[2018-07-27] Indian Government-Appointed Commission Recognizes Crypto

[maarx]

Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

The law commission established by the order of the Indian government has issued a report recognizing cryptocurrency as a means of payment. This is reportedly the first time that a body appointed by the government admitted cryptocurrencies have value and can be used in transactions.

https://news.bitcoin.com/indian-government-crypto-means-of-payment/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Government-Appointed Body Recognizes Crypto
Indian Government-Appointed Commission Recognizes Crypto as Means of PaymentThe Law Commission of India recently published a report on the legal framework for gambling and sports betting in India. The 140-page report explains that gambling is defined as the act of “wagering or betting on games of chance but does not include betting or wagering on games of skill.” Wagering and betting are subsequently defined as “the staking of money or virtual currency [VC], whether or not it is equivalent to a recognized currency.”

The commission was established by the order of the Indian government to advise them on legal reforms. It was asked by the country’s supreme court in July 2016 to examine if betting should be legalized in India.

India accepts crypto coins? Surprising news.

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[Slow death]

 they did this research, but why the Indian government does not regulate bitcoin, why is it so difficult for them to create laws that allow people to buy cryptos? because the central bank does not pronounce positively in relation to crypto? because the minister of finances does not pronounce positively in relation to cryptos? this is looking like a game to weary people  psychologically... it is not so difficult, it would be enough if the government told the central bank to accept cryptos that everything would be fine. Politicians only pass laws that bring them some benefit and in countries where there is no good democracy it will be difficult for cryptos to be accepted

[Rustamm]

they did this research, but why the Indian government does not regulate bitcoin, why is it so difficult for them to create laws that allow people to buy cryptos? because the central bank does not pronounce positively in relation to crypto? because the minister of finances does not pronounce positively in relation to cryptos? this is looking like a game to weary people  psychologically... it is not so difficult, it would be enough if the government told the central bank to accept cryptos that everything would be fine. Politicians only pass laws that bring them some benefit and in countries where there is no good democracy it will be difficult for cryptos to be accepted

Governments are in no hurry and will not be in a hurry to legalize the currency. They do not need it. Decentralized crypto currency for them creates only one problem. This people expect it to be legalized. However, this news is very good, given that India is the second most populous country in the world after China. If the decision of this commission is fixed by the relevant government decision, it will be very good for the crypto currency.

[Baofeng]

they did this research, but why the Indian government does not regulate bitcoin, why is it so difficult for them to create laws that allow people to buy cryptos? because the central bank does not pronounce positively in relation to crypto? because the minister of finances does not pronounce positively in relation to cryptos? this is looking like a game to weary people  psychologically... it is not so difficult, it would be enough if the government told the central bank to accept cryptos that everything would be fine. Politicians only pass laws that bring them some benefit and in countries where there is no good democracy it will be difficult for cryptos to be accepted

They all contradicting themselves. First RBI issue that they no longer supports crypto-to-fiat exchanges. But then later on admitted that they didn't do further studies about it.

https://news.bitcoin.com/reserve-bank-of-india-admits-issuing-crypto-ban-without-research/

So its like a roller coaster ride if you are a Indian crypto enthusiast. You don't know what's the government plan from behind. Its like putting too much stress as of late for Indians. Much better if they are going to regulate it so that is going to be a win-win situation for both parties.

[anchuoinhhoc]

This is a good news for e-money technology today. but I think India will have a future in the ears of their industry to its development

[khan_kashi]

Good news for Crypto coummunity in india.