Bitcoin regulations in India ???

[0RajA0]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

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[apelmerah]

It is true that India does not legalize bitcoin, but I think bitcoin is not a hazard and that depends on its use and only Japan that legalizes bitcoin.

[DooMAD]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

[natalagerman95]

Despite the negative attitude of some politicians, the Indian government came to a decision about market regulation and to ensure equal conditions for Bitcoin exchanges, which allocated a significant amount of resources for the standardization of the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government had finally started taking Bitcoin seriously and considering the possibility of market regulation.

[pxo.011]

i thought india banned bitcoin or they are probihibited to use bitcoin and they cant work as well the banks and government are afraid to the people will not pay taxes for income however i dont know the truth behind banning bitcoin in india and other countries.

[Xester]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Actually it is true that right now bitcoin and other cryptocurrencies are now being banned in India. The RBI or the central bank of India have already issued a memorandum to all banks that it is banning cryptocurrency including bitcoin in India. Because of this the Cryptocurrency exchange filed a petition on the Supreme Court of India to reconsider the banning over cryptocurrency by the RBI.

[BrewMaster]

to know for sure whether bitcoin is banned in a country you can always check the volume that is coming from that country. for example one of the ways is to check the exchanges in that country or simply go to localbitcoins and see how much volume is coming from the said country.

in case of India there is still a large volume coming from Indian which shows people are still freely investing in bitcoin.

[sergeykravcov177]

Legalization of bitcoin in India
Despite the negative attitude of some politicians, the government of India has come to a decision on the future regulation of the market and the provision of equal conditions for bitcoin-exchanges, which allocated a significant amount of resources for the standardization of the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest bitcoin exchanges in India, told Cointelegraph that the Indian government has finally begun taking bitcoin seriously and is now considering market regulation.

Mr. Karla said: "Finally, something positive has happened for the industry. The authorities began to take this technology seriously. We have been trying to get their attention for years. I'm glad that this all happens at the right time. We at Coinsecure are seeing a significant increase in the number of users and volumes. We are sure of what will happen in the next three months "....

[0RajA0]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

Don't you aware of recent announcement of Indian central bank ? India's central bank bans financial firms from dealing with cryptocurrency. Is this doesn't matter ?
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.

[0RajA0]

to know for sure whether bitcoin is banned in a country you can always check the volume that is coming from that country. for example one of the ways is to check the exchanges in that country or simply go to localbitcoins and see how much volume is coming from the said country.

in case of India there is still a large volume coming from Indian which shows people are still freely investing in bitcoin.

RBI Bans Indian Banks from providing Crypto Related services to  Individuals and Businesses.  Yes, True still can see significant volume in India. I think it all through peer to peer exchanges .

[ahmadakbari]

I haven't heard anything about cryptocurrecnies regulation in India. And it doesn't seem that the government has a plan for it. They have banned financial firms from dealing with cryptocurrencies. This is not called a regualtion.
What has happened is like some other countries. People can use cryptocurrencies and it's not a crime.

[badakjawa]

you are right, i read from some media that india make the regulation about banning bitcoin as a tool of the transaction, i assume that the ban is just a general banning and do not have the essence of assertiveness from the government of India. even in India there are big companies bitcoin mining, and some make ICO.

the government of India only bans if crypto is used as a means of transactions, and that is a ban made by other countries as well.

so, I think we must not to make this news viral. we better cover the bad news, so as not to disrupt the market stability.

[DooMAD]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

Don't you aware of recent announcement of Indian central bank ? India's central bank bans financial firms from dealing with cryptocurrency. Is this doesn't matter ?
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.

Yes, I'm aware.  Iran are doing the same thing.  Still doesn't mean you can't use Bitcoin.  It does, granted, make it more difficult to buy.  But once you have some bitcoins, you're free to transact however you like.  Plus, cash is still a viable method of buying BTC if you can find someone willing to sell.  It might not be ideal, but it's certainly not the end of people using Bitcoin in India, or Iran.  All they can do is slow adoption, not stop it.

[pri3oner]

As I've said on other topic Indian government isnt interested in decreasing of poor citizens in their country. I'm not surprised. Just imagine if they allowed average people use btc! They would stop working at their low-paid jobs.

[saruxanyan]

The statement of the Minister of Finance was preceded by long months of fortune-telling about the fate of the crypto currency in India, which became home to many traders and investors. Every tenth bitcoin-transaction in the world takes place in India.

In recent months, the government and the Reserve Bank of the country have repeatedly expressed dissatisfaction with bitcoin and other crypto-currencies. At the end of last year, the Ministry of Finance called them a financial pyramid.

Nevertheless, the government of Narendra Modi announced the creation of a committee to understand the potential application of crypto-currency and analyze regulatory measures in other countries.

[maslovp]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Now the matter is in court at one exchange has filled writ against RBI decision. Next hearing is on 24 may 2018, let us see what happens.

[Sahyadri]

RBI is not banning cryptocurrencies, but has asked all the agencies under RBI to suspend their relations with all the exchanges within 3 months of this notice. This has obviously brought a lot of negativity in the market and people are against this circular. A PIL has already been filed and the response is awaited from the RBI. As it looks, crypto exchanges are going to be blocked by the end of May. It is better to withdraw everything you have on you right now.

[Prodigan786]

Bitcoin is not a legal tender currency in India . Even across the globe most of the countries still not accepted bitcoin as legal tender currency . RBI regulation they asked banks not to deal with crypto exchanges or organisation . Even they given three month timeline . In between some one has done appeal and b Delhi high court so recently rbi got notice from court.

[Itha_]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Before banning there are some companies that provide bitcoin services in India, such as BTCXIndia, KYC, and AML. However, for reasons not mentioned with certainty India began to ban the use of bitcoin with the cessation of cooperation between banks with bitcoin service providers. Some of the outstanding issues of this ban are due to the perceived risks or restrictions imposed by the bank's management. The legal status of cryptocurrency transactions is unclear in India. They are not forbidden, but authorities have repeatedly warned users and traders about the risks. So it depends on them and the use of bitcoin.

[cosmo1]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

It is both legal and illegal,Indian government not officially announced it is legal.RBI said it is at your's own risk of investment in bitcoin.If they have to make bitcoin as legal they have to regulate many things so it is not possible for the current situations.

Thus in India bitcoin is both legal and illegal.

[MinerHQ]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

Don't you aware of recent announcement of Indian central bank ? India's central bank bans financial firms from dealing with cryptocurrency. Is this doesn't matter ?
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.

Some one has filed a case against that rule in court. Becuase that exchange has already invested lot of money in the project and now suddenly with this rule they say that they lost so much money so they are asking for regulation instead of banning. Let's see how it goes because Indian government don't want any black money so they outright banned cryptos but people want it. if they regulate also they may put a lot of taxes on crypto profits. Indian government is very good in putting taxes on all people profits.

[superstarbtc]

Indian Regulations are in the blink of banning and still in thoughts of regulations we can say they are confused in various internal misunderstanding about crypto currency

[Jonsnowstark]

Well, before, India spoke of bitcoin being banned. An exchange in India has gathered supporters and started a signature campaign against its decision. I think for now, the government is in the verge of deciding to regulate bitcoin instead. Afterall the technology is helpful in the economy.

[chengyinoing]

Indian authorities showed negative attitude to the use of the BTC, in the face of regulatory pressure and increasing bank limited, India has been affected by the digital currency trading, according to the statistics of India's BTC trading volume has decreased by 90% over the past two months.

[0RajA0]

Indian authorities showed negative attitude to the use of the BTC, in the face of regulatory pressure and increasing bank limited, India has been affected by the digital currency trading, according to the statistics of India's BTC trading volume has decreased by 90% over the past two months.

>>>>>according to the statistics of India's BTC trading volume has decreased by 90% over the past two months ? <<<<<
 Is it true?? I don't think so..Can you give the source ?

[Jannatul Shefa]

As I know bitcoin and also other crypto currencies are illegal in India. The law in India is that whoever are connected with bitcoin or other crypto currencies will have to suffer in jail.

[fanbeila]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.

[czhen]

according to the news I read
The Bank of India said financial institutions could no longer trade and trade using virtual currencies such as bitcoins. The Central Bank of India gave three months to the financial institution to abolish the virtual currency transactions.

[Dudeperfect]

Things were a clear couple of years ago and the Indian government is just repeating the same in multiple forms. Using Bitcoin is not illegal in India under any existing laws and regulations but the government is willing to eliminate the usage of cryptocurrencies. Recently, the central bank has instructed banks not to provide banking services to the exchanges involved in the crypto business after 3 months but I recently had a discussion with the vice president of one major domestic exchange and he said that they are working to find a concrete solution for this mess.

[0RajA0]

Things were a clear couple of years ago and the Indian government is just repeating the same in multiple forms. Using Bitcoin is not illegal in India under any existing laws and regulations but the government is willing to eliminate the usage of cryptocurrencies. Recently, the central bank has instructed banks not to provide banking services to the exchanges involved in the crypto business after 3 months but I recently had a discussion with the vice president of one major domestic exchange and he said that they are working to find a concrete solution for this mess.

So bank not yet stop the service to Indian exchanges? Will bank provide service for 3 months since the announcement came from RBI ? So till now Indian exchanges doing transactions through bank will stop only after 3 months?

[Atang Sulaeman]

Things were a clear couple of years ago and the Indian government is just repeating the same in multiple forms. Using Bitcoin is not illegal in India under any existing laws and regulations but the government is willing to eliminate the usage of cryptocurrencies. Recently, the central bank has instructed banks not to provide banking services to the exchanges involved in the crypto business after 3 months but I recently had a discussion with the vice president of one major domestic exchange and he said that they are working to find a concrete solution for this mess.

So bank not yet stop the service to Indian exchanges? Will bank provide service for 3 months since the announcement came from RBI ? So till now Indian exchanges doing transactions through bank will stop only after 3 months?

The RBI statement is part of the announcement of broader policy regulatory measures to
strengthen financial market regulation. RBI is more open to blockchain, a technology that
virtual currency, which is said to have the potential to improve the efficiency and inclusiveness of the financial system.

[0RajA0]

Indians may expect to see some currency like USDT for Indian citizens, Coin name might be INRT. The only problem is liquidation that could be fixed by using DEX like BiSQ or by using a P2P website like Localbitcoins

[eternalgloom]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.

I really doubt that they would make Bitcoin entirely illegal, even if they are planning to launch their own form of cryptocurrency.
It's far more likely that they will just impose regulations so they can tax it more efficiently.

I'm not sure how many countries have outright banned Bitcoin at this point in time, but it's not going to be a lot.

[chris200x9]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

RBI has just announced its investors to be cautious as bitcoin price is highly volatile in nature.But it has not yet announced it to be illegal.Indian government is a little bit confused about cryptos.It has an idea of launching its own digital currency named Lakshmi and at that situation,it might term bitcoin as illegal.

NO RBI has already told that all banks should stop the financial transactions for crypto-related exchanges that mean an indirect ban on these coins. But they didn't say that you can't buy or hold these coins so you can still buy it from other exchanges or persons and hold them. Some exchange has put a case saying that they have invested a lot of money already in crypto exchanges so this sudden ban is a loss to their business but not sure what the outcome.

[suvo05]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

The Indian government has not declared bitcoin as illegal but they want to stop the money flowing towards the bitcoin/crypto-currencies. So they want to discourage people of India to buy the crypto-currencies. That's why they first declared that "bitcoin is not legal tender" now they are stopping the trading of bitcoin from any bank account.

[JoshuaBlack1]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

If they have fully outlawed cryptocurrency beggars belief it seems like one of the countries that would benefit most from the quick border less transactions. Consider for a second the amount of Indians working abroad that send money home to family on a weekly monthly basis using money transmitters such as western union. The fees they are paying will be mind boggling. I can't see this ban lasting much longer if it is in fact banned

[rizkypurwati]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

legal or illegal issues are often the case and discussed by the government of a particular country because they consider something to be harmful or profitable.
1. Where do you read it? Is there a link you can get?
2. Your question should be in the Local forum as it is more specific if answered by local members in the country (India)

[vorobev]

RBI has told Indian banks to end their relations with banks. They did not mention anywhere that they are banning bitcoins , so it is still legal to use bitcoins in India.

[rodel caling]

It is true that India does not legalize bitcoin, but I think bitcoin is not a hazard and that depends on its use and only Japan that legalizes bitcoin.

India government  as i know until now studying about crypto's how regulate annd adopt bitcoin as legal currency, hoping someday woke up the mind of the government official how much bitcoin importance to gives hopes of their people's.

[susuberuang]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

I think you should include some definite evidence at least you provide a clear link or source so that the readers here can know and see if the news is true, if it is true then that is good news for all bitcoin users.

[SUDARMONO]

In the news I heard it is true that bitcoin is considered illegal in India, but I do not think India is banned completely, and only warned to be more careful about using bitcoin.

[Tigorss]

a new regulation that forbids bitcoin is used in India, as it is seen in the market the highest value is in India. If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.

[stely41]

a new regulation that forbids bitcoin is used in India, as it is seen in the market the highest value is in India. If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.

Government and India’s central bank have made it amply clear they aren’t comfortable with virtual currencies. The recent spike in bitcoin’s value, which attracted hordes of investors, has only made the government more vociferous in its criticism.

[stayeduptolate]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

RBI has never banned bitcoin from India and moreover reserve bank of India could not ban it , the only thing that RBI can do is to stop people to use bitcoin on domestic site and that’s what RBI did, but your second news is entirely correct that RBI also caution people for the use of bitcoin and moreover they even declared that they are not responsible for any kind of loses regarding bitcoin, so India there is no proper regulations for bitcoin in indi because in India bitcoin is still a decentralised crypto currency.

[SindiRokRok]

The last news I hear is that in fact the Indian government does not ban bitcoin, it's just that there is never a harmonious relationship between banks in India and cryptocurrency.

[Kriptomen_51]

After a clear statement by the Indian finance minister about the government's position on the legality of Bitcoin and other digital currencies in a speech on the annual budget, when he bluntly said that "the government does not recognize crypto currency as legal tender", the authorities are preparing to settle the dramatic situation at the crypto currency  market.

[kingsters]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

i think its now not added to india i show the most ico's start in india bitcoin is not illegal a world sorry for my english

[yojodojo21]

Yes That is true and that is one of the reason why few months ago bitcoin and other crypto currencies price fluctuates into downfall and the market got really on the red surge, but after that, there are many news that in some part of First world countries there are facilities where build in connection to adapt the idea of cryptocurrency. if you have crypto's and you are from india i suggest you to cash out peer to peer from other country.

[rajuahmed330]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Indian government and court doesn't legalize bitcoin. Its now illegal in india.
Reserve Bank of India also not support cryptocurrency. Its means there are no controller, no management and its so risky.

[DooMAD]

After a clear statement by the Indian finance minister about the government's position on the legality of Bitcoin and other digital currencies in a speech on the annual budget, when he bluntly said that "the government does not recognize crypto currency as legal tender"

That's not a clear statement on overall legality, though.  You're twisting the meaning of the words.

legal tender:
coins or banknotes that must be accepted if offered in payment of a debt.

Bitcoin isn't "legal tender" anywhere in the world yet as far as I'm aware.  There's nothing that mandates a merchant accept it for payment.  It's strictly voluntary.  That doesn't mean it's illegal to use in most places, though.

As an example of what legal tender might look like, the US State of Arizona Senate passed a bill to allow the state to accept bitcoin for income tax payments, but it doesn't come into effect until 2020, assuming it makes it through the state's House of Representatives.  That would be a step closer to bitcoins becoming legal tender.  The law would then plainly declare bitcoin must be accepted in that state, although, so far, only for the purposes of income tax.

[bungsoh]

That's not a clear statement on overall legality, though.  You're twisting the meaning of the words.

legal tender:
coins or banknotes that must be accepted if offered in payment of a debt.

Bitcoin isn't "legal tender" anywhere in the world yet as far as I'm aware.  There's nothing that mandates a merchant accept it for payment.  It's strictly voluntary.  That doesn't mean it's illegal to use in most places, though.

As an example of what legal tender might look like, the US State of Arizona Senate passed a bill to allow the state to accept bitcoin for income tax payments, but it doesn't come into effect until 2020, assuming it makes it through the state's House of Representatives.  That would be a step closer to bitcoins becoming legal tender.  The law would then plainly declare bitcoin must be accepted in that state, although, so far, only for the purposes of income tax.

Interesting discussion. This is all that is news that needs clarification and strong references. really what not.

Then, what really bothered me was; Is there a country that forbids Bitcoin totally and decisively. For example, "Bitcoin Users Will Be Captured". Is there any? because I know all the countries rumored to ban bitcoin is actually just forbid it to be used for sale and purchase transactions. While for such activities as Trading is not prohibited. just encouraged to be careful. It's very important to get a credible reference.

[stayeduptolate]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Bitcoin is decentralised in India not illegal . According to the RBI declaration people have to withdraw their money that they are investing into bitcoin in their domestic sites, people have misinterpreted the statement of reserve bank of India because being a citizen of India , I better knows the status of bitcoin in India I am also owning bitcoin here and definitely it’s not illegal because owning a bitcoin is not illegal in India u can buy bitcoin from international exchanges and own bitcoin, its not illegal and RBI has warned people to be careful with bitcoin.

[asadbd1]

Although the RBI advises caution on its use, bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal.

[0RajA0]

In India the cryptocurrency exchanges who have moved to the Supreme Court, along with their Shareholders, against the RBI are Coindelta (Bitfair) , Koinex, Throughbit and CoinDCX. They challenge the RBI restriction on Exchanges.

[yudi31]

bitcoin regulations in India have not been set yet but India's Ministry of Finance said it does not regard the virtual currency as a legal transaction tool. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.

[vivekyuvan]

income tax department surveyed the major bitcoin exchanges in India. The survey reports said, this was done to collect information about transactions and check whether there was a risk of tax evasion. This week, it was reported that the income tax department is set to issue notices to about 5,00,000 high net worth individuals trading on the exchange across India. This comes at a time when there are still no clear regulations on cryptocurrencies and bitcoin exchanges.

[Thogjold]

I recently read that the Indian government might tax 18 percent on digital currency trades, despite the Reserve Bank of India's ban restricting banks from dealing with any Cryptocurrencies. Sounds to me they don’t really know how to feel about the situation. They are undecided as to whether or not they should tax Crypto or just ban all dealings.

[aiviaa485]

but not today because in India it's been a bit of Bitcoin and has Exchange Bitcoin with Indian Rupee.

and all it can be checked at https://www.zebpay.com.

so this is the rise of Bitcoin in India and can grow the country's economy.

[pareshnakar]

Bitcoin is not illegal in india. but case going to in court within short of time court will decide its regulation or what.

[ParveZ219]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Nop bitcoin is legalized in India....And it was never banned in India so dont worry about these...And if bitcoin is also banned then also you can use btc by using virtual private networks..

[jhonvir666]

I have never heard anything about the rules of regulation of cryptocurrecnies in India. And it seems that the government does not plan for it. They prohibit financial firms from dealing with cryptocurrency. They do not call it a regualtion.
What's happening is like other countries. People can use cryptocurrencies and this is not a crime or what they mean. A cryptocurrency is a bitcoin currency in the country that people enjoy as cryptocurrency.

[Wahyud11]

it is true that India will soon implement its own bitcoin rules, but it is not yet clear when the rules will be applied, with regard to the use of virtual currency. After much discussion, the official regulator for cryptocurrency has been established according to one of India's top officials.

The related institutions are currently completing a comprehensive set of rules and policies on cryptocurrency. Representatives of the cryptocurrency community in India are beginning to feel relieved that soon, the ban on virtual currency is predicted to be lifted soon.

[PerLasz]

Probably Indian government have better version of vision for the future crypto currency on their land. We don't all know the very reason but I think that will be good for all Indian citizens. We can't stop it even move it because once the government implement the rules it must be followed.

[mladakar]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Investing is legal in India, but they are taking indirect steps to stop it. Like they have asked banks to stop relations with Indian exchanges.

[kulitmanggis]

if bitcoin has regulation then I think it will not make death because bitcoin already get regulation, but if there is a change of price down it surely it will happen but can go up again.

[yron51]

The cryptocurrency debate in India has turned on its head.
The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency. I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”

[sijonru]

As I've said on other topic Indian government isnt interested in decreasing of poor citizens in their country. I'm not surprised. Just imagine if they allowed average people use btc! They would stop working at their low-paid jobs.

yes what you say makes sense, maybe if bitcoin in india in legalkan will help people there to earn much higher income, but maybe there is something else that government of india think not to legalize bitcoin or crypto in its country.

[Harlot]

India has an interesting issue ongoing. The government is allowing their citizens to trade and mine cryptocurrencies yet they prohibit establishments and especially banks to accept any cryptocurrency related business transactions. It is like cutting of the limbs of an animal to render it not useful. Yes they can still trade it but they cannot liquidate their money inside their own country via bank transfer, what they can do is of course sell their own cryptocurrencies to a local buyer which is more risky and dangerous for their part.

[BoyleWilder]

The RBI or the central bank of India have already issued a memorandum to all banks that it is banning cryptocurrency including bitcoin in India

[bitterdog]

according to sources I read, the Government of India is prohibiting the use of bitcoin as a means of payment. However, the Indian Government will adopt the blockchain technology used in bitcoin to be implemented in their financial systems.

[Mikhail_Shmurge]

The Department of Criminal Investigations of India (CID) published a statement in which he spoke about an angry businessman who took 2,000 bitcoins from the promoters of the fraudulent Bitple crypt project, CCN writes. According to the report, the Indian wing of Bitconnect was located in the state of Gujarat and was managed by three people - Diyash Darzhi, Satish Kumbani and Dhaval Mawani, who worked with project promoters abroad and urged Indian investors to invest in their enterprise.

[Deks]

"The Indian government does not recognize virtual currency or coins as a legitimate means of payment and will do everything to reduce the use of these crypto assets in the funding of illegal activities or part of the payment system.

[debopam.chanda]

There is no law that suggests that Bitcoin is illegal. Hence RBI has suggested to use  it with caution. There are other countries which might legalize Bitcoins.

https://news.bitcoin.com/switzerland-shows-the-way-bank-first-to-offer-crypto-business-accounts/

[ubeng07]

according to sources I read, the Government of India is prohibiting the use of bitcoin as a means of payment. However, the Indian Government will adopt the blockchain technology used in bitcoin to be implemented in their financial systems.

such a good news for them and hopefully in my country i can also have to experience this kind of feeling that bitcoin are can be used as an payment and on my country i can actually used this just like on how india may have to experience now well this is for all about that i have to wish for. a goodluck and best wishes for india.

[Vincent Wright]

Income tax department surveyed the major bitcoin exchanges in India. The survey reports said, this was done to collect information about transactions and check whether there was a risk of tax evasion. It was reported that the income tax department is set to issue notices to about 5,00,000 high net worth individuals trading on the exchange across India. This comes at a time when there are still no clear regulations on cryptocurrencies and bitcoin exchanges.

[Suprittandon]

Although the RBI advises caution on its use, bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal

[takadada]

If Bitcoin legitimizes, it's good news for it, it's going to grow and be stronger

[hasmukh_rawal]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Some of your points are true while the others are false. Bitcoin is not still legalized in India which is true but it is not illegal either.
The RBI have cautioned individuals and companies to stop dealing with Cryptocurrencies but they have not made any kind of Ban over it.
We can still deal with cryptocurrencies but since there are many who get scammed using it, the RBI have stated that it will not allow users to trade crypto.
Now it depends on the individual whether he still want to keep using it or not.

[Vitalik1985]

I read in the news that India wants to introduce bitcoin into its financial system. Only they are not sure about the stability of this coin.

[Sigfred Hernadez]

Although the Reserve Bank of India (RBI) advises caution on its use, bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal. So, if it is a legal entity, why is there silence on its regulation? Also, who is responsible for regulating it?

[jeni99]

India forbids cryptocurrency but wants to adopt blockchain but some time ago the government of India officially banned Bitcoin and although it is true it is only temporary

[Ethelbert Moore]

The committee was set up to take stock of the present status of virtual currencies both in India and globally, examine the existing global regulatory and legal structures governing virtual currencies, suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering and examine any other matter related to virtual currencies that may be relevant.

[iram3130]

They are not illegal in India but the government doesnt know how to regulate it. They have made a team and trying to understand the technology but the govts are always slow in learning. 

[makatia]

Yes, India they are illegally bitcoin, but I think bitcoin is not bad for the country, it benefits everything, it can help the economy grow more

[sonofliberty]

it is unavailable, that person must have a lot of money, i think the reality with buying bitcoin is the same as buying paper money, dollars for example, so be simple for that

[Alan Carey]

In India, bitcoin trade is carried by unregulated digital exchanges that are 11 in number according to Tax Department estimates. People are investing in money expecting huge returns as Bitcoin registered a price increase from just $1000 in January 2017 to $15000 at the end of 2017.

But anytime a burst can happen. In that case, investors will lose their money. As Bitcoin has entered a bubble phase and speculators have shown big interest in several other crypto variants, the RBI and Finance Ministry have come with timely warnings against dealing with crypto currencies.

The RBI as the central Bank issues money/payment related warnings on VCs. Regarding the asset/trading security side, the government and SEBI are giving their own cautions. Similarly, the tax Department is scrutinising the actions by investors to check the tax implications.

[Samuel Fields]

India is not the only country that is grappling with regulation issues in the crypto industry. Countries such as the US and South Korea have been sending mixed messages to their respectively growing crypto communities in the regulation that they employ. Conversely, Japan made history when it became the first country to declare cryptocurrency as legal tender in April 2017.

[bogdasha07]

Have you heard that Indian government has promised to make their draft regulation for the crypto sphere publicly available in July? Though there is still very little clarity regarding the future of cryptos in this country, I believe more details will be known soon.

[cathund3rra]

India adopting crypto will be a huge thing 1.3 bil people!

[Mhd-Bobbi]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Indeed, the Indian central bank forbids financial companies dealing with cryptocurrency

1. Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.
2. The statement comes as other regulators around the world are grappling with how to regulate digital assets like bitcoin.
3. The Reserve Bank of India was more open to blockchain, the technology that underpins virtual currencies, and says in the statement that it has the potential to improve the financial system.

[dadanpradana]

please note that because each word is different meaning, for example its a word banned and warning.

as before its Bitcoin has been commemorated in India, mainly from the Reserve Bank of India and is now open to the public for Exchange for every sale of Bitcoin and Fiat.
such as Zebpay and WazirX Exchage

[Mota satish]

Yes india government discussed to baned crypto Bitcoin but il think cryptocurency is not bad for country.

[svetochka.yakovleva.93]

Now in India there is a development of the crypto industry, but there they prohibit the launch of new projects! In India, it is always allowed, then forbidden! I know for sure that on September 10 there will be a meeting - on which the legalization of the crypto world will be discussed! so we are waiting for positive news!

[cxmyifan16]

I think that the regulations of btc aren't necessary. To my mind, it is better not to regulate btc, otherwise, it will lose its advantages and charm) i like it because of the absence of confidentiality

[gasanali]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

Hopefully there's uncertain situation with Bitcoin in India will end in a positive results for us all. Because if they will decide to eventually ban all that, I don't know how would react all those guys who are involved from there.

[crypto_Butterfly]

Zebpay closed the services, I wonder whats next to India, dang we need Indian community in crypto world rather than their government trying to shut them out.

[Cryptogid]

Banks, financial institutions and government branches in India are prohibited from dealing with Bitcoin.  That's not the same thing as it being illegal for the general public.  If you aren't a fiscally regulated entity, you can use Bitcoin freely.  When they say things like "the government does not recognise bitcoin as legal tender", they just mean they wouldn't let you pay your taxes with it, for example.  Bitcoin is not banned in India.

....I totally agreed with my senior,but there are exchanges that are registered like every other company, that exchange fiat with Crypto..

[hadveach]

this is old news, but you can read it here
1. https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

2. https://www.coindesk.com/indias-supreme-court-continues-ban-on-cryptocurrency-exchanges/

an important point that we can conclude is that the decision of the Indian government is a form of concern about the adverse effects of bitcoin.

[velive08]

news can not be fully trusted, but for news that often appears bitcoin banned in India will still continue to be the most important news. so I think bitcoin can be banned in India and the government has set the regulation.

[kominfo.id]

This bitcoin regulation is probably very much in need for some countries so that it can make bitcoin circulate legally in all countries because there are clear regulations.

[Sama517]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

I don't think Bitcoin is illegal in India. I am in different cryptocurrency groups with Indians who use Bitcoin and none have claimed it to be illegal.

[iconternal]

indeed it is true that one day there was a crypto ban in India, but I think that once there was news that allowed Crypto in India, and that was very pleasant.

[sunita01]

The Indian government has not considered bitcoin to be completely illegitimate, just now the RBI has restricted financial transactions in bitcoin. According to the news, the government is exploring the terms and conditions bitcoin can be legalized in the future.

[stayeduptolate]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

3 April 2018 is the date when the notice has been issued by the reserve Bank of India that all the crypto holder need to withdraw their money from crypto currencies within 3 months otherwise they will be responsible for their loses then after 3 months in July they has banned crypto in India but still owning crypto is still not illegal in India as they has banned all the national crypto exchanges but we can still use international exchanges for transacting crypto currencies.

[Dmitry.Vastov]

I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing  RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?

We all know that bitcoin is a decentralised crypto currency and there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and specifically the illegal one and therefore most of the countries are hesitant legalising bitcoin in their nation as they believe that it will bring terrorism in their country and the same has happened with India and they illegalised bitcoin in India but still owning bitcoin in India is not illegal, people simply can use any international exchanges for transacting bitcoin.

[SIDDHI777]

I doubt that Indian government will go to extreme extends to ban bitcoin because still it haven't become a big problem but in the future there is a possibility that the bitcoin community in India will face huge restrictions to use any cryptocurrency because not just in India but in many countries most criminals are trying to use bitcoin to launder money and do various activities so as a government they become helpless because there is no way to track them and that is the reason we could see some kind of restrictions against bitcoin in the future 

[RickeyRush]

only Japan has legalized bitcoin so far. i dont think India will soon