Crypto Now Legal In India?

[michellee]

crypto legal in India since there coronavirus that made the government of India make the best decision bitcoin be a way to transact and also help some people who have bitcoin to sell their assets to survive the economic crisis that occurred in India the incidence of crime and vandalism, theft have occurred in India since the Indian government chose to lockdown to avoid coronavirus Indian people are poor and hungry have to commit a crime in order to survive. Indians began to act quickly to events prevented. legalized crypto by making it easier to transact.

I think we are still under 5% in legalizing crypto in the whole world, we need to hear that the world is now full support cryptocurrency however the current disease lead government to think on paperless money which difinetly Crypto will be taken into account .

I think with many countries now trying to legalize crypto, and that will give a big chance to see an acceptance of crypto in all countries. But right now, the focus of each government still on the pandemic, and they still hard work to cure the people and to prevent the virus from spreading in other people. But sooner or later, we will see the using of crypto will increase more than now, and that can increase more if in each country finally, accept and legalize crypto for used in their countries. That can help people too to buy something using crypto besides using their credit and debit card, which mean the cashless will happen globally.

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[Rafiqul]

Still can't understand why everyone is so hyping around crypto and India.

It's huge news and it can impact the crypto market. India is a large country with a huge population! By accepting cryptocurrency, Indian people can now deal Bitcoin openly and many Indian projects are coming now! Crypto needs mass adoption, and without government legalization, crypto can't achieve it! So, it's not just a hype, this is really something big achievement!

I totally agree with your opinion. India is one of the most populous and largest economies in the world. Given the legitimacy of cryptocurrency here, its spread will be more. As a South Asian country, we Bangladeshis are more happy. Because I hope that the government of our country will also be interested in giving legitimacy to cryptocurrency.

[Lorence.xD]

Good for them adopting the cryptocurrency, I can understand the worries their government have about the use of bitcoin for illegal purposes but it would be pathetic for me if I ignore innovation and change, nobody can stop that. This is a big step for cryptocurrency being acknowledge by governing authorities and getting an approval, but I believe that it should not just lie with the government, the people should also participate in this innovation because they are the driving force on why cryptocurrnecy was first created. Sadly for my country though there are no regulations and any grounds putting cryptocurrency legal or illegal which is kind of sad because people are stuck on a limbo whether they should completely trust cryptocurrency or not.

[mdzahed134]

Blockchain advocates have hailed the recent Indian Supreme Court’s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on India’s rapid embrace of cryptocurrency.  What do you think about the future of crypto in India, guys?

Is this really true? Someone posted here and I can't find it now that this is still being talked by the government of India. In terms of its future, I think it would be good since India is one of those countries that supports Mobile payment. With bitcoin, I think India would love using it.

I think you tagged wrong link about mobile payment in india. It’s not involved regarding Bitcoin transactions. Paytm is popular payment method in last several years. Now it’s accepted in grocery shop as a digital payment method. Btc isn’t accepted in mobile transaction yet. India is rapidly going in crypto, already a big crypto exchange launched, @CZ helps to grow crypto community in this country.             

[MicroGuy]

Blockchain advocates have hailed the recent Indian Supreme Court’s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on India’s rapid embrace of cryptocurrency.  What do you think about the future of crypto in India, guys?

I have been following the trends about cryptocurrency in India. I do believe that the government will buy into it eventually. It is normal for such innovation to face opposition. Change is hard to grasp but nothing can beat disruption

Once they figure out that Bitcoin is the perfect money for tracking payments in their new cashless society, they will be "all in".

The real question becomes, is it too late to stop bitcoin and the extinction of freedom on this planet?

[Hasan905]

Indian Government allowing Crypto to convert with INR through their Banks, this is really a good step by them, They are doing such because there have a big number of community attached with blockchain development and crypto world from India. Its kind of an opportunity for Indian crypto community to proof their ability and improve themselves at Blockchain using cryto.

[applsause]

The IMAI vs RBI2 shows the most recent position of law in India regarding the stance of cryptocurrencies. Reserve Bank of India (RBI) first issued its ban on banks' dealings with crypto businesses back in April 2018 (the 'order'), which took effect in July of that year 20183. The RBI notification was then challenged before the Supreme Court of India by the Internet & Mobile Association of India (IAMAI). The Court, whilst deciding the matter, looked at the draft bill which has been proposed (but not passed) by the legislature, namely Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. The Court held that the stand of the legislature cannot be gauged from this bill as the bill, on the one hand, imposed criminal liabilities on the users of cryptocurrencies and criminalized certain activities like mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country. On the other hand, the bill paved the way for the government to introduce its own digital currency, namely 'Digital Rupee,' by the Central. Bank. The Court also emphasized that The Crypto-token Regulation Bill, 2018 initially recommended by the Inter-Ministerial Committee contained proposals (i) to prohibit persons dealing with activities related to crypto tokens from falsely posing these products as not being securities or investment schemes or offering investment schemes due to gaps in the existing regulatory framework and (ii) to regulate VC exchanges and brokers where sale and purchase may be permitted.

[suvo05]

Yesterday, I replied to this post saying that

The government of India doesn't like that the people investing in crypto. The restriction was uplifted by the supreme court of India by a court order. I am pretty sure that Gov will plan something new.

But I don't know why my post was deleted by a Bitcoin Forum moderator. Now my prediction is becoming right. We have some news about GOV of India is preparing a drat to ban cryptocurrencies.  https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

[Argoo]

There is still no cryptocurrency regulation in India. After the decision of the Supreme Court of India on the recognition of some restrictions of the Reserve Bank of India on the circulation and use of cryptocurrency as illegal, there is again a legal vacuum. Therefore, it is impossible now to claim that cryptocurrency in India is legalized. There are currently no legal acts regulating her circulation. We expect that legislators and the government will decide about cryptocurrency, because so far they have not adopted any legal acts regarding cryptocurrency.

[YOSHIE]

What do you think about the future of crypto in India, guys?

I have followed a few challenging moments of the development of crypto in India, eventually leading to kindness, impressive.

Now the crypto community in India is relieved, with this decision, it has not become one thing to worry about for crypto users in India, I am also happy to hear this news.
I hope that in the future India will become the largest community in the world in developing crypto like Bitcoin, congratulations to the crypto community in India, hopefully it will continue to progress and develo.

News;>>
CRYPTO NOW LEGAL IN INDIA? NOT SO FAST

[Fundamentals Of]

What do you think about the future of crypto in India, guys?

I hope that in the future India will become the largest community in the world in developing crypto like Bitcoin,

I hope that in the future India will not develop a lot of cryptocurrencies like Bitcoin. We already have so many of that. Many of them are already dead and more are coming. What I hope is India to finally accept Bitcoin fully and legally and consider it an acceptable medium of exchange or money.

[Dorodha]

The Reserve Bank of India has strict rules to stop the use of cryptocurrencies. They banned banks and financial institutions from offering services or trading in any cryptocurrency, such as Bitcoin. Meanwhile, the Modi government has also introduced a bill titled 'Banning of Cryptocurrency and Resolution of Official Digital Currency Bill 2019'. The future of crypto in India is going to be much better and in the next step, the Supreme Court has ruled that it is legal there will be more improvements through blockchain technology.

[MCobian]

I see the crypto community in India is so big, it's a pity if the Indian government does not immediately legalize cryptocurrency.
Moreover, the state of the Indian economy is currently suffering, due to the spread of the corona virus in India is very high.
If the population of India allowed to use Bitcoin, I'm sure will help prevent the spread of the corona virus and with Bitcoin
residents of India can increase sources of income too. I see that the future of crypto in India is still unclear, even though
I am not an Indian citizen. But I sympathize with the legality status of cryptocurrency in India, may the Indian government
soon realize that presence cryptocurrency is really needed by the population of India.

[k@suy]

I see the crypto community in India is so big, it's a pity if the Indian government does not immediately legalize cryptocurrency.
Moreover, the state of the Indian economy is currently suffering, due to the spread of the corona virus in India is very high.
If the population of India allowed to use Bitcoin, I'm sure will help prevent the spread of the corona virus and with Bitcoin
residents of India can increase sources of income too. I see that the future of crypto in India is still unclear, even though
I am not an Indian citizen. But I sympathize with the legality status of cryptocurrency in India, may the Indian government
soon realize that presence cryptocurrency is really needed by the population of India.

It's good to hear that the crypto currency is now legal in India. I know that the trading and mining business there will be successful someday because we all know that in India, there are a lot of entrepreneurs there and having trading and mining business there is really a great opportunity for them and I am pretty sure that most of the citizens of India will be encouraged to join in crypto world.

[Blackrain13]

If it is really true that India already legalised the cryptocurrency then it is a good news. It will not only help the people there but it will increase also the mass adoption to that country. Hoping that other country can also accet crypto and see the usage of it for their constituent and it will help to all unemployed this time of pandemic.

[jerrison]

Blockchain advocates have hailed the recent Indian Supreme Court’s pro-crypto ruling as a landmark for adoption and development. Now, new forces are emerging that seek to put the brakes on India’s rapid embrace of cryptocurrency.  What do you think about the future of crypto in India, guys?

I see a great future both for india and the blockchain space in entirety. I never really saw the ban on crypto in india a death sentence because it will only take time before they realise it is enivitable and then and embrace is the bes approach. I see the ruling as a sign of good things to come in the indian crypto space. #matic is one of such projects that i believe will take the lead and set the pace for other projects to follow. You can also look out for #Matic and also leverage on the @maticnetwork for startups.

[mezzaluna]

Good for them actually. This means that they are open to the opportunities that the Cryptocurrency Industry can give them BUT they must make sure that it will still be fair for all users because once that they place sketchy or unreasonable restrictions, then that would be really bad to those users who are making a living out of it.

Legalization of Crryptocurrency is a big move because it is already somewhat legal UNLESS you are using it for bad motives. That also means that the government recognizes it as a mean that can help improve their economy and trade.

[gamer4156]

If the Indian government has taken such a decision, then it is a matter of great joy for Indian cryptocurrency users. Truly the Indian crypto market will improve a lot in the future. The Indian government has indeed made a much bigger and more magnificent decision. I welcome this initiative and I want other countries in Asia to do the same.

[Latviand]

I'm so confused about India's idea about how they deal with the cryptocurrency, if they will legalize it or not.

They lack of affirmation whether they will allow people to use cryptocurrency or not.

Just like other countries, their decision towards cryptocurrency should be finalize so that it don't make any confusion or dismay to the people who are hoping for it to become legalized. Maybe their country is not that prepared regarding the proper regulation of cryptocurrencies into their economy. Probably, they lack of knowledge and experience in allowing it to regulate in the market that's why their decision is not that secured.

[yohananaomi]

Indian Government allowing Crypto to convert with INR through their Banks, this is really a good step by them, They are doing such because there have a big number of community attached with blockchain development and crypto world from India. Its kind of an opportunity for Indian crypto community to proof their ability and improve themselves at Blockchain using cryto.

This is certainly good news for Indian citizens, of course, by accepting crypto as part of a legal transaction in their country.
this news will certainly make crypto better known by many countries which may not have implemented directly that the country can benefit from the crypto reception.

it is natural that India can accept crypto, because we have to admit that they are one of the leading countries in the field of technology. so in fact they must be pioneers to be able to introduce to the countries around them that crypto is very profitable and can help the country's economy.