India declines Bitcoin Legalization Again

[Vishnu.Reang]

Maybe the Indian government is still studying about how bitcoin work and when they are done, they have no choice than to give it all full support, let's hope it's still within reach when the government finally tells the public it's safe to invest. The wise fellow don't listen to government on finance, they are responsible for many economic manipulations to keep citizens under control.

They are studying the crypto-currencies ever since 2013. And even after 6 years, they haven't decided whether they should allow it or ban it. To say the truth, India is a third world nation and the vast majority of the politicians don't have enough educational skills to understand the basic concepts of cryptocurrency. So they are dependent on their advisers, who on most part are ex-bankers.

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[proTECH77]

~~~ So they are dependent on their advisers, who on most part are ex-bankers.

Their problem is lack of understanding of the new technology, many third world nations like my, have always be backward when it come to new technologies, so, never blame them (Indian Government) for their inability to understand the technology, but one thing is certain: Nobody can Ban Bitcoin, Kill Bitcoin, becasue Bitcoins is a technology.

[Lumi3004]

It is regrettable for India, a country with a weak economy with an average farmer's income is very bad for the people of India by not supporting it bitcoin.
I hope the Indian government can follow in the footsteps of other countries that support Bitcoin, I am sure that Bitcoin can generate the economy of the Indian people if Bitcoin can be received by the governmen.

[SaShiRaJaVu]

Not only for india also other countries from south asia like beside country of india already ban cryptocurrencies and no one can use bitcoin it's a punishable crime yet!  I think government is better understand and know over their countries economical way and government do can take any decision about their countries economical system.

There is no ban for crytocurrency in India, exchanges or companies dealing with virtual currencies cannot conduct regular business with the banking system as the RBI came up with a circular to stop dealing with those entities, Bangladesh have an outright ban and if you are dealing with virtual currencies you might end up in jail, there is no clear regulation in India regarding that and the government is not having the knowledge on how to deal with the new technology and that is the major issue in India.

[Alpinat]

There is no ban for crytocurrency in India, exchanges or companies dealing with virtual currencies cannot conduct regular business with the banking system as the RBI came up with a circular to stop dealing with those entities, Bangladesh have an outright ban and if you are dealing with virtual currencies you might end up in jail, there is no clear regulation in India regarding that and the government is not having the knowledge on how to deal with the new technology and that is the major issue in India.

That is also what i've noticed in the system of India they are not fully open to those improvements that can change their country including bitcoin that can be revolutionary in their country. I am just wondering if they are just not thinking carefully or they are still not ready for cryptocurrency.

[r1a2y3m4]

It is not your fault that bitcoin is not accepted on India. And it is also not your fault that Indian Government lack knowledge about cryptocurrency. I guess even though they decline its legalization, I guess that nothing will change on your country. Bitcoin will still be usable the way you are using it. 

[MakeMoneyBtc]

It is regrettable for India, a country with a weak economy with an average farmer's income is very bad for the people of India by not supporting it bitcoin.
I hope the Indian government can follow in the footsteps of other countries that support Bitcoin, I am sure that Bitcoin can generate the economy of the Indian people if Bitcoin can be received by the governmen.

Accepting bitcoin is not going to help India get out of their bad economy at least not right now. A lot of people there live in poverty and can't even afford a smartphone or pc so they don't have any options for storing and also buying/selling their cryptocurrencies. It's not only government fault that they are not supporting bitcoin because people have to take action first.

[niisarearning]

It is difficult to judge the country in which you never lived and the culture and traditions that you do not know.In this country, a very large number of residents and if they are all categorically denied the use of bitcoin it is very sad.Although I have met many startups from India and I think that the published news is only rumors.

How large number of resident categorically deny ??. There is no possibility in india when there is very few are trading or knowing about bitcoin and other crypto currency. The rules have been done by RBI and government there should be some proper reason for that . Most of the crypto startup left country like Zebpay  . Some are Closing  business like Coinomi its backed by Billdesk one of the biggest payment gateway provider.

[Ayiranorea]

It is difficult to judge the country in which you never lived and the culture and traditions that you do not know.In this country, a very large number of residents and if they are all categorically denied the use of bitcoin it is very sad.Although I have met many startups from India and I think that the published news is only rumors.

How large number of resident categorically deny ??. There is no possibility in india when there is very few are trading or knowing about bitcoin and other crypto currency. The rules have been done by RBI and government there should be some proper reason for that . Most of the crypto startup left country like Zebpay  . Some are Closing  business like Coinomi its backed by Billdesk one of the biggest payment gateway provider.

More and more firms that were completely focused on cryptocurrency related businesses have moved to other countries, still there are large number of cryptocurrency users within the country. There is continued arguments going on regarding the legalization of cryptocurrency usage. Probably if India support cryptocurrency usage surely it'll make a big change in the entire market of cryptocurrencies globally.

[ngapayak]

current technological developments, for people who don't want bitcoin to be able to love bitcoin in the future and vice versa. every government has its own rules, if there are opportunities for the government, maybe that can change ...

[Vishnu.Reang]

It is not your fault that bitcoin is not accepted on India. And it is also not your fault that Indian Government lack knowledge about cryptocurrency. I guess even though they decline its legalization, I guess that nothing will change on your country. Bitcoin will still be usable the way you are using it. 

The users are facing practical difficulties and harassment. A huge number of "suspected" users were served tax notices during 2017-18 (the number is rumored to be a few hundred thousands). Almost all the exchanges have closed down, and the remaining ones are moving out of India. The only option for Indians to purchase BTC now is localbitcoins. But I am sure that the government will soon start its crackdown against LBC.

[ene1980]

Their problem is lack of understanding of the new technology, many third world nations like my, have always be backward when it come to new technologies, so, never blame them (Indian Government) for their inability to understand the technology, but one thing is certain: Nobody can Ban Bitcoin, Kill Bitcoin, becasue Bitcoins is a technology.

It is a basic problem for these third world countries, they do not know how to generate new jobs and technology but they oppose innovation too and so is the reason they are not coming forward in terms of economic growth and still termed as a third world country, the main thing they do not understand is that they cannot ban it and if people wanted to trade them they will find a solution, i know India does have a lot of IT experts and why don't the government ask their help in reaching a solution on what to do with it .

[SaShiRaJaVu]

That is also what i've noticed in the system of India they are not fully open to those improvements that can change their country including bitcoin that can be revolutionary in their country. I am just wondering if they are just not thinking carefully or they are still not ready for cryptocurrency.

The government is to be blamed in this situation, if they really care about the investors and the businesses they have to make it legal and monitor the entire process, the reason the government will come up with declining the legalization is that bitcoin will be used for illegal purpose, they do not understand the real concept of bitcoin and so is the reason they are coming up with those silly verdicts, they neglect the fact that many criminals dealing with bitcoin were caught and there is no way anyone could bypass that.

[MidnightWolf]

It seems to me that it is difficult to suggest decisions that are made by the government of India.  Nevertheless, it was not for nothing that the desire to apply criminal liability for the use of cryptocurrency, even imprisonment up to 10 years, was officially announced.  I hope that the results will be different.

[elsniper]

The time of India will come. It's impossible to prevent development endlessly.

[krb91]

Although a negative devolpment, it is not completely a bad one. It wasn't legalized, neither was it declared illegal to transact using cryptocurrencies. This means that the potential for it to be legalized in the nearest future still exists. Let us keep being optimistic.

[rodel caling]

The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency

Yeah is that's correct mate, pretty smart strategy for indian government to make guidelines for those people or their country want to use bitcoin to protect the interest of the people and the givernment before to decide become legit. Good luck

[Hypnosis00]

The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency

Yeah is that's correct mate, pretty smart strategy for indian government to make guidelines for those people or their country want to use bitcoin to protect the interest of the people and the givernment before to decide become legit. Good luck

It looks like there is something wrong with their application and the commitment of their people. What actually be looking for such thing is that the government could take some benefits from it but crypto is different which decided to decline such application. It is really some sort of money problem and wanting that they could earn from crypto when it becomes legalized.

[romero121]

There isn't any illegal statement revealed from the government authorities of India stating the usage of bitcoin to be illegal. Recently with the news from an unauthorized article stated a ten year imprisonment and mentioned it is completely banned in India. Till date there isn't any legal action taken or legal framework for Cryptocurrency usage.

[zviadits]

India is neutral to Bitcoin, since there is no complete ban. Remember how a few months ago the government of India created a blockchain and crypto training course, so it was made for some reason, isn't it?. I think the country needs time to accept Bitcoin because there are many pros and cons