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

[outatime1]

It's good news and another step toward Bitcoin going mainstream in the eyes of the world.  These are the kinds of smalls steps that are going to result in but gains in the future.

[jseverson]

How is this a win when it essentially just retains the current status quo?

Indians still risk having their bank accounts closed by dealing with crypto, and crypto companies are still shunned by the traditional financial system. I mean, crypto should be able to stand by itself, but we're not quite there yet. Not having active bank accounts leave you stuck outside a wall of red tape. They know this, and they're stopping just short of an official ban so it can't be questioned.

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

They're simply playing with semantics here. It's not a ban, but handling crypto will lead to denial of services. At the end of the day, you still can't use crypto and at the same time participate with the traditional financial system. That's like private establishments saying they don't ban firearms but you can't come to the store with one.

[JC btc]

It's good news and another step toward Bitcoin going mainstream in the eyes of the world.  These are the kinds of smalls steps that are going to result in but gains in the future.

India has been known as one of the good IT, developers, blockchain creators so I know that cryptocurrency will be with them.

It's really a great news in India as well as in the crypto world that almost every government had seek the potential of crypto in the future, so they have given this chances for us to freely do our own future money.

[merchantofzeny]

~

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.

P2P probably sucks for those that need to get large amounts of cash out since the btc buyers will have to withdraw that money from the bank first and we know banks do watch large transactions carefully.

I just found it weird that India had this restrictions while many countries in Asia are a bit more relaxed in comparison. I think this had more to do with lobbyists rather than just the government.

[romero121]

Court hearings on India goes on and on, the hearing related to cryptocurrency might have taken place for atleast few years time. They won't get into a conclusion, years back India didn't had anything regulated or anything banned. Upon the same people were free to use cryptocurrencies, later they just imposed some bans and further after court hearings now it looks like a positive news for the cryptocurrency users from India.

Maybe this too can get paused within a short when government go further for an appeal. Anyhow a change in a country like India will have big influence over the global market.

[Sadlife]

Indian government is an headache they can't really decide what to do with the new technology. They look interested with its benefits but they're to scared to use it because of its volatility. Maybe, they're still scratching their heads how to exploit the country with these new form of payment along with the feature of anonymity.

[Juggy777]

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 judgement is not helpful because it fails to direct banks to accept money arising from the sale or purchase of bitcoins. Secondly it doesn’t even clarify how one will show bitcoins in their tax files, therefore people will not be keen to buy bitcoins without getting more clarity.

[SaShiRaJaVu]

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.

Even before the regular exchanges were forced to shut down because the RBI restricted the banking sector to do business with the crypto exchanges they are complying with strict KYC and AML rules for every user. There is no excuse for indirectly shutting down the market but that does not deter crypto investors as there are other means to purchase the coins.

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.

Even with all the restrictions people are still buying bitcoin without much hassle as the entire industry move to P2P based model and there is no regulation or restriction on that model. So basically nothing changed, they just need to move away from one exchange to another .

[CarnagexD]

It's good news and another step toward Bitcoin going mainstream in the eyes of the world.  These are the kinds of smalls steps that are going to result in but gains in the future.

I mean, they don't have the sufficient evidences to prosecute bitcoin in the first place which is puzzling. I guess authorities will really use everything they can in power just to stop bitcoin from being widespread and put the power to the consumer's hands. Fortunately, bitcoin already set it's roots up and it'll only be time before bitcoin becomes widely accepted worldwide.

[alexsandria]

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 a great news, indeed. I don't think this legalization will go opposite. They got nothing to be against with, and once they decided to change their decision once again this circumstances will be bombarded by questions. Besides they don't need to ban it, regulation is enough so that opportunity won't be wasted.

[TopT3ns]

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 judgement is not helpful because it fails to direct banks to accept money arising from the sale or purchase of bitcoins. Secondly it doesn’t even clarify how one will show bitcoins in their tax files, therefore people will not be keen to buy bitcoins without getting more clarity.

indeed basically everyone buys bitcoin just to be able to get profit, whereas bitcoin for their development will only use technology owned by bitcoin, whereas if bitcoin is used for payment methods it will be very difficult to happen because the price will definitely not be stable and there will be manipulation of prices will make the transaction a profit and loss with a very fast time, and in India I see cryptocurrency seems still difficult to use because the government also prohibits the use of cryptocurrency as a payment.

[audaciousbeing]

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/

Its a good development that should be celebrated in that part of the world because even though it does not answer all the questions a lot of us have about bitcoin and crypto including its future, it sure established that there is a foundation for every other thing we think of can begin to stand upon because should the judgement have happened on the contrary, the effect would have been felt on the price and speculations would have pervaded to the entire crypto space looking for answers.

[Accountsell]

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 seems a good news then.
If bitcoins are not illegal in India that means they would also not be considered illegal ourside India also.
We can expect that most of the country legalizes bitcoins than which would boost the growth for bitcoins.

[ubercool]

The court hasn't given it's decision yet, everyone is eagerly waiting for that and if everything goes our way then it may direct the reserve Bank of India to lift the blanket ban on crypto transactions between exchanges and Banks. Their argument doesn't have any logic in it so the probability of the result towards crypto is highly possible.

[jostorres]

Another important topic is that, maybe this could make way for other places that ban bitcoin as well? I know laws are different in every nation but if one nation bans it and then allows it, maybe other place could see their mistake and allow it as well?

Just to give an example, lets say India starts to tax bitcoin income of people, it would be very smart because India is known for their amazing online presence and they are very talented people and many software related companies hire Indians because it is both cheaper but also they are as talented as the Americans as well, so it is same level of productivity for much less money, bitcoin could allow this to get more common as well so it is cool that India allows crypto. Nations in Africa or any other underdeveloped nation could see how India prospers with Crypto taxation and could actually encourage their people to work for crypto as well.

[GideonGono]

I don't think why they think that Bitcoin was illegal, because it can use by crime it can be illegal? What if some fiat works from illegal things? Should we call a fiat as a illegal?

[Hallmader]

I don't think why they think that Bitcoin was illegal, because it can use by crime it can be illegal? What if some fiat works from illegal things? Should we call a fiat as a illegal?

That is why this cannot be made as the basis to declare that Bitcoin is illegal. Fiat is also used in all kinds of illegal activities. If we are to stick to this shallow argument, then we might as well ban knives, forks, guns, pillows, and so on because they are also to commit murder or homicide.

[Ozero]

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/

Somewhat I know, the Supreme Court of India considered the constitutionality of the order of the Reserve Bank of India to the financial institutions of the country that they are not entitled to provide services to cryptocurrency exchanges and exchangers. If such a decision is declared unconstitutional by the court, this means that it has no legal force. Cryptocurrency exchanges and exchangers may start working again, however, this also means that there are no legal acts in India that would regulate the circulation of cryptocurrencies in this country. Neither the government nor the legislature of India made any decisions about cryptocurrency. So, India is still among the countries where there is no regulation of cryptocurrency, and in connection with this decision of the Supreme Court, there are no restrictions on its circulation.

[sisule]

India have announcement will accepted bitcoin and altcoin, last year after bitcoin banned as investment assets last days India have accepted back bitcoin as investment assets, I think with many country have banned using bitcoin better for legal as payment currency and make bitcoin become their destination for investment assets.

[Doell]

I hope forever Bitcoin will be accepted legal in India and of course we see people power in there community but institutions related to bank RBI maybe will continue to corner bitcoin ,by the way have seen some news about bitcoin in india is not illegal or legal but the risk is borne by itself "holder" and in fact the government wants to regulate course of the tax entry maybe that also makes it legal