Bitcoin Legality in India

[Rajamuda]

Will bitcoins be recognized by the Indian Government ?

Bitcoin is legal in India. I mean, although they have not declared it legal but they have also not made it illegal. You can still invest in or buy Bitcoin. Only the banks in India are prohibited to deal in cryptocurrencies. This was, in fact, quite expected as banks have never shown a positive attitude regarding cryptocurrencies. But this does not mean that it is illegal in India.

That's interesting, and maybe from time to time there is still the possibility of Banks in India.. I'm sure, it will encourage/accept crypto. It may be a lack of preparation in response to all the characteristics of crypto and still consider some of the risks that could have an impact on the banking system. Well can be categorized.. this country is can be said an advanced's country and can be following the era developments.

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[Kokondao]

For now the Indian government has not acknowledged bitcoin, but I think by the time bitcoin will be acknowledged by the Indian government, it will have a good impact on the people of India and the world.

[Meysa_richa]

For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.

[Hannahanto]

For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.

In India bitcoin is neither legal nor ilegal, the reserve bank of India just ask the banks to close the account of the person who use the transaction using bitcoin. And it gives three months time to banks. This is the situation in India. But officially no announcement declared that bitcoin is banned in India. But there is a serious discussion is going on about bitcoin legality. And governmnet keeps on watching the bitcoin useage by people in India. We just wait and see what is going to happens in India. There are so many countries accept cryptocurrency at present. It is a good decision, lets hope this will happen in India also soon.

[Zeddyn]

Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.

[Greenkarki]

Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.

I can see that the thread was created in December 2017 hoping India accepts bitcoin legally. The recent news from RBI seems to be disappointing. There is a team appointed to look after the possibility of legalizing bitcoin in India. Hope every exchange support this and bring a good result. The citizens are really far beyond than the leaders ruling the country. There must be educated personalities as leaders who can really understand the current generation and adapt what’s required. Hope soon India plus other countries who are yet to accept crypto currencies, should soon accept and adapt bitcoin for their wellness.

[eaLiTy]

For the Indian government today is still very difficult to accept bitcoin, but I believe someday the Indian government will receive bitcoin.

Receive bitcoin from where ?  

Bitcoin will someday be recognized in India, it is only a matter of time for India to recognize bitcoin, or maybe it could be by switching leaders who will recognize bitcoin well.

With the level of governance they are showcasing they wont be in power during the next election
This one article summarized everything what is happening in India.

There is a team appointed to look after the possibility of legalizing bitcoin in India. Hope every exchange support this and bring a good result. The citizens are really far beyond than the leaders ruling the country. There must be educated personalities as leaders who can really understand the current generation and adapt what’s required.

They have appointed the team long back and still they could not come up with anything, hopefully the judicial system will help in over turning the RBI circulation.

[siti25]

Will bitcoins be recognized by the Indian Government ?

if India's current trading volume has grown rapidly, India's largest Bitcoin market has finally begun to take seriously to Bitcoin and consider regulating the market.

[Aikidoka]

India has many smart people, but also many dumb ones. Legalizing bitcoin is one step to a glorious economy system because they surely are going to impose taxes which will be beneficial for them. Added to that, many unemployed people will find hope. However, the legality of bitcoin has not been put into action. They think that it will be a huge threat to their economy system and people will stop relying on banks. Go fix your banks' system first.

[BitHodler]

Go fix your banks' system first.

There is nothing to fix. Banks are doing what they are supposed to do, which is firmly dictating and limiting people's financial freedom. The banking system is nothing more than a tool for the government to maintain control.

From there I wouldn't expect any change. Instead, people should try to follow their own route to freedom, and now with how thriving crypto is, there are no excuses for anyone to fall back on.

People stop converting Bitcoin to fiat is a first and important step. In most cases regulations are all about how governments don't want to stimulate fiat versus crypto trades, then buy in initially, and never go back.

If there is enough local demand for stores to accept Bitcoin, they will. It's all incentive they lack because of how people aren't spending their coins.

[saddamhussain007]

bitcoin its a future of india

[paresh nakar]

Indian Finance Minister arun jetly has declared that bitcoin. they said if you want buy bitcoin so it is your own risk  is not a legal tender in INDIA and they are working on its regulation will soon come with a firm decision on its legal status.

[achsan fauzy]

Will bitcoins be recognized by the Indian Government ?

Bitcoin is not yet declared legal currency in India because the government is still assessing the possibility of legalization by regulating the bitcoin and other digital currencies to ensure that it will not be used in illegal activities such as scams, laundering and smuggling therefore you still can enjoy the benefits of engaging bitcoin without tax because bitcoin is not legal but not ban in the country.

I think the reason you say does not only apply in India. Almost all of the countries that still not legalize bitcoin has the same reason with which you convey.

[derihendra]

let's wait, will India allow bitcoin, but if we look at bitcoin development nowadays it's very fast and fast growth, let alone blockchain technology is needed for the future, it could be bitcoin will be allowed in india

[marielbeckham]

But it seems to me that it is legal and illegal at the same time in this country now, isn't it?

[Virtual miner]

Will bitcoins be recognized by the Indian Government ?

Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.

You really need to clear your facts before posting anything. And not only you I read many posts saying that India has legalized bitcoin. I live in India and how is it possible that I would not know about this!?!?? I mean after having read so many posts saying this, I myself got perplexed and checked for some recent update, but there is nothing like that. The concept of legality of bitcoin is quite vague here in India. The government has not expressly declared Bitcoin to be illegal and neither has it been declared as a legal currency. Also I would add on that no ban has been imposed on the bitcoin.

Of course the country is moving towards digitization and cashless but that does not simply imply country has accepted bitcoin or whatever.

But it seems to me that it is legal and illegal at the same time in this country now, isn't it?

There is nothing like that. Actually the status of the crypto currencies in the country will become clear nut  with the advent of better policy framework in the country. the policy makers are yet not  clear with what to do or what not to do. The scenario is ambiguous and therefore people are making such kind of comments.

[siti25]

In India there is no explicit framework to regulate or ban the use of Bitcoin in India. But India's central bank has issued a policy that mentions money laundering and security issues in the use of bitcoin following India's largest Bitcoin trading platform that was forced to shut down.

[USDOLLAR]

Current status is some positive steps are taken from higher authorities towards bitcoin,that day is not far when bitcoin will get a legal status in India.Very soon Indian government may recognize & regulate bitcoin transactions and even levy tax on bitcoins.