Tigorss
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Activity: 308
Merit: 10
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June 29, 2018, 02:40:34 PM |
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Still, there is no conclusion from the Supreme Court and the given a circular and again hearing will in the month of July. Till now, the government is given notice to banks by not encouraging people to buy the cryptocurrency, previously Arun Jately informed in a statement, cryptocurrency is not legal India but people who trade cryptocurrency should pay taxes on it.
yes it is true this is still a pro and cons in India there are some agencies that are supportive and there are also agencies that are refused but for now is still not legal at all because there are still some things to consider. |
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Slipknot79
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July 05, 2018, 11:05:06 AM |
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As far as I know BTC has been legalized in India
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ruthbabe
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July 05, 2018, 03:45:55 PM |
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No, bitcoin is not illegal in India, it's legal. Although India's central bank, Reserve Bank of India has announced a ban on the sale or purchase of crypto-currency, the usage of bitcoin is legal. "Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognize them as legal tender and will instead encourage blockchain technology in payment systems." Source: https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/ |
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maarx
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July 05, 2018, 07:25:31 PM |
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No, bitcoin is not illegal in India, it's legal. Although India's central bank, Reserve Bank of India has announced a ban on the sale or purchase of crypto-currency, the usage of bitcoin is legal. "Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognize them as legal tender and will instead encourage blockchain technology in payment systems." Source: https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/ Four more petitions to be heard on July 20 from exchanges. Though the earlier decision is dis-satisfactory, exchanges have found and still working on finding ways to have crypto transaction not disturbing banks tied up with RBI. An exchange has recently announced a P2P system where crypto to crypto exchange can be done. 90 percent of customers from exchanges that are in dealing with in India, have strong hope to continue with crypto trading besides RBI announcement which firms the belief in crypto currencies. |
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Hannahanto
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July 06, 2018, 06:04:33 PM |
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In India bitcoin is neither legal nor illegal. RBI announced the peer to peer transaction. But still people in india are using bitcoin as legal. But we cannot purchase anything through bitcoin, for that you have to use local fiat only. Indian government have a plan to introduce their own coin, if it happens bitcoin also legal. Now in india bitcoin investors are more so they never to allow bitcoin to announce as illegal.
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Faeton
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July 06, 2018, 07:27:26 PM |
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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?  I would not say that the crypto currency is illegal in India. Recently, the Supreme Court of India has indicated that, under the current Indian law, a crypto currency can not be considered a currency. However, this does not mean anything. Bitcoin and other crypto currency were not banned in this country. The legislature of India has not yet expressed its opinion on this matter. Therefore, we will expect further news from India. |
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Eleven86
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July 06, 2018, 11:30:38 PM |
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Its not yet announced to be legal. The RBI has pressured too much on the exchanges dealing with crypto currencies not to engage customer trade through the banks tied up with RBI. Hope the final decision do not affect customers trading on Indian exchanges who are dealing with it. A long waiting should get soon over and crypto should be legalized in India and more get benefited.
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dark1234
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July 08, 2018, 11:09:51 PM |
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Its not yet announced to be legal. The RBI has pressured too much on the exchanges dealing with crypto currencies not to engage customer trade through the banks tied up with RBI. Hope the final decision do not affect customers trading on Indian exchanges who are dealing with it. A long waiting should get soon over and crypto should be legalized in India and more get benefited.
and this will take a long time because the Indian government is more cautious and considering the laws of the country there according to the Supreme Court of India so if this is too long it will adversely affect the development of cryptos there |
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magneto
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July 09, 2018, 01:51:59 AM |
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It's not illegal, nor is it illegal to hold or trade with bitcoin at all.
I don't even think that it's illegal for banks to continue to offer services to bitcoin exchanges. However, they will obviously be facing scrutiny and probably delicensing from the central bank of India (RBI) which is something that they wouldn't want to ever do.
The thing is that this isn't law, this is a regulation from the RBI. It doesn't mean that bitcoin is all of a sudden outlawed.
That's why you still see buy/sell listings on LBC and elsewhere, because bitcoin is still fully legal in India. The government is still obviously anti-bitcoin, though, that's for sure.
Hence, trading p2p with bitcoin for cash on platforms such as LBC and paxful will be a growing trend in India as a result, in my opinion, because of the regulation.
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Aleh777
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July 10, 2018, 12:39:52 PM |
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In India still bitcoin is legal, people are investing in bitcoin. The RBI put some rules to traders only, RBI announced traders not to use transactions via bank to exchange the bitcoin or buy. Now another method they used p2p for transaction process. So bitcoin is still legal in india and it is not banned. Due to this law traders only affected and not the people. Soon bitcoin is fully including traders also will be legal in india. But we have to waitbfor some time for this change.
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ruthbabe
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July 10, 2018, 01:11:16 PM |
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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? Sorry, the link you provided is not working in my end, but according to this source, the status of Bitcoin in India is Legal, however, the sale or purchase of cryptocurrency is banned as announced by the Reserve Bank of India. Indias Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.
"The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system," Jaitley said. |
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agentdavid007
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July 10, 2018, 01:46:00 PM |
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Yes it is true that crypto is illegal in Indi
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Tylev
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July 10, 2018, 04:04:20 PM |
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The situation in India with the crypto currency is quite complicated, but it is practically free to go to the territory of this country. So far, only the Reserve Bank of India and its subordinated banks do not conduct any operations with the crypto currency. However, the circulation of crypto currency is not prohibited in the country. While legislators and the government did not express their opinion on the crypto currency, and the need for this has long been ripe.
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Harlot
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July 10, 2018, 05:44:48 PM |
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It is funny on how the Indian Government is still allowing cryptocurrencies to be held in their country yet the citizens are not allowed to use it as a mode of payment although they allow it to be traded. Another problem is they made a memorandum on prohibiting online bank transfers coming from exchanges to banks. So they have eliminated the most convenient way of liquidating your cryptocurrency holdings to Fiat besides third party sellers. The way I see it is their Central Bank, RBI, is headed by a not so open-minded person and the executive government is not doing any action to solve it that is why it lead to their current situation.
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solarion
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July 10, 2018, 06:00:55 PM |
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I got the Google news pop up says the bitcoin regulations implemented by the Reserve financial system is legally not used the bitcoin in their country and even court also seems also support government to take not right towards bitcoin.
I advice to the investors from India please do not loose the hope it will be remain same and cannot be able to stop from using it mate.
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ruthbabe
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July 10, 2018, 06:26:57 PM |
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Yes it is true that crypto is illegal in Indi
Could you please cite your reference? The usage of Bitcoin and cryptocurrency in India is Legal, although India does not recognize them as legal tender and they can be used in payment systems. What is illegal in India is banned in India is the sale or purchase of cryptocurrency. http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country |
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Bharat24
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July 11, 2018, 04:50:49 AM |
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Crypto is illegal in india.you Connor use crypto currencies also a sum of payment in buying products.
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starplaks
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July 11, 2018, 10:12:10 AM |
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There's something like cunningly done, Crypto currency is prohibited, but taxes must be paid to those who sell it!
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Andrew S
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July 11, 2018, 01:11:06 PM |
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You can make it easier, just sell the crypt in the Maldives.
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Virtual miner
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July 11, 2018, 01:48:10 PM |
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The status of Bitcoin in India is quite vague. A few days back I had been reading this buzzing update from RBI, central bank of the country, which reads here: https://www.thebetterindia.com/149147/rbi-cryptocurrency-bitcoin-bank-trading-ban-news/Now the position of bitcoin in Indian market seems to be in danger with this highlight from the market:- Speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla said that Ripple could win 50 percent of the Indian market with the company focused on the financial sector of the world’s second fastest growing economy. He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?" Ripple is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report. Source: https://www.express.co.uk/finance/city/987173/Bitcoin-price-ripple-india-cryptocurrency-ethereum-BTC-to-USD-XRP-news |
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