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Author Topic: Will it be illegal to trade cryptocurrencies in India after July 7th  (Read 126 times)
romanovst
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July 24, 2018, 06:19:21 AM
 #21

No, it is not illegal as no such law has been passed yet. As per a recent RTI, a regulation is in process for regulation.
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July 25, 2018, 10:14:17 AM
 #22

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

Look , the foremost thing regarding the bitcoin is that it is legal globally, being an decentralised crypto currency, no country could declare it illegal but the country can do is that it can ban its people from using national exchanges but still people can use international exchanges for trading in bitcoin and the same conditions is in India also that people are still trading in bitcoin inspite, RBI declaration that bitcoin is banned in India but still bitcoin trade is going in India.

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zombieservers
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July 27, 2018, 12:57:12 PM
 #23

NO there is no illegal still now we are using bitcoin because next hearing is in supreme court on 11 September 2018, i think Central bank(RBI) planing to regulate bitcoin but final decision will depend on supreme court also bitcoin can't ban because peoples using it via internet so they need to ban internet first, if they will ban than peoples do it in black market also government will loose tax which they are getting from bitcoin buyer and sellers.
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August 02, 2018, 05:03:22 AM
 #24

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

regulations in India regarding the cryptocurrency ban slightly affect asset prices on the market. but maybe in the future this ban will be canceled
Ezenwanyi1
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August 02, 2018, 06:26:18 AM
 #25

It wont be regarded as illegal.
AndreaPhillips
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August 02, 2018, 06:55:16 AM
 #26

The ban on the cryptocurrency is not right.
Currently, there is official information. Indian authorities do not recognize Bitcoin as a legal currency. Indian authorities will suppress the use of electronic money in illegal activities and; Indian authorities will not encourage the public to use electronic money as a payment instrument.
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