what will happen to bitcoin in india

[sushil7045]

Bitcoin is not illegal in India. All the FUD news coming from the media predicting that soon a Crypto Ban bill can be passed.

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[bitgolden]

What will happen to bitcoin in india. whether it is legal or not.

If the government declares it illegal, it wouldn't affect bitcoin at all. as people would still use it as usual. They can deal bitcoin anonymously without letting the government know about it.

Their government is just joking and that is all, do they really thing they can stop their citizens from using cryptocurrency by mere court judgment or pronunciation, how can they succeed in doing that on a technology they will not even know if it was being used or not, people will secretly be using it and stop paying attention or waiting for government to regulate it.

We are just the ones now blowing it’s use out of proportion by creating crypto ATM, crypto banks and many more, which is why they get to know about crypto, crypto code was written over the internet and so long they don’t shut India internet down, then, I am sorry for them, Indians will always use crypto.

That is why the government would rather look for a way to back it up than to completely pronounce it illegal, since they know that pronouncing it illegal will still not stop it.

[GreatArkansas]

Fake news alert people. As you can observe for the past few days, there are a lot of websites that telling that India has a law about cryptocurrency that any people involved for buying/selling/mining/generating bitcoin will be jailed for 10years.
As far as I know, it is still 'draft bill' about that case.

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

Read more here: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

[imstillthebest]

even the government officially forbid bitcoin, ppl will find their way to buy it.

for now there are still many countries that forbid crypto and bitcoin currencies especially because maybe the country's government is afraid of negative results to be obtained but I am sure that one day it will be needed along with the times and technology

Not many but there are only few of them that resteicts crypto and the rest are now allowing crypto  . some countries like china are also banning crypto before but now they are now changing their minds and they now allow cryptos on their country , i think this idea can also happen on other countries  .

cryptos are not bad and would give negative results for the one that uses it  but it can rather bring positive results   .

[sana54210]

even the government officially forbid bitcoin, ppl will find their way to buy it.

But it is against the rules of your government so you are ready to face the consequences of legal issues if there is any?

People won't stop using it but the demand will greatly reduce if government ban it.

So it will be a continues battle for Bitcoin enthusiast in India if government will just decided to ban crypto. Of course there will be consequences if you are caught, but I don't think it will stop India from riding on Bitcoin because they know that it's a alternatives for those who are un-bank, average Indians.

The future though doesn't look bright at this point, buy I guess everyone is willing to take the risk and still invest/trade in this country as Bitcoin is a technology that can make or break everyone, specially those from developing countries like India.

In a population of over a billion people, how does government intend to follow up on their ban, when they are not planning to take the internet down, and at this stage, we are still yet to have local merchants that are accepting Bitcoin as payment for them to be in the know.

Secondly, people are still using the system for investment and since it is an anonymous system they are operating, no one will really know if they are transferring fund for investment or not. I only see local exchanges having challenge, which means they have to be really secretive about their business and this is where Indians will have issue if they chose to follow the rule too.

[blockman]

Fake news alert people. As you can observe for the past few days, there are a lot of websites that telling that India has a law about cryptocurrency that any people involved for buying/selling/mining/generating bitcoin will be jailed for 10years.
As far as I know, it is still 'draft bill' about that case.

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

Read more here: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

I've heard of this signal on social media and people are crying about it and giving different opinions of that. They never consider and read that word, 'draft'. They thought that it's already a final law that has to be passed on immediately.
Someone from India who's aware of their current situation should come out and educate us.

[maxreish]

India is one of the country that I admire. But in terms of cryptocurrency, they are not yet open dealing with crypto things. As far as I am concern, they are inhibiting their people to use cryptocurrencies which makes it a fear for the crypto enthusiast and crypto users to refrain from using it.

Here is the latest news for India's "proposed" law about bitcoin inhibitions. It is not yet  final  and implementation of laws are still on going.

[Kimonoe]

Fake news alert people. As you can observe for the past few days, there are a lot of websites that telling that India has a law about cryptocurrency that any people involved for buying/selling/mining/generating bitcoin will be jailed for 10years.
As far as I know, it is still 'draft bill' about that case.

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

Read more here: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

I've heard of this signal on social media and people are crying about it and giving different opinions of that. They never consider and read that word, 'draft'. They thought that it's already a final law that has to be passed on immediately.
Someone from India who's aware of their current situation should come out and educate us.

indeed, if viewed logically, it seems impossible that it happened. we know that India is an active country in its development, including the economy. of course they need developed countries to support it, and many developed countries have legalized crypto

[Sithara007]

Fake news alert people. As you can observe for the past few days, there are a lot of websites that telling that India has a law about cryptocurrency that any people involved for buying/selling/mining/generating bitcoin will be jailed for 10years.
As far as I know, it is still 'draft bill' about that case.

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

Read more here: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

The RBI has no role here and they just confirmed that. The draft is being prepared by the lawmakers and the economical advisers to the government and till now they haven't denied anything. So rather than filing a RTI on the Reserve Bank of India, it will be better to do the same with the finance ministry. But I don't know whether they'll respond or not.

[legendster]

The RBI has no role here and they just confirmed that. The draft is being prepared by the lawmakers and the economical advisers to the government and till now they haven't denied anything. So rather than filing a RTI on the Reserve Bank of India, it will be better to do the same with the finance ministry. But I don't know whether they'll respond or not.

We've banned a lot of things in the past Maggi, Porn, Tiktok, Uber, (yes we banned Uber), public smoking Ban, selfies (yup), alcohol ... tell me how effective those bans were? So if they try to ban crypto, it would be only a laughable thing, nothing more.

[BitHodler]

This might significantly affect prices in India, they can be much higher than in other parts of the world, because of this artificial scarcity.

It's not really artificial if there is no viable way to get coins into a firmly regulated market short term wise. Long term wise the premiums will fade organically because the profitability of getting coins into India will stimulate people to go for it.

I have read how so called Bitcoin mules 'smuggle' coins into the Chinese mainland. There is no way to stop someone with a smartphone and a loaded private key from trying to enter China, and that directly also applies to India.

[AjithBtc]

The RBI has no role here and they just confirmed that. The draft is being prepared by the lawmakers and the economical advisers to the government and till now they haven't denied anything. So rather than filing a RTI on the Reserve Bank of India, it will be better to do the same with the finance ministry. But I don't know whether they'll respond or not.

We've banned a lot of things in the past Maggi, Porn, Tiktok, Uber, (yes we banned Uber), public smoking Ban, selfies (yup), alcohol ... tell me how effective those bans were? So if they try to ban crypto, it would be only a laughable thing, nothing more.

Well, that's the reality. Several bans have taken place within the country with all form of legal factors but those firms have increased their services and products. Also now what we see is not from the government or from some standard sources. It is written by some person who get paid for articles and to make it read by more people he have made a strong attractive title.

[coin-investor]

What will happen to bitcoin in india. whether it is legal or not.

Our main concern is what will happen to Bitcoin holders, they are the one who will suffer the most from this kind of law, imagine ten years and it's none bailable they will have to dump their shares or they will have to find a way to keep it from the eyes of the authorities.

[playboy654]

What will happen to bitcoin in india. whether it is legal or not.

Our main concern is what will happen to Bitcoin holders, they are the one who will suffer the most from this kind of law, imagine ten years and it's none bailable they will have to dump their shares or they will have to find a way to keep it from the eyes of the authorities.

Even if it said to be illegal and you are using it the chances of government going to find you among 1.5 billion is totally null so don't worry about it there is no ban yet.

But if there is any keep it for sometime because the ban will be lifted.

[jambul_kribo]

What will happen to bitcoin in india. whether it is legal or not.

Our main concern is what will happen to Bitcoin holders, they are the one who will suffer the most from this kind of law, imagine ten years and it's none bailable they will have to dump their shares or they will have to find a way to keep it from the eyes of the authorities.

if that really happens, I think investors are the ones who suffer the most. but a lot of the news that I read, it was just an issue, and not necessarily the truth. India is a big country, certainly not going to make a crucial decision

don't ever trust in any issue before we know the real condition.if we remember bitcoin price crashing because investors panic when they believe negative issue spreaded in market.for india case , we have to wait official release from their regulator.

[redsun114]

What will happen to bitcoin in india. whether it is legal or not.

I have been hearing and seeing a lot of news about India and cryptocurrency. So recently I saw news that the government of India has said that anyone that is caught with cryptocurrency of any type will be sentenced to 10 years of jail. Things like this are going to discourage a lot of people in that country from making use of cryptocurrency, people will start staying far from anything that has to do with crypto as much as they can, because they all already knows the consequences that follows if they try. No family will love to leave his family to spend 10 years in jail. Unless there are ways they can be able to make use of crypto and still be safe from the government and their cruel rules.

[bitbunnny]

Nothing special will happen. Recently there are some controversial information about possible ban and similar but nothing is yet confirmed and final outcome is still unknown. I think that no matter what will happen at the end and what government might decide people will continue to use Bitcoin and that will not change. Personally I don't believe that Indian government will introducr such restrictive and harsh law.

[onrise]

Bitcoin is not illegal in India. All the FUD news coming from the media predicting that soon a Crypto Ban bill can be passed.

Their is no bill that is going to be passed or it will be made legal . Govt has cleared the stand before itself that the do not encourage any such things else they would have bought it and made legal before itself and would not have to wait for now .

[coin-investor]

Nothing special will happen. Recently there are some controversial information about possible ban and similar but nothing is yet confirmed and final outcome is still unknown. I think that no matter what will happen at the end and what government might decide people will continue to use Bitcoin and that will not change. Personally I don't believe that Indian government will introducr such restrictive and harsh law.

This is a very hot topic here if I remember there are 4 or 5 thread about this topic condemning the government of India for this very harsh law, those who posted these fake news here should edit it or clarify and lock the thread, we don't want that kind of fake news to exist here.

[smyslov]

What will happen to bitcoin in india. whether it is legal or not.

I just found out that news that India will jail people in their country that trade and hold Cryptocurrency for ten years, these are all fake news, it is not yet a law and only a draft and it will likely not materialize. It's big headlines here in this forum almost 5 threads in various sections.