what will happen to bitcoin in india

[Bezobraznike]

   Two first comments are saying "I do not know".
Meanwhile the latest news are saying that a man was sent in jail for the use of crypto currency.
   I think only new young and open minded government will open all doors for such thing as bitcoin. Modern young people understand all advantages of digital currencies when the old government sees only its disadvantages.

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[Vishnu.Reang]

   Two first comments are saying "I do not know".
Meanwhile the latest news are saying that a man was sent in jail for the use of crypto currency.
   I think only new young and open minded government will open all doors for such thing as bitcoin. Modern young people understand all advantages of digital currencies when the old government sees only its disadvantages.

A few people have been sent to jail, but that was not for using crypto-currency, but for using crypto-currency to commit fraud. In the past there were a few pyramid schemes and ponzis, which tried to make use of the media attention that BTC got. Some of the promoters behind these schemes were jailed for cheating investors. But till now, no one has been jailed just for holding or trading crypto. That said, in case this draft bill gets passed by the parliament, then it will become a reality.

[funchiestz]

  Two first comments are saying "I do not know".
Meanwhile the latest news are saying that a man was sent in jail for the use of crypto currency.
   I think only new young and open minded government will open all doors for such thing as bitcoin. Modern young people understand all advantages of digital currencies when the old government sees only its disadvantages.

A few people have been sent to jail, but that was not for using crypto-currency, but for using crypto-currency to commit fraud. In the past there were a few pyramid schemes and ponzis, which tried to make use of the media attention that BTC got. Some of the promoters behind these schemes were jailed for cheating investors. But till now, no one has been jailed just for holding or trading crypto. That said, in case this draft bill gets passed by the parliament, then it will become a reality.

Why did some people go to jail? Is there a link with the official and cryptocurrencies about it? I've never seen anything legal. I guess these arrests are about fraud? Is there any article about it?

[akram143]

It is same like all the countries but in India we had no 100% regulations about Bitcoin is legal for Bitcoin is not legal in India and the government is also not satisfied with the acceptance or rejection of Bitcoin in their country this is only happened I think it definitely changes in a situation.

[eaLiTy]

Why did some people go to jail? Is there a link with the official and cryptocurrencies about it? I've never seen anything legal. I guess these arrests are about fraud? Is there any article about it?

It is mostly for fraud or conning people that some people are being to jail and some are members here in this forum who were default trust members in the past. These are many cases to point out
1) Amit Bhardwaj, the Gainbitcoin thief and liar.
2)Cryptokidnapping
3)Indian Police Arrest 'Cashcoin' Gang Accused of Scamming Millions From Investors
4)BitConnect scam

[Nolimitz84]

I hope the new government which is performing the second term of 5years is very much supportive for the digital world.

Based on the latest news, this is unlikely to happen.Although if this does happen we will lose not only the capitalization but also the minds that live in India.In my country, as it were, the status of cryptocurrencies is not defined,but for the use of cryptocurrencies clearly not put in jail as they want in India.

[Best Dreams]

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.

Yes long ago it has been banned by India but it has happened so many times I other countries as well we can see they have unban it again, so India is accepting its value as they always wanted to make progress in digitals so now they accepted the value of bitcoin a well, they are accepting it and as we can see it is already unbanned.

[Fedrey]

of course now everything can happen, which we do not even expect from the Indian government.  Nevertheless, they sound very serious threat to users of cryptocurrency, when it comes to 10 years in prison for those who use cryptocurrency.  Such news didn’t even stir the entire cryptocurrency market a few days ago.

[Moshaid]

Indians are fast adopting bitcoin in their country because have worked with some blockchain projects with team from Indian, I believe things will work out smoothly for the citizen in the usage of cryptocurrency in a whole but there's definitely room for growth for the Indian blockchain community.

[guoyu78]

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

It has been over a year now that my country forbids crypto currency too, but here we are now, me and my friends still using it without any form of harassment by government because they do not even know that we are using crypto. There are so many things that cryptocurrency is useful for than what meets the eyes of the government.

I have been trading in cryptocurrency now for over a year even amidst the ban, and I am doing very fine. SO even if their government forbids, cryptocurrency, the smart ones amongst them will still find a way out into creating a bright future for themselves through cryptocurrency.

[davinchi]

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

I don’t see them suffering at all in their investment if they are very wise, they will simply just keep it from the eyes of the authority and remain anonymous about the whole investment which the system of cryptocurrency itself will assist them in this.

The only people I see this affecting is just merchants, who would not be bold to declare to people that they accept Bitcoin as payment, so we may not really see any merchant from India which will create less adoption, but for investment, the crypto will ever be active in India, except government wants to start checking houses one after the other to see what they are doing on system which is impossible.

[moynul2050]

actually the users of cryptocurrencies are very much and make very good growth in the country. but because the government of India saw a negative side about cryptocurrencies, there was news that the country's governments would ban the use of cryptocurrencies in that country.

[playboy654]

Indians are fast adopting bitcoin in their country because have worked with some blockchain projects with team from Indian, I believe things will work out smoothly for the citizen in the usage of cryptocurrency in a whole but there's definitely room for growth for the Indian blockchain community.

Not all Indian blockchain developers are from India,almost Indians living in more than 200 countries with citizenship on the current living country so don't get excited by seeing Indian on any project and they were at the project just because they are not at this country.

[pieppiep]

I think bitcoin in India will be fine as the other countries and bitcoin will attract more people to join in bitcoin. Although their government wants to ban bitcoin or make it illegal, I don't think that will stop people from India to stop for using bitcoin because I am sure that they will search the other way to still use bitcoin like what the other people did. There is a way for them to still used bitcoin like before, and if they can get more benefits from bitcoin, I don't think that will makes them stop their activity because they can make money from bitcoin. But for whatever will happen later, we need to wait for the next update from their government, and we hope that they don't make bitcoin as an illegal thing.

[futureofeth]

   Two first comments are saying "I do not know".
Meanwhile the latest news are saying that a man was sent in jail for the use of crypto currency.
   I think only new young and open minded government will open all doors for such thing as bitcoin. Modern young people understand all advantages of digital currencies when the old government sees only its disadvantages.

Yes, i think Indian government don't vision about the technology behind it, of course, they can do scams for drug dealing, money laundering scams. Now we are in paper currency whether the governments are controlling those drug dealing, money laundering. Most of the MLM companies are an exit from their country only because people are believing the technology-based ecosystem where it will help the community to grow individually.

[blockchainwriters]

Lot of mixed reactions for crypto currencies bill in India Media highlight crypto ban but still Supreme court and parliament  should approve crypto ban until then we cant say what will happen finger crossed

[semobo]

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

probably I think the legalization process is going on in most of the countries and I think India is also in that case No will say it is not legal in the country and also the process of legalization is delayed due to so much reasons so I'm waiting for the changes to be happened to do the Bitcoin exchanges properly and easily.

[ioanbtc]

I feel sorry and is not a good news for people who live on India. If the law is approved and bitcoin is banned, what will happen with people who have bitcoin? Can they sell it? Will India government give a grace period?

[satriagedhe]

as far i know , the goverment of india is banned bitcoin because of something , but just lets hope they can consider about that choice in the future

[Vishnu.Reang]

Lot of mixed reactions for crypto currencies bill in India Media highlight crypto ban but still Supreme court and parliament  should approve crypto ban until then we cant say what will happen finger crossed

An approval from the supreme court is not needed.

Once the draft legislation is finalized, it will be send to the lower house of the parliament (Lok Sabha). None of the major parties have opposed this bill and therefore we can assume that it will get passed with a simple majority. The next step is to get it passed by the upper house (Rajya Sabha). Once that step is cleared, the bill will be sent to the president and he needs to put his sign.

After these steps, the legislation can be challenged in the courts.