Bitcoin regulations in India ???

[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?