Bitcoin Legal or Not in India?

[patrickcoin]

Will bitcoin be legal in India with some framework with it?

[mjglqw]

Will bitcoin be legal in India with some framework with it?

Are you from India yourself? I've read an article hours ago. I think it's close.

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.

The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.

Source: https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

[patrickcoin]

Will bitcoin be legal in India with some framework with it?

Are you from India yourself? I've read an article hours ago. I think it's close.

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.

The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.

Source: https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

This decision is pending since march and they have been changing dates every time. I don't understand why they being so slow in decision making

[Possum577]

Source: https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

This decision is pending since march and they have been changing dates every time. I don't understand why they being so slow in decision making[/quote]

Anything as significant as a currency, which impacts all aspects of a Country is going to require thorough and careful review before they approve legislation around it. There could also be some typical political bickering that's slowing things down.

Are you from India? If so, how widespread is the ownership and use of Bitcoin in India? I'd love to know how a future legal status may impact broader adoption.

[mjglqw]

Will bitcoin be legal in India with some framework with it?

Are you from India yourself? I've read an article hours ago. I think it's close.

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.

The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.

Source: https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

This decision is pending since march and they have been changing dates every time. I don't understand why they being so slow in decision making

I'd be more concerned with your government if they accepted it immediately.

I'd take slow progress over no progress. I'm pretty sure your government has other more important issues to fix.

[katepagava]

What do u mean by term " legal"? It is not official, obviously. But it is alowed )

[denny.pac]

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalising virtual currencies in India.

From exercising caution over Bitcoin cryptocurrency, the Government of India could finally be moving towards compliance.

So, if Bitcoins are legalised in India, the following would happen:

Bitcoins would fall under the purview of RBI’s 1934 Act.
Bitcoin investors would be taxed.
RBI would issue guidelines regarding investment and purchase of Bitcoins.
If any foreign payment is made through Bitcoins, it would fall under the purview of FEMA Act.
Returns from investment in Bitcoins would be taxed.

[andreevavik22]

While Bitcoin​ has seen a massive surge in demand in India, especially in the post-demonetization era, there is still a lack of clear laws and regulations around it. However, it appears that the evolving stance of regulators globally prompted the Indian government to act in this regard.

[kateryna.oliinyk]

It's in developing I think. India has a great potential!

[patrickcoin]

have a look to this link
http://www.blog.bitxoxo.com/indian-fina ... coin-risk/

nice article well described information

[KirillManhattan]

To understand the general picture, it must be remembered that with a population of 1.3 billion people and a country's GDP of about $ 2 trillion, India has a large number of highly qualified technical personnel and is the second country in the world in terms of the number of online users. According to the latest indicator, India even bypasses the United States.
Meanwhile, the Indian rupee has lost 40% of its value against the US dollar since 2008, and according to the World Bank, the country is the world leader in the number of remittances received. In 2014, cash receipts to India through private transfers amounted to approximately $ 70.4 billion, which is about 3.7% of the country's GDP.

Under these conditions, bitcoin has all chances to find an extremely attractive market for itself, but the main problem for residents of India is a simple and affordable way of converting a digital currency into a rupee.

[kateryna.oliinyk]

To understand the general picture, it must be remembered that with a population of 1.3 billion people and a country's GDP of about $ 2 trillion, India has a large number of highly qualified technical personnel and is the second country in the world in terms of the number of online users. According to the latest indicator, India even bypasses the United States.
Meanwhile, the Indian rupee has lost 40% of its value against the US dollar since 2008, and according to the World Bank, the country is the world leader in the number of remittances received. In 2014, cash receipts to India through private transfers amounted to approximately $ 70.4 billion, which is about 3.7% of the country's GDP.

Under these conditions, bitcoin has all chances to find an extremely attractive market for itself, but the main problem for residents of India is a simple and affordable way of converting a digital currency into a rupee.

Thanks for interesting reply!

[denny.pac]

It's in developing I think. India has a great potential!

They have good potential, but people still live at a low level, I think few people in India will be able to own bitcoins

[patrickcoin]

Are you from India yourself? I've read an article hours ago. I think it's close.



Source: https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

This decision is pending since march and they have been changing dates every time. I don't understand why they being so slow in decision making

I'd be more concerned with your government if they accepted it immediately.

I'd take slow progress over no progress. I'm pretty sure your government has other more important issues to fix.

that what I'm confused with

[patrickcoin]

have a look to this link
http://www.blog.bitxoxo.com/indian-fina ... coin-risk/

nice article well described information

thanks hope you got your answer.

yeah just figuring out

[patrickcoin]

thanks for your support guys

[blockshow]

I can get the concerns over the legality of this whole ordeal. Since in some places you can even get death penalty for poorly made ICO.

There is a whole website dedicated to the question "Is bitcoin legal in X?". http://map.bitlegal.io/nation/IN.php

[rakesh889]

Will bitcoin be legal in India with some framework with it?

As I was searching for the same, I got my answer with this, you can check it out too - blog.flitpay.in/bitcoin-legal-illegal/

[Denishayes89]

It is not likely that the government, in promoting technology, innovation, and financial inclusion, will resort to a knee-jerk bank of bitcoin as such

[patrickcoin]

the government is taking much more time than expected

[rizzlarolla]

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalising virtual currencies in India.

From exercising caution over Bitcoin cryptocurrency, the Government of India could finally be moving towards compliance.

So, if Bitcoins are legalised in India, the following would happen:

Bitcoins would fall under the purview of RBI’s 1934 Act.
Bitcoin investors would be taxed.
RBI would issue guidelines regarding investment and purchase of Bitcoins.
If any foreign payment is made through Bitcoins, it would fall under the purview of FEMA Act.
Returns from investment in Bitcoins would be taxed.

CVopy paste? or are you Shweta Modgil https://inc42.com/buzz/bitcoin-cryptocu ... overnment/

It is not likely that the government, in promoting technology, innovation, and financial inclusion, will resort to a knee-jerk bank of bitcoin as such

And another copy pasdte. http://www.newsbtc.com/2017/04/09/india ... in-future/
if it is not mjhkijk or possum on their bitcoin.com sig spam, it is copy paste!
(if Roger Ver don't pay 'em they copy paste : ))

[patrickcoin]

Will bitcoin be legal in India with some framework with it?

As I was searching for the same, I got my answer with this, you can check it out too - blog.flitpay.in/bitcoin-legal-illegal/

sure rakesh will check it, thanks

[Neoclassical]

How do you make software illegal anyway? Think about it. It is just code running a node.

[fpivan15]

I think, the whole world must find out, that bitcoins and cryptocurrencies become a full-fledged monetary currency. So, I think, it's a question of time, where it becomes official in India.

[Neoclassical]

I think, the whole world must find out, that bitcoins and cryptocurrencies become a full-fledged monetary currency. So, I think, it's a question of time, where it becomes official in India.

Thing is there is nothing but nodes and code backing up cryptos, but there is biggest military power in the world backing up USD for example.

Fiat won't go anywhere, but I don't see why cryptos can't become a niche investment vehicle with time. Think if it as "digital gold"

[wealthymario]

I think Indian government will accept BTC soon. India, as a country, has lots of interest on engineer and cyber material stuff.

[TonyMark]

Bitcoin is “neither illegal nor legal in India,” wrote the second most circulated English-language newspaper in India, The Hindu, on Thursday.
India’s Supreme Court Seeks Answers as Bitcoin Legalization Focus Turns to Taxation.
While Indian government officials discuss ways to legalize bitcoin for tax purposes, the Supreme Court has given lawmakers four weeks to examine all security issues relating to digital currencies. Bitcoin.com recently reported on the government setting up a task force to evaluate whether to regulate and legalize bitcoin, which is expected to take 6 months.The court has given four weeks to examine all security related issues pertaining to virtual currency, including bitcoin.While bitcoin is already being widely used in India, News18 wrote that there is still “no clear law stating whether bitcoin and other cryptocurrencies are legal in India.”

[patrickcoin]

How do you make software illegal anyway? Think about it. It is just code running a node.

Indian government can do anything

[patrickcoin]

I don't understand how long they will take to announce the decision. And why don't they call exchanges for discussion and understand Bitcoin well, What are they doing just wasting time

[patrickcoin]

I don't find them any help for users. As we are always in stress for our coin. What if they ban it suddenly , we have to face huge loss