Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: jumbalu21 on November 27, 2019, 02:39:57 PM
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Hello guys,
How to make profit from bitcoin trading business (in india)?
I would like to know weather trading of btc is safe and legitimate business in india, are there any legal issues in this ?
Accurate replies are appreciated
Cheers everyone
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Although I am not Indian but so far as i know cryptocurrency trade in India is illegal and govt of India is very strong opponent against the spread of cryptocurrency. You may put in jail for crypto trade. The last year India has taken few steps against crypto traders and holders.
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Bitcoin is still nor legal neither illegal in India.
Since RBI, the Head of all Banks in India, as all Banks are registered under it, so all the notifications released by it must be followed by all other Banks.
This is because RBI released a Notification which said that All the Banks and wallets registered in India (under the RBI) should withdraw their support from transactions related to Virtual Currencies or popularly known as Cryptocurrencies in 3 months of time.
After all this, some exchanges like Bitstamp still have their operations in india, do you think it is wise to trade with them? How does it work?
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The government of India has always been negative about cryptocurrencies and their trading, so I think that citizens of India need to use crypto exchanges registered in other countries. They can also use Bitcoin, Ethereum and other cryptocurrencies, the government cannot forbid people to do this, although they can introduce criminal liability.
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Are you Indian people? If yes, I think you are better to ask this question on Indian local board: https://www.altcoinstalks.com/index.php?board=95.0. People there seem to know better than us since they experience it. Moreover, maybe there will be an expert from India to explain there.
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The government of India has always been negative about cryptocurrencies and their trading, so I think that citizens of India need to use crypto exchanges registered in other countries. They can also use Bitcoin, Ethereum and other cryptocurrencies, the government cannot forbid people to do this, although they can introduce criminal liability.
Right, Indian government is still negative on cryptocurrency trade in India. There is no cryptocurrency exchange in India because the central bank of India imposed hard rules against cryptocurrency. Indian and Bangladeshi people are using exchanges outside the subcontinent.
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Right, Indian government is still negative on cryptocurrency trade in India. There is no cryptocurrency exchange in India because the central bank of India imposed hard rules against cryptocurrency. Indian and Bangladeshi people are using exchanges outside the subcontinent.
Unfortunately, using exchanges outside of India is the only option for Bangladeshis and Indians. But this is not only India's problem. For example, in China, people also do not have the opportunity to trade on exchanges and invest in cryptocurrencies. I think in the future the situation will change for the better.
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At present, cryptocurrency has not become illegal in India, the Reserve Bank of India has banned the transaction by the bank, but a petition has also been filed against it in the Supreme Court. The Indian government is also considering framing rules on this.
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Well yep trading cryptocurrency in India is illegal, they banned crypto trading there. I hope that the government in India will change their mind to legalize crypto trading.
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A document leaked a little while ago detailing India's plans to ban cryptocurrencies (https://theforexreview.com/2019/07/16/all-cryptos-to-be-banned-in-india-besides-digital-rupees/), but so far those plans have not come to fruition, as far as I am aware.
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I am not Indian but I have not yet heard that cryptocurrency is allowed in India. I know that cryptocurrency is not allowed in India. I also know that if the administration can catch a cryptocurrency user then he has to go to jail. So if you have crypto then you hold on. Everyone is expecting Future approval.
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Are they currently banned or just unregulated?
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I know about the fact that there's a hault on by the central bank on banks dealing with crypto companies but i have no idea about trading and owning bans. Perhaps you should do more research on other portals and contact lawyers too.
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I think this question will be appropriate to ask in India local board. Or we just guess the legality from article/news we're reading. I am not sure to answer but I think trading Bitcoin is legal in India. So, don't worry for Indian people to trade it.
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To my knowledge Bitcoin is illegal in India, because the Indian government does not accept Bitcoin, Bitcoin is not legal in all countries, you can profit by trading with Bitcoin, but you cannot trade with Bitcoin in India independently because it is not legal in India, so you have to trade If you have to do it in a very confidential way
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Actually, many Indian people themselves enter the Cryptocurrency trading business, but unfortunately the Cryptocurrency trading in India is getting very strong resistance from the Government. Cryptocurrency trading in India has become illegal, and those found to have committed violations will be subject to sanctions according to the regulations in force in that country.
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To my knowledge Bitcoin is illegal in India, because the Indian government does not accept Bitcoin, Bitcoin is not legal in all countries, you can profit by trading with Bitcoin, but you cannot trade with Bitcoin in India independently because it is not legal in India, so you have to trade If you have to do it in a very confidential way
At this lockdown Indian cryptocurrency exchanges trade volume are touched 10x times because cryptocurrency trading is better than other stock and industrial tradings Indian government not accepting BTC payment system but BTC trading and holding are not illegal in India.
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Please visit - https://www.coindesk.com/indias-supreme-court-lifts-banking-ban-on-crypto-exchanges
this is news of India where supreme court has ruled against a decision imposed by the country's central bank nearly two years ago that stifled crypto trading in Asia's third-largest economy.
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Recently i have read a news about india btc trading and its legal nowadays.. The supreme court has declared that the btc currency will be now legal here and many indian said me so..but i am not sure that what happen inside of india because i am not indian..but if btc going to be legal in india then it's a great opportunity for india to developed their economic rate..
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Although I am not Indian but so far as i know cryptocurrency trade in India is illegal and govt of India is very strong opponent against the spread of cryptocurrency. You may put in jail for crypto trade. The last year India has taken few steps against crypto traders and holders.
Yes I think trading cryptocurrency is illegal mate. I agree with you, I have read news about that. So I think Indian government against crypto currency, So You must be carreful.
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Actually, many Indian people themselves enter the Cryptocurrency trading business, but unfortunately the Cryptocurrency trading in India is getting very strong resistance from the Government. Cryptocurrency trading in India has become illegal, and those found to have committed violations will be subject to sanctions according to the regulations in force in that country.
But what about the Indian cryptocurrency exchange that conducted its IEO on the Binance exchange? (We are talking about the exchange https://wazirx.com/ (https://wazirx.com/)). The success of this exchange is just accompanied by the fact that in India they began to treat cryptocurrencies positively.
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The government attitudes toward crypto trading in India seem to be thawing a little - the Indian government plans to regulate the crypto currency exchanges (https://www.forexbrokerz.com/news/legislation-changes-set-to-lower-taxes-on-crypto-transactions-in-india-to-1) operating in the country as e-commerce platforms, which will reduce the Goods and Services Taxes (GST) users have to pay with every transaction to merely 1% from the current 18%, similarly to taxes paid on India’s regulated stocks exchanges.
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India is one of the country which is very potential for crypto currency market. The government of that country fallen in is oscillation situation. The government trying hard and regularly meetup with the issue. As early as possible they can permit crypto currency in their country.
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Although I am not Indian but so far as i know cryptocurrency trade in India is illegal and govt of India is very strong opponent against the spread of cryptocurrency. You may put in jail for crypto trade. The last year India has taken few steps against crypto traders and holders.
Yeah, in Indian is illegal.
Hopefully Indian government will accept and allow crypto currency.
Because I see there are many investors from India.
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Crypto exchanges have an easy and intuitive user interface, allowing you to register and start trading without requiring anyone's support. The process can be completed in a few minutes, and you can start trading on the same day. However, like all investments, cryptocurrency trading is subject to market risk. To be safe, you should invest only as much as you can afford to lose.
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Dear friend trading cryptocurrency in india is not illegal. I do not have a complete information about the legal or illegal because i do not belong to india. I think that it is legal because india has its own coin.
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The Indian government can never fully make up its mind about cryptos, they come up with something new every few months. I hope that their latest idea about the taxes and regulation will be the final one.
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Dear friend trading cryptocurrency in india is not illegal. I do not have a complete information about the legal or illegal because i do not belong to india. I think that it is legal because india has its own coin.
Maybe , India members here, can explain what happens there.
I have read several said illegal but also legal.
Not blocked but not accepted.
I think It's the same in my country, the government allows but not legalize.
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Today cryptocurrency may be accepted in India but tomorrow it is bumped into by existing regulations so that it becomes illegal.
But I see WazirX is a cryptocurrency trading platform from India that is cooperating with India and it seems that cryptocurrency is not banned in India.
I see this as an object that needs to be known about its existence and maybe only Indians understand this situation because sometimes cryptocurrency trading is always up and down in accepting regulations from various governments.
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Who knows what they will decide. Their government tends to change its mind about cryptos practically every few months and they have been doing it for years now.
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Hello guys,
How to make profit from bitcoin trading business (in india)?
I would like to know weather trading of btc is safe and legitimate business in india, are there any legal issues in this ?
Accurate replies are appreciated
Cheers everyone
I think India members can share their news here, I personally don't know about bitcoin in India.
Because in my country, we can trade and invest in bitcoin and altcoins, No matter with it.
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I'm indian. Trading cryptocurrency in india not a illegal or legal. Many people in indian are interested in cryptocurrency. But the government of India not a has always been negative about cryptocurrencies and their trading. So you can carefully investing in crypto and earn more profit.
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I often hear news, that Cryptocurrency trading in India is not legal. And there will be fines or imprisonment for anyone caught trading Cryptocurrency in the country. India is indeed very strict on cryptocurrencies, and in my opinion it is not good for the growth of cryptocurrencies in the country.
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Here we go again - the Indian government came up with yet another idea to ban cryptos - this time they intend to ban all private crypto assets in the country (https://theforexreview.com/2021/11/24/new-indian-bill-will-introduce-private-crypto-ban/) and will be discussing those plans during the upcoming winter parliamentary session. Their alleged motivation is their intention ot launch their own state CBDC.
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Cryptocurrency transactions in India are currently declared as such. India's cryptocurrency was legalized in late December 2020. Many improvements have been made and have been made since the legalization of cryptocurrency in India. Therefore, it can be said that in countries where cryptocurrency is still illegal, if cryptocurrency is declared legal, then that country will move towards a lot of development. So I want to say that in a country where cryptocurrency has not been legalized, cryptocurrency should be legalized.
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The legal status of crypto & Bitcoin in India is a joke among the legislators. They are constantly changing their views and regulations on crypto. The market is used to it and is no longer affected by Indian news.
I hope Bitcoin will be accepted in India soon.
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actually there is no clear information that in India it has legality about the use of cryptocurrencies, from the information I know in India more and more people are using cryptocurrencies to do evil deeds so that cryptocurrencies in India have a very bad reputation.
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I think cryptocurrency in India is not very good because there are many negative cases in the country of India so that the name cryptocurrency and bitcoin has become bad in India, so I think India has many regulations that prohibit the circulation of cryptocurrencies in their country.
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Sometimes I wonder why they are so against cryptos. Is it because of the scams?
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I think you should talk about it to the Indian sub-forum, because maybe there are some people who don't know for sure and only read from information circulating in cyberspace, maybe if you are a trader from India and want to make a withdrawal of cryptocurrency results, you can also ask to indian subforum.
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Its a grey area, not entirely sure. Its a shame that the positives of crypto can't be seen, especially with regards to those that struggle to get bank accounts. IMO
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Has there been any definitive decision lately, or are they still debating? I feel like they've been debating for ages.
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Cryptocurrency transactions are legal in India. Bitcoin's market was established in India a few days ago. It is more or less known to all of us. In terms of trade, all the countries are given more prominence due to which our neighboring country India has set up Bitcoin Bank and in our country Bitcoin is not given illegally.
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cryptocurrency trading in india in my opinion is still illegal and there are no clear rules that state that cryptocurrency trading is legal in india, in my opinion it is because of the many cases of money laundering and other criminals who use cryptocurrencies so that the Indian government prohibits the use of cryptocurrencies in their country.
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I am a Bangladeshi citizen who did not do all that bitcoin in Bangladesh but I know it is illegal as well as in India but it has been considered illegal but it has been legalized from all the countries of the world and maybe one day tipu currency will be legalized.
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Last news tell us that crypto in India is prohibited. There was a new law some months ago. But of course China and India cann't stop crypto development. So it is only a temporary question!
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It is not at this moment. The news that came out recent shows that they can hold crypto in the Indian base exchange or wallet so that there will be maximum control. I think the government is just playing around it. It will totally be free soon.
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There is still no clear and exact legislation in India, the latest news was that the government was working on creating laws, but I think the government has never said that it is illegal. We must differentiate between trading cryptocurrencies and owning cryptocurrencies. In india there are more than 100 million people who own cryptocurrencies, if the government bans the use and trade of cryptocurrencies, it will stop collecting a lot of money in direct taxes, and that is something that could improve the quality of life of its citizens.
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There is still no clear and exact legislation in India, the latest news was that the government was working on creating laws, but I think the government has never said that it is illegal. We must differentiate between trading cryptocurrencies and owning cryptocurrencies. In india there are more than 100 million people who own cryptocurrencies, if the government bans the use and trade of cryptocurrencies, it will stop collecting a lot of money in direct taxes, and that is something that could improve the quality of life of its citizens.
Yeah, If the government ban bitcoin and altcoins at India, I think It will have bad effect for citizens economic.
Many people of India have traded and invested in crypto currency.
I think bitcoin isn't illegal on India.
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I really hope a full ban won't actually come to pass. If they wanted to do that, they would have done it by now, in my opinion.
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That there is still no exact legislation for cryptocurrencies in India is good and bad. It is good because citizens can continue to exchange their cryptocurrencies, and it is bad because depending on the government's decisions that could end at some point. It all depends on the government's decision, and I hope they make a decision that allows their citizens to improve their economy and also improve the country's economy.
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If India still does not have laws prohibiting mining and the circulation of cryptocurrency, then this area is still considered a gray zone and cryptocurrency can be dealt with there. Yes, the Indian government takes too long to make a decision on cryptocurrency. Of course, if it were not for so many cryptocurrency holders, the decision would not be in their favor. In addition, it is one of the sources of income for the government through the collection of taxes on profits in cryptocurrency.
Apparently, the final decision will be made depending on the attitude of the world states towards cryptocurrency.
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India has been mulling this for years now, giving very mixed signals. No decision of theirs regarding that topic seems final, unfortunately.