As noted in an article from Cointelegraph, the Indian government committee which was investigating the legal status of a few Indian exchanges, ruled in favor of them, thus making Bitcoin exchange a legit operation. Previously, a certain part of Indian politicians have been accused Bitcoin of being a Ponzi scheme.
In India there are 3 major exchanges: Zebpay, Coinsecure and Unocoin. All of them have been working with their own KYC and AML policies for a while (KYC = Know Your Customer, AML = Anti Money Laundering), in an effort of shielding their Bitcoin exchanges from shady operations. Seems like this paid off, as the Indian government is now allowing them to continue to operate.
Here's a short excerpt from that article:
On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.
Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.
I think Bitcoin, and potentially all cryptos, could be immensely useful to the countries where the money infrastructure is not very well developed. India has a long history of stark contrasts of wealth and poverty, and bringing access to value closer to people, in the form of cryptocurrencies, can only lead to good stuff, at least in my humble opinion.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This report is false. Bitcoin is not legal in India. There is still significant discussion happening around it, but it hasn't reached a level of consensus yet.
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"Legit" is a better word, I agree. I will change the title as it may be, as you say, misleading.
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Certainly. Bitcoin is allowed in general, we have multiple businesses that function as exchanges or payment gateways. But, India is still awaiting some backwards thinking politicians to change their minds, those who believe it is one big Ponzi scheme * shaking head *
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NEITHER FALSE NOR TRUE YET.
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That is incredible news for BTC , that more countries are adopting it.. now i guess $10K Bitcoin is not far away....
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anything that is not mandated is prohibited.
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that's a pretty restrictive point of view
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yeah..I thought so too.
I've been resisting it my whole life.
governments of all types seem to like it.
why else do the write SOooooooo many laws?
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AT THE END OF TEDAY, INDIANS WILL NEED THEIR BANK ACCOUNT TO GET THE MONEY TO THEM BY SELLING BTC. SO ITS NOT LIKE THEY ARE HIDING THEIR FINANCIAL SOURCE OF SOMETHING LIKE THAT. THERE ARE CHANCE THAT GOVT WILL MAKE IT LEGAL WITH SOME RESTRICTION BUT MAKING IT ILLEGAL IS NOT POSSIBLE ANYWAY.
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glad we're on the same page. What's with the CapsLock, anyway?
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by mistake, i guess first or second post das why , hope u wont mind that...
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I'm no expert, but I heard the Indian government are implementing very severe cash controls, even scrapping small notes etc? Could this explain bitcoin's popularity?
Great post,
have a follow.
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Yes, I remember they did something with notes recently. They seem to have an aggressive financial policy, let's see if their fiscal policy - or the taxes associated with crypto - will be as aggressive as the financial one.
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No, it's not legalized as of now.Indian Government is still pondering over regulations of cryptos.Within few days it will be legalized definitely as more and more Indians are getting interested in cryptos
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That's great news! I am glad the investigators looked into it and learned about it. The fear is always that investigators won't understand it and will thus label it something bad out of ignorance
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Bad decision usually stem from ignorance.
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yaaaaasssssssss
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Great post! Does India have a central bank? (I suspect they do). I wonder what their opinion is of Bitcoin? 🤤
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You mean like the Ponzi scheme bank in the U.S.
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LOLZ
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Almost every country in the world has that
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Important ruling, shows that cryptos can be made legit!
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We make it legit!
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Well said, I agree!
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Which basically means that is spreading it's wings wider and wider , im curious about when we gonna see competitor in this field , if it's possible tho
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Hope so competition always makes the product better for the customer. lol
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Cryptocurrency well take the future !!
Even india china and others will investigte on it . Thx fot sharing us this information ! :)
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Feel exactly the same way.
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China have stupid amount of regulations on it
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Hahaha. True
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Great news @shanu
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Wow, this is a great news indeed and a win win for all Crypto lovers
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Finally they have an alternative.
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India is SUCH a huge country WITH SO many people! THis is great news for India and Crypto! Many people dont know but a large proportion of Indians don't even have a bank account, nor can they really get one easily.
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Somehow, things are moving faster and faster. I feel the big push is still ahead of us but we cannot be far from 'crossing the chasm'.
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Indian here. You still have to provide identity to activate your wallet address that withdraws (or deposit) to INR , so the government basically knows which wallet address belongs to whom
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This is part of the KYC policies, which are the same everywhere. All debit cards that can be used with crypto have that. Being legit is one thing, privacy is another one.
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I mean, privacy is one of the core tenets of crypto, right?
Lots of people attracted to crypto because of privacy of transactions
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Not necessarily, otherwise we wouldn't have seen coins like Monero or ZCash, which are making privacy one of their core features. It's more likely the fact that, as a store of value, it's decentralized and safer than a bank. At least that's what it is for me.
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Its a good intel. Thanks. Crypto Currency like BTC is the ultimate solution to present economy disaster. The complexity of transferring funds anywhere in the World is costly and a lengthy process for now. We are sometimes unable to use our own fund at given times. Everybody needs a break from such system. I support Crypto Currency. I support BTC. I am sure BTC will be legal soon if not for now.
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