Indian board here: https://bitcointalk.org/index.php?board=89.0

[Baofeng]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

As far as I know, bitcoin is not yet ban in India and also not yet accepted. So they are still in the gray area as far as bitcoin and crypto is concern.

But personally, I think they will put regulations on cryptos. So it the future India would have to pay taxes specially if you convert your bitcoin to rupees.

There are also news that 2 trading exchanges in India will cease or suspend is trading because of a heavy pressure from the government.

https://news.bitcoin.com/two-indian-token-marketplaces-suspend-trading-regulatory-pressure/

[Donceng]

Actually the ones banning these governments are the bankers, because they are threatened by the loss of customers, because investors will switch to crypto investment because in crypto the absolute advantage is taken by ourselves, and the government that understands about crypto will always support, because for the sake of economic progress its people.

[squatz1]

No,nothing along the lines of a ban is either in the making nor has it occured yet. I think you're confusing regulatory action and banning something, as India is getting stricter and stricter with the regulations that they're imposing on bitcoin. For more info, I'd check here - https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

[richjohn]

There is not any ban on Cryptocurrencies in India as of now. The Finance Minister said in his statement that Bitcoin is not a legal tender, but didn't call it illegal. The government welcomes blockchain technology in its payment gateway systems.
You do have to pay taxes on the profits you earn through Cryptos. It attracts a tax of 30%

[frowsiter]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

What I read and what I understood from the budget document says tat they are not going to ban the bitcoin from India. It is just been declared that all the crypto currency are illegal tender and is responsibility of individual who is using it.

The taxes is thing which we should pay to the government willingly and if you don't pay any taxes if you are from the high tax payer list then obviously they will catch you and will cease your bitcoin in the first place. So its better to go and pay the taxes for your online earnings. Its the best move and also good thing for your credibility.

[PleaseSignTheMessage]

I do live in India and untill now i have not yet heard any such news. Perhaps the Indian government may apply some new rules and regulations to the cryptocurrencies but I don't think they can ban bitcoins. Even some days ago we had a seminar on cryptocurrencies in my city so hopefully the government has no intention to ban the cryptos and we all can be safe here. I am waiting for that day when each government from each respected nations legalises bitcoins and each other cryptocurrency.

[Thanasis]

Any one From India?

I am not an Indian but I have lot of Indian friends.

Is it true that Cryptos will be banned in India??

No,Bitcoin will not be banned in India because already there are some steps taken by the Indian government tp regulate the bitcoin usage in their county by linking their National ID card to the exchanges.

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

No we don't have to pay any taxes to any governments for keeping the crypto currencies only we have to pay the taxes while buying and selling the crypto currencies.

[fokinlipat]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

Please do not spread any rumor about bitcoin situation in India. Your title of the thread is very misleading, you forget to add a question mark there as you have no idea about this. Now coming back to your question, no one is a astrologer here and thus cannot predict if bitcoin will be banned in India in future or not. At of today, there is no ban and a lot of people are buying and selling bitcoins in India. I am seeing that the Indian exchanges are adding more coins and this means that they are expecting crytpo to grow in Indian only.

[alihasangoto]

As long as my knowledge, bitcoin is not ban in india. Only the thing is that you have to pay tax over your earning.

[feehannah]

If India is banning  bitcoin transactions,how does a startup there enter the ICO market?This is all very new,so no one has the answer yet.

[cosmo1]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

No it is not possible to ban Cryptocurrency in India.To ban cryptocurrency it is difficult and for ban they should shutdown the internet so it is rumor that it will be banned in India.

[Swanh]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

India has its largest population and most people here just live a simple life.In accordance with being involved with bitcoin people here were not as updated on this latest trend of currency.I have seen some reasons behind it in banning bitcoin maybe they won't let people educate about cryptocurrency and government also wont let people  to be involved in crypto business.

[asyakashi]

I still see some ICO born from India, and unfortunately I started to doubt their project. They make ICO easily just to earn money and this is bad.
This may be the reason why India forbids crypto when in the future this technology will be a good solution.

[wafer_enak]

India's Ministry of Finance said it did not consider the virtual currency a tool of legal transactions. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency. "The government will not yet impose penalties for users of virtual currency, it will only limit and disable access to the use of cryptocurrences as a means of payment," said Finance Minister Arun Jaitley . However, Arun promised to adopt and develop the blockchain technology system used by the virtual currency, for use in the national financial system.

[rokergila01]

Announcement of the ban on this transaction in India makes this virtual currency exchange rate chaotic. Because the policy taken by the government is beyond the prediction of the observers. People who have a virtual currency are predicted to soon withdraw their virtual money before its value continues to fall. Not long after the announcement of the ban, Bitcoin's sales jumped by 1.5-fold. In one day, the price has dropped 10 percent. Prior to the announcement, the Government of India had given some warnings about economic, financial, legal operations, consumer protection and security-related risks from virtual currencies such as bitcoin.

[ETHtotheMOON1]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

I don't think there is anything definitive, it rather looks like what all governments do that they just make statements on how risky it is to use and trade cryptocurrencies, which is true

[Gypsy Gold]

Countries will ban everything that could harm their governmental budgets...but while doing so have their hands wrist deep in the same projects they have banned, but in affiliate countries. China having offices in the US in order to market their countries tourism spots, and homemade products on YouTube is a great example.

[GeorgiyBilyk]

India does not even suspect that it only makes itself worse by its prohibitions! After so much time, bitcoin does not feel lonely! a lot of countries and people have completely opened their doors to the entire crypto world! those countries that continue to resist the development of the crypto world will then greatly regret!