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Author Topic: Is trading cryptocurrency in india illegal or legal?  (Read 11681 times)

Offline jumbalu21

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Is trading cryptocurrency in india illegal or legal?
« on: November 27, 2019, 02:39:57 PM »
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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Is trading cryptocurrency in india illegal or legal?
« on: November 27, 2019, 02:39:57 PM »

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Offline Malam90

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #1 on: November 27, 2019, 03:18:42 PM »
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.

Offline johnmeller

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #2 on: November 28, 2019, 08:20:50 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #3 on: November 28, 2019, 09:15:22 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #4 on: November 28, 2019, 11:30:43 PM »
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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Offline Malam90

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #5 on: November 29, 2019, 01:11:09 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #6 on: November 29, 2019, 02:55:29 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #6 on: November 29, 2019, 02:55:29 PM »


Offline naitik01

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #7 on: November 30, 2019, 05:09:41 AM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #8 on: November 30, 2019, 09:18:17 AM »
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.

Offline mlawson71

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #9 on: November 30, 2019, 12:48:50 PM »
A document leaked a little while ago detailing India's plans to ban cryptocurrencies, but so far those plans have not come to fruition, as far as I am aware.

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #10 on: November 30, 2019, 05:13:58 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #11 on: December 01, 2019, 08:24:38 AM »
Are they currently banned or just unregulated?

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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #12 on: December 03, 2019, 05:15:55 AM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #13 on: April 27, 2020, 11:54:24 PM »
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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Re: Is trading cryptocurrency in india illegal or legal?
« Reply #14 on: May 10, 2020, 07:03:16 AM »
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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