is it legal to trade bitcoins in india?

[jumbalu21]

Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members

[Gyfts]

Not an Indian lawyer but there are regulations placed on Indian crypto's is ensuring that that the currency does not spread. As far is the legality of you owning Bitcoin, you're free to own, send, and receive them. However, legislation is being drafted to restrict their free use -

https://news.bitcoin.com/indian-laws-cryptocurrency/

Bitcoin mining and profitability would best be discussed here - https://bitcointalk.org/index.php?board=14.0

[jrrsparkles]

Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members

Yes it is legal to trade bitcoins in India since government never announced any ban related to crypto holding or trading but using bank accounts in India for trading will get you in trouble since banks restricted crypto transaction so you can't een deposit into any exchange and trade cryptos but you can use p2p sites like localbitcoin to trade bitcoins.

Recently binance also launched something called Binance Wazirx in India to deposit fiat and trade cryptos.

[hugeblack]

There are many government restrictions on the exchange of these cryptos with local or foreign currencies, so if you are considering opening activity, it is best to avoid it due to "regulatory uncertainty."
In the case of an individual transaction of sale, purchase and other services, you cannot use your bank account.
therefore, It is best to hodl you BTC or trade it with altcoins that do not require KYC.

Remember: Members' opinions are not taken as investment advice or legal recommendations.

[avikz]

If I go by the law, bitcoin doesn't have a legal status in India! The central bank had issued a circular that clearly states that your bank can close your account if they find any relation with cryptocurrency! So it is not legal!

Now the better part of the story is that, a court case is ongoing in Supreme court of India against that arbitrary ban of RBI! Even though the court hearings are being delayed but still the matter is subjudice. There is no tax related framework is given as well. So the current situation is very confusing but people are trading in p2p mode!

[Theb]

The only safest way you have right now is to trade Bitcoin though P2P since trading it with their exchange is really a risky deal for a long time now. Even though they say Bitcoin is "legal" in their country they don't allow their users to use it as a payment for any goods and service and even though they still have exchanges operating they ordered their banks to prohibit any kind of transactions related to crypto and that countys exchanges making deposits to your bank account. Your only safe bet right now is having a trusted buyer and seller on your list where you can do trades with them directly.

P.S.

The Indian community here has their own local board in the forum and I think they can give you a much better answer compared to what we are giving right now.

[TinaK]

I have came across some news articles about Bitcoin legalization in India but I didn't see any good symptoms that Bitcoin has in in Indian market place.
But third world country they need to to adopt Bitcoin as a source of payment and number of users on on the community also can bore well than any others.

[jrrsparkles]

Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members

Yes, I think it is legal to trade bitcoin in India. As there is no specific law concerning trading of cryptocurrencies.

I have seen many people earning thousands or even millions by trading bitcoin and other currencies.

But I think mining would be a better and a risk free option. I have read that nowadays we have platforms such as Hashflare that provides cloud mining. Have you used/heard of it? If yes, how profitable is cloud mining?

Cloud mining? They were just ponzis and complete scams now a days so better find the real way of earning like trading or mining with your own rigs.

Cloud Mining Scam or legit

Another proof that cloud mining is a scam

These are few examples of why they were scam.

[teosanru]

Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members

It's absolutely legal to trade bitcoins in India. Even withdrawing it for fiat to your Bank is legal for you atleast. An easy way to trade bitcoins is to open account with any Indian exchange such as WazirX. But more importantly how profitable it is depends solely upon your skills. No matter in which country you are the only thing that matters is that how you trade and what techniques you use while you trade. Seriously I have seen people living in third world countries making much more bucks than ones right between the wall street when it comes to crypto or forex trading.

[jumbalu21]

@johnmeller
Nice put up info, Well coming to your questing. cloud mining with hashflare requires some kinda budget to get started and you should be wise enough to take the right package for your demands and as per your requirements. always have a selection criteria in mind in order to get the specs you really require to mine the pool. Well to learn about pool mining you gotta spend lot of time learning things and experimenting how it goes and that's how you can learn outta your own experience. If you wanna have a head start I recommend you to checkout this post to know how hashflare works in detail. well good luck with your mining journey. Cheers pal

[SaShiRaJaVu]

If I go by the law, bitcoin doesn't have a legal status in India! The central bank had issued a circular that clearly states that your bank can close your account if they find any relation with cryptocurrency! So it is not legal!

The closing of account is for businesses and not for individuals, earlier the companies used to transfer the money to individual users and now RBI have come up with a circular to stop the banks from conducting business with crypto related companies and there is nothing in that circular that says that individual banking account will be closed.

[~Money~]

Well, if so how to trade bitcoins in india? and is it legal and how profitable this bitcoin trading business is? Throw some lights! Waiting for reply from this forum members

bitcoin is nor legal or nor illegal in India our govt is still confused about bitcoin  , currently most of Indian using p2p exchange which is not illegal  .. but you will face problems from the bank if they find out you are using crypto to INR cuz of rbi notice..and about profit..every business have loss and profit which depends on  your strategy.If you want to make a profit then you need to have a good strategy otherwise you will land on no man's land. 

[imstillthebest]

bitcoin is nor legal or nor illegal in India our govt is still confused about bitcoin

thats confusing  . im also confused with it   . you mean its 50/50   ?  50 percent legalility is too much so i think the op can still buy and sell bitcoins on india .

, currently most of Indian using p2p exchange which is not illegal  

p2p or not p2p but as long as it its stated as illegal  , you cant still use your btc on that country  but in the case of india its still possible to trade using any platfrom you like  .

.. but you will face problems from the bank if they find out you are using crypto to INR cuz of rbi notice..

depends on the banks .  there would be banks right now that accept crypto deposit or withdrawals  . we need to check this first before doing any move

[~Money~]

thats confusing  . im also confused with it   . you mean its 50/50   ?  50 percent legalility is too much so i think the op can still buy and sell bitcoins on india .

Dont worry mate currently the whole system is confused  he can buy n sell many peoples doing it.just the problem in exchange them into INR.

p2p or not p2p but as long as it its stated as illegal  , you cant still use your btc on that country  but in the case of india its still possible to trade using any platfrom you like  .

 its not stated illegal so far in India. you are free to do crypto to crypto exchange ...there are many sites which are providing crypto to crypto service even there are few with p2p India based sites.

depends on the banks .  there would be banks right now that accept crypto deposit or withdrawals  . we need to check this first before doing any move

no Indian bank system is supporting crypto here. the matter is still in Supreme court, hopefully, we will get some reply in few years

[cutesgirl]

India have banned using bitcoin and there are not available for using bitcoin as trading, investment assets and using bitcoin as legal currency. Government of India have banned bitcoin more than last one years and many bitcoin member from India can't withdraw their bitcoin assets to bank and only use convert way to withdraw bitcoin, right not they have use VPN for access to bitcoin exchange site maybe.

[~Money~]

Dr. Subramanian Swamy Supports Cryptocurrency Adoption, says “It’s Inevitable” .. I hope and pray Modi govt also thinks in the same way 


https://www.sarkaritel.com/dr-subramanian-swamy-supports-cryptocurrency-adoption-says-its-inevitable/

[Clement Kaliyar]

India have banned using bitcoin and there are not available for using bitcoin as trading, investment assets and using bitcoin as legal currency.

It is far from the truth, you cannot run a business related to cryptocurrency, what all countries accept bitcoin as a legal tender, none officially as far as i know and there is no rule that says that people trading or holding bitcoin will be jailed but some countries have outright ban in countries like Bangladesh, if you trade you are going to prison and that is not the case with India. 

Government of India have banned bitcoin more than last one years and many bitcoin member from India can't withdraw their bitcoin assets to bank and only use convert way to withdraw bitcoin, right not they have use VPN for access to bitcoin exchange site maybe.

Once again, these are not true, you do not need a VPN to access bitcoin exchanges, this is not China we are talking about  .

P2P exchanges are active in India and millions are traded on a daily basis for your information and majority of the trading volume are in bitcoin and USDT.

[suvo05]

It's totally legal to trade bitcoins in India but you need to pay income tax for your income via bitcoin. So separate rule for the cryptocurrency. The only thing GOV done is to restrict people buying bitcoin directly from a bank account. And they made a clear announcement that bitcoin not not a legal tender of Indian money that means RBI has no connection with bitcoin and trade with personal risk.

[Oneandpure]

It's totally legal to trade bitcoins in India but you need to pay income tax for your income via bitcoin. So separate rule for the cryptocurrency. The only thing GOV done is to restrict people buying bitcoin directly from a bank account. And they made a clear announcement that bitcoin not not a legal tender of Indian money that means RBI has no connection with bitcoin and trade with personal risk.

Totally have banned all have connection with bitcoin from without get legal using bitcoin as investment and trading, Indian have banned all exchange bitcoin side in their country, not available to trade and invest bitcoin there but only can use by some one know whit VPN internet access to trade with bitcoin and altcoin in India.

[~Money~]

well Matter is listed tomorrow on 14th and likely to be heard as item 1 tomorrow in court.lets see what will be next date