Bitcoin regulations in India ???

[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.