Is it Legal to Invest in Bitcoins in India? Here's a Guide ...

Superheroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them, bitcoin is now legal to trade in India.

Superheroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them, bitcoin is now legal to trade in India. submitted by cryptographicfull to india [link] [comments]

Super heroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them bitcoin is now legal to trade in india .

Super heroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them bitcoin is now legal to trade in india . submitted by braindead_in to IndiaSpeaks [link] [comments]

[ Bitcoin ] Bitcoin legality in India – Is Bitcoin Legal ?

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by x23_shivam [link]
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - How To Buy Bitcoin in India
x23_shivam your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
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09-07 06:15 - 'Bitcoin legality in India – Is Bitcoin Legal ?' (self.Bitcoin) by /u/x23_shivam removed from /r/Bitcoin within 1501-1511min

'''
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


[link]2

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - [How To Buy Bitcoin in India]1
'''
Bitcoin legality in India – Is Bitcoin Legal ?
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Bitcoin legality in India – Is Bitcoin Legal ? (x-post from /r/Bitcoin)

Bitcoin legality in India – Is Bitcoin Legal ? (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Is Bitcoin Mining Legal in India? Miners Still Don't Know

Is Bitcoin Mining Legal in India? Miners Still Don't Know submitted by nice2yz to Bitcoin [link] [comments]

Is Bitcoin Mining Legal in India? Miners Still Dont Know (current BTC/USD price is $11,057.71)

Latest Bitcoin News:
Is Bitcoin Mining Legal in India? Miners Still Dont Know
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by paulemmanuelng to btc [link] [comments]

Is BITCOIN legal in India? If yes, what's the best and safest platform to trade Bitcoins in India?

submitted by staron79 to BitcoinIndia [link] [comments]

Superheroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them, bitcoin is now legal to trade in India.

Superheroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them, bitcoin is now legal to trade in India. submitted by tanishvv to Bitcoin [link] [comments]

#Bitcoin Halving 2020 will Possibly be the best one so far, for the following reasons: 1) India Lifts #Crypto Ban 2) #Cryptocurrency Trading Becomes Legal in South Korea 3) Stock Markets Are Plummeting, Investors Focus on #Btc

submitted by eljaboom to Bitcoin [link] [comments]

India Legalizes Bitcoin, CashFusion Fundraising Over 70%, New Hardware Wallet with SLP Token Support

India Legalizes Bitcoin, CashFusion Fundraising Over 70%, New Hardware Wallet with SLP Token Support submitted by SweetSweetCrypto to btc [link] [comments]

It was India , then Korea and now France. #bitcoin now has the official status of money in France. Due to all this "seismical shifts" in the crypto space, $btc shouldn't stay below $10k for long. I am optimistic $btc will be legalized in other countries as time progresses.👊

submitted by eljaboom to Bitcoin [link] [comments]

Bitcoin is legal in India 2020

Bitcoin is a virtual asset or a decentralized digital payment system. Bitcoin has gained popularity from the time it was introduced as a digital cash system. The supreme court of India has ruled that the RBI circular which bans banks from providing services to crypto businesses is unconstitutional. The RBI banking ban on the crypto industry has now been lifted. Both the government and the RBI have confirmed that cryptocurrencies, including Bitcoin India is legal now.
submitted by bitbuddy7 to u/bitbuddy7 [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by Sandboxeaa to Bitcoin [link] [comments]

06-13 15:04 - 'India is going to ban crypto legally now with the laws and regulations!' (cryptomaa.com) by /u/ziyush removed from /r/Bitcoin within 181-191min

India is going to ban crypto legally now with the laws and regulations!
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Author: ziyush
submitted by removalbot to removalbot [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by paulemmanuelng to CryptoCurrencies [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by paulemmanuelng to CryptoMarkets [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by paulemmanuelng to Crypto_Currency_News [link] [comments]

Super heroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them bitcoin is now legal to trade in india .

Super heroes in their capes. The ones who fought the crypto battle for 1.3 billion people. Because of them bitcoin is now legal to trade in india . submitted by l6_6l to IndiaUncensored [link] [comments]

India Legalizes Bitcoin, CashFusion Fundraising Over 70%, New Hardware Wallet with SLP Token Support

India Legalizes Bitcoin, CashFusion Fundraising Over 70%, New Hardware Wallet with SLP Token Support submitted by SweetSweetCrypto to Bitcoincash [link] [comments]

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea

France’s Declaring Bitcoin as Legal Money follows Good News in India and South Korea submitted by cryptoallbot to cryptoall [link] [comments]

BITCOIN IS LEGAL NOW IN INDIA  INFO IN TELUGU Why Bitcoin is Illegal in INDIA  10 Years Jail No Bail  Bitcoin Ban or Not Legal Way Buy or Sell BITCOIN in India Just Few Minutes, Unocoin Beginners Guide to Earn Money from BITCOIN INDIA 2020 ... Bitcoin Legal in India  Regulation in Final Stages ...

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency . Indian cryptocurrency exchanges are bringing back banking support after the Supreme ... Arun Jaitley had clarified that bitcoin is not a legal currency in India; The price of bitcoins has been rising continuously for some time now. The price of cryptocurrency has surged rapidly ... “As of now Bitcoin is neither legal nor illegal and the issue is pending in the apex court. Even the RBI has not stated Bitcoin transactions as illegal and for the time being, it is being kept on hold. Reserve Bank of India’s (RBI) concerns the introduction of parallel currency to the Indian rupee,” explains Pankaj Sinha, an advocate and founder of Right Directions. Bitcoins are neither ... Bitcoin in India is mainly bought from digital currency exchanges like ZebPay, CoinDelta, CoinSecure, etc, through a credit card. Zebpay even had an Android and iPhone app which allowed individuals to link their bank accounts for quick transfers. There was a KYC requirement and buyers needed to verify their ID by simply clicking a photo of their PAN card. Unocoin, another India-based exchange ... IS bitcoin legal in india ,bitcoin legal in india , what is the goverment view about bitcoin , bitcoin india , how to purchased bitcoin in india , bitcoin legal or illegal bitcoin zebpay , koinex , crytocurrency , bitcoin

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BITCOIN IS LEGAL NOW IN INDIA INFO IN TELUGU

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