Is Bitcoin is still legal in India and Bitcoin's future after Lockdown?

[website-designer-Punjab]

Hello,

I want to get invested in Bitcoin, I have no idea about its reputation in the outer world so I am writing all my opinion and issues on behalf of my experience in my country India.

Bitcoin is one of the most popular and highly reputed aspects in India as many people here have very little information about this topic including me but they also want to earn money via investing Bitcoin.

So I have two questions related to this topic. First one is that Is Bitcoin is still relevant in India or says legal to invest in it particularly in India and my second question is that what is the future of bitcoin as we know that there is a recession going on all around the globe so what will be the impact of bitcoin in future years as I read somewhere that bitcoin is not accessible to anyone now.

By the way, I am the website designer and Project Manager which makes sure to help people as much as possible, and this time I want your help so I can settle myself in near future with enough money so that I can fulfill my dream without any worries and problem of money.

I hope that you will get my query and you will answer this query as soon as possible. Thanks for having me here and all the efforts that you and your team making are amazing and I will connect with Bitcoin as soon as possible.

Thanks again and have a nice day!

[avikz]

Yes bitcoin is legal in India. Initially RBI tried to ban it by sending arbitrary notice to banks but our Supreme Court disbanded that notice and paved the way for cryptocurrency in India. However, we don't yet have a specific guideline or tax related information available and I don't think anything will come out in foreseeable future fur to the current situation.

However, the Indian crypto exchanges have started functioning again and you can safely invest in bitcoin using their services. So go ahead and make the difference!

[Harlot]

The situation in India is pretty unclear as of the moment, just like China where we have seen for years now about news about BTC being illegal there we also have the same legal/illegal news about it in India. With the mainstream crypto news websites not being reliable, recycling old news, assuming things I think the best way for you to have a clear answer is to post the same question in India's local board here in the forum. You'll have a much more clearer answer from the locals compared to us who only rely on the mainstream media.

[hugeblack]

AFAIK, The legal situation in India has not changed, so I think it is legal to buy Bitcoins in that country. The problem lies in starting a business associated with crypto, which is not recommended due to many legal fluctuations in that country.
There are a lot of analyzes that predict a good future for cryptocurrencies, I think it is better to study the matter in depth if you want to invest, relying on rudimentary information may lead to a loss.

[eaLiTy]

AFAIK, The legal situation in India has not changed, so I think it is legal to buy Bitcoins in that country. The problem lies in starting a business associated with crypto, which is not recommended due to many legal fluctuations in that country.

There was a change in 2017 when RBI passed a circular to the banking sector to stop business with crypto based business and hence the exchanges were forced to shut down, the government never said it was illegal but they were monitoring the traders, just recently the supreme court lifted the ban imposed by the central bank and now the exchanges are functioning normally but there is a possibility for review petition and you never know what will be the end result and hence starting a business now related to the crypto market is not advisable.

[yohananaomi]

The situation in India is pretty unclear as of the moment, just like China where we have seen for years now about news about BTC being illegal there we also have the same legal/illegal news about it in India. With the mainstream crypto news websites not being reliable, recycling old news, assuming things I think the best way for you to have a clear answer is to post the same question in India's local board here in the forum. You'll have a much more clearer answer from the locals compared to us who only rely on the mainstream media.

in a pandemic and lock down situation in the country, of course there is a lot of difficult news that can be well known. because the information that can come out also cannot be accurate.
true your word is better to ask directly in the state forum they might be more enlightening.
but it must be recognized that the Indian state can accept that being legal is a natural thing. because it is recognized that these countries are very advanced in renewable technology and they can quickly adjust even though their country is also oppressed by economic difficulties.

[Harlot]

The situation in India is pretty unclear as of the moment, just like China where we have seen for years now about news about BTC being illegal there we also have the same legal/illegal news about it in India. With the mainstream crypto news websites not being reliable, recycling old news, assuming things I think the best way for you to have a clear answer is to post the same question in India's local board here in the forum. You'll have a much more clearer answer from the locals compared to us who only rely on the mainstream media.

in a pandemic and lock down situation in the country, of course there is a lot of difficult news that can be well known. because the information that can come out also cannot be accurate.
true your word is better to ask directly in the state forum they might be more enlightening.
but it must be recognized that the Indian state can accept that being legal is a natural thing. because it is recognized that these countries are very advanced in renewable technology and they can quickly adjust even though their country is also oppressed by economic difficulties.

WTH are you talking about? I didn't mention anything about this issue of crypto being legal or not in India is related to the ongoing pandemic we have. I literally just advice this guy just to post his concern in India's local board. I just think that you haven't understand my whole post or this whole thread because you also have assumed that crypto should be legal because it is "natural" which in its sense doesn't sound anything reasonable on their crypto's situation, maybe you should read and understand the topic and posts first before you start posting something about it.

[chunnu39]

you can trade and withdraw and deposit in INR against bitcoin. in short, bitcoin is legal in India. after the supreme court judgment in favor of the crypto community in India. you can easily trade in bitcoin. however, bitcoin is not regulated by any government body in India.

[imstillthebest]

only those offline business related to btc are not accessible but online operations are still working fine  but your question is if  what happens after lockdown  ,
well after lockdown all business should return to normal so why worry ?  you can only start worrying if btc on your place is not legal but based on what i read on the comments  btc on india is legal     .   also nice to hear that people in india loves btc too much , while others country arent really into btc but btc is fully legal on them

[amishmanish]

Bitcoin is one of the most popular and highly reputed aspects in India as many people here have very little information about this topic including me but they also want to earn money via investing Bitcoin.

I disagree as bitcoin is neither highly popular nor 'highly' respected. Most people who know about bitcoin are mostly into alt-coin trading or in being devs/ community managers for the plethora of Alt-coins. The other group of people is the upper-middle class in tier-2 cities which was targeted after the demonetisation. A plenty of them bought BTC without knowing anything about it and benefited from the later ATH.

So I have two questions related to this topic. --SNIP--what is the future of bitcoin as we know that there is a recession going on all around the globe so what will be the impact of bitcoin in future years as I read somewhere that bitcoin is not accessible to anyone now.

Wonder where you read it. Bitcoin is still very much accessible to everyone. The fundamentals of security and network effect are the strongest along with a lot of institutional experience. In the future, you can expect that it will become an established asset class for majority of the population in developed countries. The developing countries will most probably provide the market of people accepting it against online work// services.

By the way, I am the website designer and Project Manager which makes sure to help people as much as possible, and this time I want your help so I can settle myself in near future with enough money so that I can fulfill my dream without any worries and problem of money.

What the hell was this supposed to mean? You want help so you can settle with enough money and fulfill your dreams without any worries??!! This is not the wishing well my friend. If you want to invest in bitcoin then learn about it. You need to be a professional to do anything from mining to trading to investing. You sound like you want to sell bitcoin to unsuspecting people.

I want to get invested in Bitcoin, I have no idea about its reputation in the outer world so I am writing all my opinion and issues on behalf of my experience in my country India.

If you want to get invested, just buy and hold. Learn more, a lot more as I don't think you have much "experience of bitcoin in your country India"

[adnet]

Make Bitcoin legal, but limit the possibility of its use in the world as a means of payment. This is the plan of those who are interested in creating an environment. What is the point of allowing a widely imperfect coin? Such a coin should have a large but temporary function. This function is to lead the development of the industry and maintain interest until projects that support global regulators are ready for widespread use.
I think bitcoin will grow. But this is not forever.

[suvo05]

Bitcoin is very much legal in India. In 2017-2018 RBI declared that crypto-coins were not legal tender( which is just a true fact) which caused lots of misconception among the people that the crypto coins are not legal. Later RBI put a restriction on the direct transaction of money from a bank account to the crypto wallets like ZEBPAY. But the P2P transactions was very much legal, recently the RBI ban has been uplifted. So there was no ban and now there is no restriction.
Your second question is about the future of bitcoin- Trust me every one is guessing the future, no one does really know it. If someone tells you what will happen in the future, don't trust him.

[Findingnemo]

AFAIK, bitcoin is not accepted as means of payment in India yet but still there are lot investors for bitcoin in India and there are also many people get caught for running scam projects.When it comes to bitcoin there is no borders for its value so you can get the same valuation or even more if you sell bitcoins in India for fiat.

[DivVC]

As a country that is coming up in wanting to build a greater presence on the world stage, I would think that, encouraging Bitcoin and any other type of innovative technologies is only in their best interest, if they can keep out the bad actors to a reasonable degree. More established first world countries in North America and Europe have the slow wheels of committees and regulators and oversight that makes them less nimble to adapt to changes in the marketplace. If I were a member of India's leadership, I would do anything I could to rope in as many tech companies as possible, not keep them under the same legal and regulatory uncertainty as every other country.

[Upgate]

Hello,

I want to get invested in Bitcoin, I have no idea about its reputation in the outer world so I am writing all my opinion and issues on behalf of my experience in my country India.

Bitcoin is one of the most popular and highly reputed aspects in India as many people here have very little information about this topic including me but they also want to earn money via investing Bitcoin.

So I have two questions related to this topic. First one is that Is Bitcoin is still relevant in India or says legal to invest in it particularly in India and my second question is that what is the future of bitcoin as we know that there is a recession going on all around the globe so what will be the impact of bitcoin in future years as I read somewhere that bitcoin is not accessible to anyone now.

By the way, I am the website designer and Project Manager which makes sure to help people as much as possible, and this time I want your help so I can settle myself in near future with enough money so that I can fulfill my dream without any worries and problem of money.

I hope that you will get my query and you will answer this query as soon as possible. Thanks for having me here and all the efforts that you and your team making are amazing and I will connect with Bitcoin as soon as possible.

Thanks again and have a nice day!

Your first question of whether bitcoin is still relevant in India has been answered already. Concerning the future of bitcoin during this global recession, bitcoin will serve as a safe haven for those that still believed and hodl it in years to come. I don't know where you get that news from ''bitcoin is not accessible to anyone now'' it's just a propaganda trying discourage people not invest in bitcoin. Stop listening to FUD news.
A wed designer and a project manager should make his services available at the service section forum, so that you can be able to render your services to them that are in need of it

[stadus]

For full information, you can read this.

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

Now, let's go to the future of bitcoin, I believe bitcoin has a good future, in this economic crisis, fiat was expose, at least to some people and some of them might not trust to put their money in fiat as its value will not increase, bitcoin is a good investment, just believe on it and hold for long term.

I'm not saying it guarantees us to be profitable but I believe we will be profitable, but I could be wrong.