Is Bitcoin Currently Permitted In India?
Yes!
I'm sure that answer might seem a bit confusing to you at first. But the fact is that as per the current laws in India anything that is not prohibited by law is permitted.
Therefore Bitcoin is permitted under current laws. However, it doesn't imply that it is legal tender. It is not legal tender in India which means you cannot pay for goods and services with Bitcoin.
However, there isn't anything stopping such activities but it is clearly not encouraged.
Having said that can you hold and trade Bitcoin and other cryptocurrencies. Yes, since there is lack of any legislation or rules prohibiting such activities you are free to continue speculating in the value of these cryptocurrencies.
You can freely engage in P2P Fiat/Crypto transactions because there's nothing RBI and it's licensed entities can do about it. No bank in the country has the judicial power to attribute any purpose or reason for a bank transfer in case of P2P or in general between individuals.
There’s also the taxation part which you cannot miss if you are in this space. There is no set of rules but some general principles outlined in my past article on bitcoin taxation in India can help you with your audit.
However, future legislation may affect its current status. Either it will be legalized officially or it will be made illegal. Legislation is being drafted and I will share more information as I find out.
I hope this clarifies the status of Bitcoin or Cryptocurrencies in India. If you are new to Steemit and the world of cryptocurrencies from India, you might find some of my older posts on these matters useful.
It's always a good idea to do your due diligence when it comes to legal matters.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #40
Bitcoin's legal status around the world is still hanging on the same principal as you mentioned in the post. Although some countries have truly been active in researching and studying this for sometime. I believe Japan is one of them.
As far as my understanding goes, this looks like a game where those who take the first step will be the likely winners. Even if the initial steps are harsh a hurt the crypto market a little, the countries actively working to clarify laws surrounding the crypto probably understand this a trying to benefit from this aspect of the blockchain technology.
Until then we need to keep are ears and eyes open for any changes that could affect our bottom line. Thanks for sharing this man!
being a citizen of a third world country as defined by the rest of the world .... and me being into cryptocurrency as an investor, a miner and a trader i must say ... our finance minister sri arun jaitley forced an interim ban stating bitcoins can be used as a weapon by the terrorists ... though exchanges in india are paying their tax and the government had no issues when exchanges like Zebpay Ebex Wazirx wanted to do business ... now actually what they are doing is looking for more options to rob the decentralized platform participants who they know they could never conquer and thats why without knowledge one fine day he declared bitcoin is not legal in india like the night of september 11 whole of india came to know the respective legel 1000 and 500 rs notes are banned .... this is utter nonsense total mess.
Indian government is the last in making any laws whether it being the Nirbhaya rape case or ban on bitcoin. It wakes up only at the last moment when therebin no hope left.
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We have the same situation here in China!
Some governments don't want to accept cryptocurrencies only because they're afraid at the possibility those currencies would destroy their normal economy, but it doesn't.
By accepting Bitcoin in India, I will be the first person to be happy
Words to live by!
I hope that it's true!
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Neither legal nor banned. It's just run by a community and community believes in the power of block chain and Crypto currencies.. but government is still in doubt and fear about those who are not aware about internet and Bitcoin. And instead of increase awareness about power of future and Bitcoin government is pulling his hand.
That is the main reason.
On the other hand developed countries are supporting Crypto.
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