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Author Topic: In India, legal to collect btc/eth as investment for pvt ltd company?  (Read 42 times)
mrjasmir
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April 02, 2018, 10:06:46 AM
 #1

Is it legal in India to accept the investment in BTC/ETH for company shares or profit sharing basis? For example in a pvt ltd company 10% stake is giving out for 10 Lakhs and can the investor pay in BTC /ETH to the company? is it legal?
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April 02, 2018, 11:02:38 AM
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No! Indian Finance Minister Mr. Arun Jetley confirmed the position of cryptocurrency during this year's budget speach. Bitcoin or any other cryptocurrency can't be considered as legal tender. So you can't sell the stakes of your company to the investors in exchange of any cryptocurrency.  That will not be considered as legal transaction.

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April 02, 2018, 02:21:32 PM
 #3

I think that it will be legal. But remember the fact that Bitcoin is not legal tender in India, which means that it can't be used as a currency. But right now, there are no restrictions on using it as an investment asset.

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April 02, 2018, 05:44:19 PM
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Currently there's almost no information or regulatory procedure on whether you can accept cryptocurrencies to allow your investors to subscribe to your companies shares. The idea methodology I would suggest would be to contact a lawyer to be sure and to get more information on the legality of this matter.  A law firm that I can recall that has researched prominently on Bitcoins, their legality of usage and taxation matters (if you would like to know on this as well) would be Nishit Desai Associates. I would suggest you directly contact them to know if the current status of accepting Bitcoins for purchase of shares holds good after the announcement of it not being a legal tender. As I can recall, most of the stocks that are traded on NSE and BSE (And other private exchanges) happen through an authorized Demat account in a bank. I'm not sure if other modes are acceptable if your company is publicly listed.
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April 02, 2018, 05:49:01 PM
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It sounds like you're asking if people can pay your private company in crypto (BTC/ETH). That's far different from investing.

The Indian government seems determined to crack down on illegal activities being funded by crypto. But it doesn't seem like they're banning crypto as a form of payment for regular, legal purchases.

But, investing in crypto is a different story... and there may be some kind of government ban there especially on using exchanges.

However, you're asking if people can pay you in bitcoin/ethereum, and not whether you're investing. You can accept crypto payments and I'm fairly sure it isn't a breach of any Indian law.

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semobo
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April 02, 2018, 06:30:00 PM
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No! Indian Finance Minister Mr. Arun Jetley confirmed the position of cryptocurrency during this year's budget speach. Bitcoin or any other cryptocurrency can't be considered as legal tender. So you can't sell the stakes of your company to the investors in exchange of any cryptocurrency.  That will not be considered as legal transaction.
But they didn't made cryotocurrency as illegal to use in their country still it is free to trade in India since the status of cryotocurrency in India is neutral neither legal nor illegal.So if the buyer and seller accept the condition and terms then they can use it,so government don't have anything to do with it.

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April 02, 2018, 07:42:36 PM
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No! Indian Finance Minister Mr. Arun Jetley confirmed the position of cryptocurrency during this year's budget speach. Bitcoin or any other cryptocurrency can't be considered as legal tender. So you can't sell the stakes of your company to the investors in exchange of any cryptocurrency.  That will not be considered as legal transaction.
But they didn't made cryotocurrency as illegal to use in their country still it is free to trade in India since the status of cryotocurrency in India is neutral neither legal nor illegal.So if the buyer and seller accept the condition and terms then they can use it,so government don't have anything to do with it.

Right you are! The status of cryptocurrency is neither legal nor illegal in India because the Indian government has chosen to stay neutral and continue monitoring the situation. So if a seller wants to use cryptocurrency for anything and if the buyer accepts it, the trade can certainly go through. But here the question is about legality.

Lets assume, you invest 1 bitcoin to a private limited company and the company agrees to give you 10% share in the company. But this particular share transfer will not be deemed as legal if in future either of the parties choose to move to court to resolve any dispute. Your 10% share will be null and void because you have used cryptocurrency which is not a legal tender in India. So your 10% ownership will be simply ignored in the court of law.

However, anyone can trade anything using cryptocurrency in India if both party agrees. No problem in that.

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marielbeckham
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April 03, 2018, 07:54:57 AM
 #8

It's not, at least at the current moment. Probably the situation will change dramatically in the nearest future.
paresh nakar
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April 03, 2018, 12:19:55 PM
 #9

indian government now legal btc/eth and its good to investment private compny.
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April 03, 2018, 02:23:42 PM
 #10

indian government now legal btc/eth and its good to investment private compny.

It is not de jure illegal to invest in crypto-currency in India. But you need to keep in mind that the government is not very happy with its citizens trading in crypto-currencies such as Bitcoin, and it is watching all the large transactions being done by the Indian users.


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