Bitcoin regulations in India ???

[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.

[1715518337]

1715518337

[1715518337]

1715518337

[1715518337]

1715518337

[1715518337]

1715518337

[1715518337]

1715518337

[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..