Cryptocurrencies have won with court in India – for how long?

[Blocktoq]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

[merchantofzeny]

Don't they already have regulations against bitcoins, pretty much dissuading people from using them? You think this ruling could relax rules? From what I know the exchanges in India (or what remains of them) all practice KYC and other proper bookkeeping so the excuse of it being used to launder money really don't have any basis.

Still uncertain how this could develop but India is a potentially large market so it would be a big boost for cryptos if people there become free to buy and sell as they wish.

[carter34]

What is the government stand on bitcoin before the ruling is what will be considered first. Is the India constitution explicitly against bitcoin or was it not mentioned at all.
Hence, if it was not declared as illegal then the court has no choice than to rule in that way because the court won't go against the constitution .

[wowz2010]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

Interesting enough to know if they'll start to discuss cryptocurrencies in their govs.
Because "not illegal" status is not enough to do crypto taxations for instance

[Wysi]

Bitcoin was never illegal in India but rather there were threats from bankers and other authorities who were discouraging the use of bitcoin and other crypto currencies and a friend of mine even got notice from the income tax department for huge BTC transaction through a centralized exchange but still bitcoin is widely used here and even if government openly declares bitcoin illegal still people will find one or the other way to use it. Government cannot ban something which they don't have control over.

[tz]

Don't they already have regulations against bitcoins, pretty much dissuading people from using them? You think this ruling could relax rules? From what I know the exchanges in India (or what remains of them) all practice KYC and other proper bookkeeping so the excuse of it being used to launder money really don't have any basis.

Still uncertain how this could develop but India is a potentially large market so it would be a big boost for cryptos if people there become free to buy and sell as they wish.

Yes, they do. It's hard for a lot of people to liquidate their bitcoins, as the number of exchanges there are rare. This is mostly due to it being very hard to get a legitimate license and be able to operate in India, which is why a lot of people just prefer to trade P2P.

The battle has been won, but not the war for sure. I am certain that a lot of the bankers and government will continue discouraging the use of crypto-currencies, and the lack of services due to hold that India has on the market is not good for anything.

[ajiz138]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

It is not easy to legalize cryptocurrencies in a country that already has a standard record. Actually, everyone in the world has recognized that these cryptocurrencies have many positive things when compared to real currencies. But it is not easy to change the economic system by including cryptocurrencies in everyday life as a substitute for currency. India is among the top 5 countries with the highest population in the world. To include the understanding that cryptocurrenccies in their lives in the sense of legalizing is not an easy thing to do. Even though it is only limited to assets / investments, it can only be done by a handful of people. How come China can? because the Chinese government system with India is clearly different.

[BrewMaster]

governments like Indian government is always going to push back against bitcoin adoption and will continue trying to slow it down as much as they can because they see it as a threat to their corrupted banking system in place and are afraid that people may no longer need their system if they adopt bitcoin and that threatens their power.
the thing is that all they can ever do is to "slow down" the eventual demise of their corruption not prevent it.

[davis196]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

Good news.I'm not familiar with India,but AFAIK the Indian central bank (and the government) are anti-bitcoin and anti-crypto,while the Supreme court says that using cryptocurrencies isn't illegal.Let's hope that India is a democratic state and the Supreme court will stay independent.I'm sure that the government will apply some pressure over the Supreme court in the near future,which is bad.I hope that India won't become a country ruled by some authoritarian regime that has control over the courts.

[Images21]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

This is a positive development from one of the world's most populous countries. This is going to become a breather from millions of people in India who are supposed to be fighting for the adoption of crypto or Bitcoin in their technologically growing country. But I guess this is not yet firm and final just like the previous ruling which made crypto illegal in the Indian jurisdiction. The rules seem to be flip flopping at this stage. This is apparently a battle between policy-makers. 

[Heisenberg_Hunter]

...snip...

India as a country has a really bad corrupted system filled with bribes and scams. For most of the time government officials tend to receive bribes and would probably work in favor of scammers as well. This was the case with bitcoin and other cryptocurrencies. If a scammer tends to steal bitcoin from a legit citizen, the government and police would turn the case in favor of the guilty and would probably support them.

On top of that the government is trying to develop virtual currencies backed by major Indian companies and probably the removal of these restrictions might reflect that as well. Apart from that the implementation of this restrictions on banks right back in April 2018 was to destroy the bitcoin market and to prevent banking from dealing with bitcoin. These adverse situations arises probably due to the lack of education which the government officials have on the technology.

[msarro]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

Government have different definition of cryptocurrency. They allow and accept the one that's regulated and traced by government bodies. XRP wont find any issue in getting accepted by government bodies but decentralized bitcoin surely wont be affected by government.

[Wexnident]

Seems like pretty good news for India. Although this could just be pretty much said the backbone of the crypto scene in the country. The Crypto scene still has a lot of work cutout for them in there. There was an opposition towards the crypto scene after all, so I'd expect some more to follow up in the near future, even though at the current moment, crypto is free to move all over the country. Could be a chance for famous exchanges to build another branch in the country though, since the country could be said to be fresh for the taking.

[squatz1]

These questions come up all the time, and my answer to them is always going to stay the same. They're going to win until the banks notice that bitcoin can disrupt them and can remove their monetary control. At that point, regulators and banks are going to issue some pretty crazy laws regarding Bitcoin to try to kill it. And honestly, it will probably kill the price of Bitcoin if something like this was to happen -- I don't think it would kill the usage of it in the country, but the price would take a hit as retail investors would be scared.

Think of if the US was to issue a EO or pass a law regarding the banning of Bitcoin. People would freak the fuck out and sell cause a good amount of 'usage' in this space if just speculation by people who want to get rich. Nothing against Bitcoin, but when people see something go from pennies to 20000 in the course of a couple years, the gamblers typically come out to play.

[Eclipse26]

since bitcoin is not illegal in India, the Indian government should create laws pertaining to cryptocurrency if there is non. it's for their own benefits. I'm also wondering if for the last years, have you seen what could be the side of the government to cypto. Are they just gonna accept crypto and not going to be strict about it? It's your government, you should know what could be the possible impact of this to your country.

[panganib999]

since bitcoin is not illegal in India, the Indian government should create laws pertaining to cryptocurrency if there is non. it's for their own benefits. I'm also wondering if for the last years, have you seen what could be the side of the government to cypto. Are they just gonna accept crypto and not going to be strict about it? It's your government, you should know what could be the possible impact of this to your country.

I'm guessing they are still adopting a wait and see attitude. So far, only a few countries look favorably upon Crypto (and that favorably is them agreeing about its existence inside their country). I doubt the people who let it go would become impossibly strict, but it would still impose laws and the like to limit what crypto could originally do without any limits.

Also, India wouldn't hurry an adoption imo. Just looking at how the fight against crypto was rised upon, some still don't look favorably upon it. Yes, its allowed to exist, but anything other than that may impose upon their limits and might just ignite another fight about it again.

[davinchi]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

It is basically one way of saying "bitcoin is not against the law, but its also frowned upon and disliked by the government". Nobody can throw you in jail for having bitcoin, hell there was a whole topic about how India will ban it totally but didn't, yet that doesn't really mean they will just make it legal and support it suddenly. In the world of laws, "not illegal" doesn't really equal to "legal" at all times, there are stuff in between those levels.

Just to give an example (made up and overblown) you could have bitcoin in your wallet as an Indian and they could make life horrible for you, first sue you, then trial you, then hold your money meanwhile, do everything in their power to make sure you hate the day you ever got into bitcoin, but decide that nothing is wrong and let you go. You got absolutely nothing charged against you in that case but life turned upside down which is done to stop you.

[livingfree]

I guess someone from India already said this quote before.

Bitcoin was never illegal in India but rather there were threats from bankers and other authorities who were discouraging the use of bitcoin and other crypto currencies

It's more of the banks that are against crypto because they are seeing the potential threat and opponent of their business. But if this news is true, we have to see it from another viable source and coming from the central bank, they've said that they didn't even ban crypto as per this article from cointelegraph.

India Central Bank Says It Hasn’t Banned Crypto

[Baofeng]

After a stressful and fearful trial at the Indian Supreme Court, India officially admitted that Bitcoins and other cryptographic assets are not illegal..

Read the full article on https://blocktoq.com/crypto-news/cryptocurrencies-have-won-with-court-in-india-for-how-long/

This is a long battle ahead, it's good to hear that India's Supreme Court ruled that crypto graphics assets are not illegal per se, but I'm still not confident that the government will soften its stance specially against BTC. They know that with bitcoin, control will be very hard, plus India is one of the most corrupt nation. So there will be government officials who will opposed at all cost because they know they can't make money anymore if people started to use crypto's.

[ecnalubma]

Instead for India to implement a total ban I think its better if they regulate the space seriously and not classifying crypto as illegal. I doubt their celtral banks are doing their homework, total ban is very unprofessional and only hermit countries are doing it.