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?

[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.