Future of Bitcoin in India

[r32godzilla]

Government has not clearly stated its policy on bitcoin and unless it gets banned completely,bitcoin has a great progress in India.Government has decided to launch its own digital coin Lakshmi and if it gets launched,it seems that India might take serious steps against crypto currencies.

As far as bitcoin is concerned,the government has given three months time for the investors to convert their bitcoins in to fiat.

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[kastara]

In my opinion maybe the government of India wants the community to be controlled from cryptocurrency activities and do not want people to be lulled by patterns of game patterns that quickly make money but in the end they get nothing.

[robertcross07]

In South East Asia subcontinent, India is the tech giants. And there are so many example of grabbing the new innovation by India. So India might recheck their decision to accept and approve crypto over the country.

[Khalp1]

No people in this world can stop bitcoin, it is here to stay and the digital currency is the future. The sooner the governments all over the world realize it the better for them. Cryptocurrency can be very beneficial for the economy for a country, so the governments don't want to miss this opportunity.

Yes, that's true Cryptos could revolutionize the very way we think about money, and by extension, how we handle transactions and think about our economies.

[melonbtchunter]

Even though Bitcoin usage is not valid in India, in the future, India will be a successful country for Bitcoin. Because many people of India are still involved in Bitcoin. I think India will soon declare Bitcoin validity and many of India's people will be released from unemployment. In the future, India will move forward economically depending on this bitcoin.

[Grechkatx]

For some reason I think that in this country you this cryptocurrency will take root for a long time. But it can be anything so OGE will give you their opinion.

[Ocha Bacoh]

Indian Finance Minister Arun Jaitley said the virtual currency is not a valid means of payment in the country.

India will reduce the use of virtual currency associated with criminal activity.

"The 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,"

[Dava.Dina]

Many people in India are still involved in Bitcoin. I think India will soon declare Bitcoin Validity and many Indians will be released from unemployment. In the future, India will move forward economically depending on this Bitcoin.

So I can not predict the future of Crypto in India. But I think India is a good techie country with lots of tech celebrities. So they will make a way forward to adopt Crypto and Bitcoin in the future

[czhen]

there is no clarity for the future of cryptocurrency in india but i am sure this is only temporary and will change as what happened in russia.

[dollarneed]

Government has not clearly stated its policy on bitcoin and unless it gets banned completely,bitcoin has a great progress in India.

Good to hear that, if their government support bitcoin that's gonna be awesome since India is the second country with the highest population after China. However the government have done the right thing protecting their citizen from something bad we all know that this is the common issue and the reason behind why those countries banning bitcoin, yup people are losing money on hyip or Ponzi scheme even though is not bitcoin's fault, the government just see it as a threat for them.

[crptotrader007]

What do you people think about the future of bitcoin or other cryptocurrencies in India under the current government policies?

It is very critical stage for Bitcoin in as clearly there are two minds,1) that wants Bitcoin and 2) The government. After bans and everything the government hasn't taken any action yet for those who are still doing transaction Soo that is indicating that government is still giving a thought to there decision and that more than enough for Bitcoin. As far as my thinking is concern I still say the future is very critical for Bitcoin in India.

[anaumar]

the advancement of technology of course the state of India will continue to follow the flow of globalization increasingly using blockchain or cryptocurrency technology and if not then of course is the prestige itself against other countries that are considered not to follow technological progress so definitely in India will continue to grow

[ashfakur]

Now time is the bad moment in india abount of bitcoin because Indian Finance Minister Arun Jaitley said the virtual currency is not a valid means of payment in the country,but when everythink is ok or legal in india that momen is the best time for crypto market, because India is one of  big economy in south Asia. If bitcoin have become popular in India, neighboring country
Bangladedh,pakistan  Bhutan,Nepal and Sri Lanka will understand the necessity of it. So they will legalize it in their country. and I know india population is the second in the world so I hope future india declare bitcoin is the digital money or payment pay money for this county

[pitiflin]

The current situation is not very positive in india right at this moment. The Reserve Bank of India had issued a notice to all commercial banks which forbids them to provide services to any crypto related businesses. Few crypto exchanges have taken this matter to the court and surprisingly the court had denied interim injunction on that notice.

The future looks grim under current government policies as this givernment is driven by religious forces.

Weren't all of the Indian crypto exchanges leaving the country and moving to Singapore or something?

One cannot possibly blame India for blocking banks to work alongside crypto businesses. A lot of people got scammed in India, people were held at gun point apparently, and the thieves took away the entire money. But we can't blame crypto as well. The future looks uncertain, there were rumors about the Reserve Bank of India releasing their own coin, hopefully whatever happens, it is for the best.

Indian crypto exchanges are certainly planning to a more crypto friendly nations like Singapore or Hong Kong but that doesn't help the common crypto users of India. Where the common people used to receive domestic remittance, they will start receiving foreign remittances which will raise another set of alarms to the tax authority. Individual peoples will start getting tagged by the tax authorities on those remittances. This will further worsen the situation.

The only way is to keep the p2p transaction market alive like localbitcoin and paxful. p2p transactions are harder to catch if the amount is kept within a certain low limit. But if the government finally decides to ban it, a lot of people will face serious trouble.

Traditional crypto exchanges aren't meant for handling fiat money. Even if it's assumed that the exchanges will stay in India,people will be taxed, for financial gains, although I am quite not sure on that.

And it's the banks that act like cunts. They block your money all the time in the name of privacy policy. I can tell you that the privacy policy is fucked up in the arse. I'll give you one example: My bank held a few thousand dollars a few weeks ago for a payment that I made. They blocked it for god knows why reason, when enquired I was told it is because of their policies and the funds in hold will be released in 3 Business days. 3 days later, no funds received, I call up the bank and they now claim it takes 14 days. And the amount they held is not a small amount. They need proof for literally everything. Providing proof of funds for P2P transactions would be fucking bothering and risky, if one exchanges bitcoin to Indian currency.

[chienquoc]

I think the Indian government will coin BitCoin as a commodity or asset. Then tax them

[timerland]

What do you people think about the future of bitcoin or other cryptocurrencies in India under the current government policies?

Under the current government policies? It's obvious that they are quite anti-bitcoin, even though it's not a flat out ban from the government right now.

However, we don't know what's necessarily going to happen in the future in India regarding bitcoin. Obviously, we would like to see as bitcoin enthusiasts for the RBI restrictions on Indian banks regarding dealing with bitcoins to be lifted, however, that's not guaranteed to happen nor is it likely to happen in my view.

I remember that the government of India was looking at a high tax on bitcoin, but at least it would be legalized. Since they are indeed talking about this as an option, we can't rule out that possibility. However, excessive taxing hardly "helps" bitcoin in India or businesses to grow. Honestly, all governments should be trying to attract bitcoin related businesses into their countries right now using this opportunity, instead of trying to repel them.

[rameshrajan1000]

Cryptocurrency(Bitcoin) has been banned in the current government of India. BitCoin's investors have been disturbed. I believe that in future, Bitcoin's investment is legitimate when it comes to change in regime change or the current financial regime.

[bauntyshark]

 I think bitcoin will be approved in India,  as the government continue to use it, and it expands the economy. So the government does not want to miss this opportunity.

[aces777]

Even if the government tried to ban Bitcoin in India it wont have much effect on its adoption, as people will still have the options like LocalBitcoins where they can buy and sell bitcoins for cash. Also eventually all the world governments will have to accept Bitcoin as it will be too big to ban it just like that.

[endlings]

India is a large cryptocurrency market.
This is a country with great potential. If the policy allows it,
This will be an important place for the cryptocurrency world.