Is bitcoin illegal in India

[bitcad4u]

I had read in crypto news , bitcoin is going to regulate in a india.The government of India had a plan to get some tax from the people.
Please check the below link

https://www.instagram.com/p/BjTtaroH2R3/

They are going to collect 18% of tax from the people.They had a plan to implement this scheme from July 1 onwards.
This may increase the price of bitcoin.

[maarx]

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

You can still hold or buy bitcoin through few possible exchanges though it's not yet announced as legal or illegal. As long as the action you take does not harm you,  you can very well proceed though. I am sure India will surely realise the benefits of adapting bitcoin and adapt it very soon. RBI has set up a team to analyze if crypto currencies are really needed or not in India and most probably by end of June or July, they would come up with good decision which will certainly enrich Indian economy with crypto adaption. Hopefully waiting for it.

[cryptorocket84]

Formally NO, just as it is illegal in many countries but we still do our thing,foreign markets still make transactions in India, the government even warned the banks to close the accounts of those who do transaction with cryptocurrency, but we had that there is a close door meeting were they are thinking on how to legalize cryptocurrency, i think we should be patient and see what will come out of it.

[Eleven86]

In India bitcoin is still legal not announced as illegal. The RBI of Indian government announced that close the account of the people who deals transaction with cryptocurrency. And India has an idea of introduce its own coin. It shows India accept crytocurrency and not ready to ban. If it comes automatically India will support other cryptocurrencies also.

[maarx]

Bitcoin is not yet legalized and not yet illegalized. RBI recently had announced to its entities not to have transactions and not move with its exchanges. The supreme court has given time till July 2018 to Exchanges to come with solutions. Hoping for a positive turn over from RBI, Exchanges and from Supreme Court. They will announce by end of this month. Lets see what happens.

[Hannahanto]

Bitcoin is still legal in india it is not ilegalized. People in india are using bitcoin as their main income. Just RBI announced that cancel the account of the people who made transactions for bitcoin. They warn the exchanges and give some time. But hope in india it will not be considered as illegal. Because indian government planned to decide create its own cryptocurrency.

[DeadCoin]

Expect India should be one of the countries accepting bitcoin legally in the country which will in trun grow its economy and its citizens employment and their personal growth. RBI did come up with few regulations which contradicted the exchanges causing to take RBI to supreme court. The court has announced that the exchanges would come up with changes/decisions by end of July 2018. There are chances for legalizing bitcoin. Just heard of a business man coming up with his own crypto coin. So these are good signs that the govt would allow.

[Mukarram Tariq]

I watched a video in which Indian prime minister talk about bitcoin and the value of digital currency. May be he know the wealth of crypto

[Biscutard]

Formally NO, just as it is illegal in many countries but we still do our thing,foreign markets still make transactions in India, the government even warned the banks to close the accounts of those who do transaction with cryptocurrency, but we had that there is a close door meeting were they are thinking on how to legalize cryptocurrency, i think we should be patient and see what will come out of it.

I guess it's not just happening in India but most in the other countries too though some of them banned bitcoin and some may say illegal but not yet legal due to some security purposes. If Indian country would release an update about of legalizing bitcoin in their country through the help of new regulations by putting a tax on it.

[Maheshkumar_Hrangkhawl]

Being a citizen and resident of India, I can say that the possession and trading of Bitcoin is not de jure illegal in India. That said, the government of India has adopted a very hostile stance towards the crypto-currencies and the crypto-users over the years.

[jrrsparkles]

Being a citizen and resident of India, I can say that the possession and trading of Bitcoin is not de jure illegal in India. That said, the government of India has adopted a very hostile stance towards the crypto-currencies and the crypto-users over the years.

Still they didn't make any stance about the crypto currencies because most of the politicians were uneducated so they may not aware of the existence of bitcoin even.

But I hope that they will make it legal since India is one of the countries where the crypto countries were traded most so they can increase their revenue of their country by imposing tax on them.

[richardsNY]

But I hope that they will make it legal since India is one of the countries where the crypto countries were traded most so they can increase their revenue of their country by imposing tax on them.

It will happen once they believe have found a way to properly control the centralized crypto ecosystem, and for sure know that the benefits are actually benefits and don't have any negative long term consequences. India is a large market, but we don't depend on them to open up or not. We have pretty easily discarded China, which initially was thought to be a massive player, but after their manipulation was put to a stop, they weren't all that big. We'll see how things play out with both China and India, but it's only a matter of time. They have to adapt in order to not let their neighbour countries swallow all innovation and extra job creation that it brings.

[Yara1]

provided there is no law that bans bitcoin in India, it can not be considered illegal. India government only warned banks not to carry out bank transaction with bitcoin but bitcoin holders are using international market for their transaction.

[josephdd1]

So far, India has not per say voiced the legality of Bitcoin. On the contrary, it seems to take it as an opportunity for the country's development and in fact it seems to encourage this notion by introducing a coin of its own or at least that's what's been stated lately.

[liberty02]

It's not illegal. They did restrict their domestic Banks from dealing with crypto but even their own RBI ( The Reserve Bank of India) are even exploring on creating their own digital currency. They are not making it illegal in order for them to have a chance of creating their own coin while stymieing other coin growth in their country.

[KorakPawon]

Formally NO, just as it is illegal in many countries but we still do our thing,foreign markets still make transactions in India, the government even warned the banks to close the accounts of those who do transaction with cryptocurrency, but we had that there is a close door meeting were they are thinking on how to legalize cryptocurrency, i think we should be patient and see what will come out of it.

India really has not opened yet for crypto because they are still traumatized with some illicit acts committed against crypto users such as killing and others so they still can not open crypto in their country.

[maarx]

Hello folk, I am a bit confused if cryptos are legal or illegal in India.
As bank has stopped providing services to crypto-exchanges. Is it illegal to hold bitcoin in India?

Recent news no RBI restricting its entities from entertaining Indians have crypto transactions has provoked many exchanges and it lead to appeal with the supreme court. Hoping to hear a positive decision on legalizing bitcoin in India after current three months' analyzing period on whether to proceed with legalizing. I am sure it would turn back positive as a business celebrity is working on launching his own crypto currency.  The business celebrity and the government are so close and certainly the new coin from India will be realeased.

[Greenkarki]

Expecting every country should soon adapt bitcoin legalizing it. I am sure when bitcoin hits $20k again in this year 4th quarter, jiocoin would pitch in. The team would at least screen out their roadmap. The price would again become the main play to every investor and to every we ICO. So hope this second half satisfies all who invested with good turn over.

[timerland]

It's actually not illegal to hold, trade or just use bitcoin in general within India.

In fact, it shouldn't even be illegal to conduct business with a bitcoin exchange. As long as the exchange is offering the service to you, and there is a bank that is facilitating the withdrawals, there shouldn't be any legal issues with this.

To my understanding though, there are bans put over banks within India to prevent them from dealing with exchanges, which essentially means that a lot of exchanges will go out of business. You're still able to trade, you just have to trade p2p since most exchanges relied on banks to facilitate their fiat transactions.

[cyruh203]

i think It will never be a legal tender but that doesn’t mean it is illegal.I think govt is smart enough not to ban it.Crypto people are more than ready to pay taxes on it.