CryptoCoinsInfoClub.com

Is Buying Bitcoin Legal In India

Is Bitcoin Legal? Zebpay Blog

Is Bitcoin Legal? Zebpay Blog

Fastest and easiest way to buy and sell bitcoin and cryptocurrencies in India. With bitcoins popularity headed in only one direction upwards, a question the still invites unclear answers is that whether it is a legal form of currency or not. Youre unlikely to receive an answer to this that applies on a global level, since the legality of bitcoin varies from country to country. The primary reason behind the ambiguity on bitcoins legal status is actually its biggest USP its decentralised nature. Bitcoin has no regulatory authority, unlike all other currencies that are controlled by national banks and governments. So what users actually do with the currency is up to them. Of course, if you engage in illegal activity with bitcoin, then you are on the wrong side of the law. But that would apply to any other currency as well. It is important to understand the three different stakeholders bitcoin involves: Bitcoin exchanges allow you to buy, sell and store bitcoins on an online bitcoin wallet. Think of them like stock exchanges except theyre dealing with bitcoins and not securities. This practice is not illegal, and in fact, fuels much of the bitcoin economy since it is on these exchanges that the users transact on bitcoins. With bitcoins rising popularity in India, exchanges like Zebpay are servicing millions of users. Whats more Zebpay even self regulates itself, with KYC norms requiring bank account and PAN card details for its users. Of course, like with any other investment dealing in Bitcoins is subject to market and regulatory risks. Bitcoin miners use expensive, state of the art computers designed specifically to mine, or create bitcoins. Bitcoin mining is an elaborate subject that deserves a dedicated post of its own, but note that this practice, while increasingly b Continue reading >>

How To Buy Bitcoins In India: A Quick Start Guide

How To Buy Bitcoins In India: A Quick Start Guide

How to Buy Bitcoins in India: A Quick Start Guide Last updated on January 3rd, 2018 at 11:24 am If youre located in India and want to buy Bitcoin, youve come to the right place. Take a look at our guide to buying Bitcoin in India, which explores everything from the legality of Bitcoin to the best Bitcoin exchanges . Theres some ambiguity about the legality of Bitcoin in India. While Indias finance minister has stated that the government does not recognize Bitcoin as a legal currency , he went on to say that the country doesnt have any regulations governing virtual currencies. Needless to say, without regulation or outright prohibition, Bitcoins legality in India is something of a grey area. If anything, theres been an air of caution, with Indias central bank issuing a warning over Bitcoin as well as cryptocurrencies and ICOs in general. In December 2017, Indias tax authority raided Indian Bitcoin exchanges in an attempt to gather data on investors and potentially collect tax on their investments. Considering the size and population of India, it has the potential to be a huge market for Bitcoin. Bitcoins popularity in India is growing, with trading volumes increasing rapidly as evidenced by the LocalBitcoins volume in India . Google Trends shows increased interest in Bitcoin in India, with the search term Bitcoinexperiencing a huge spike in late 2017. A number of Indian Bitcoin exchanges have seen increasing demand. Indeed, Indian Bitcoin exchange Zebpay saw over 500,000 installations of the Zebpay Bitcoin app by May 2017. However, India is still a developing nation, and many are unable to afford substantial amounts of Bitcoin. Whats more, the countrys internet connectivity and speeds are quite behind those in other parts of the world. What are the main Indian Bitcoin c Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

Is Bitcoin Illegal In India? Bitcoin's Complicated Relationship With India Explained

Is Bitcoin Illegal In India? Bitcoin's Complicated Relationship With India Explained

Bitcoin: India is cracking down on the crypto token without officially making it illegal Bitcoins roaring success towards the end of 2017 proved irresistible to Indian investors, despite rumours that Indias central bank could put a stop to the token. At the moment bitcoin has not been outlawed or banned, but Indias major finance institutions do not recognise it as legal tender. Indias complicated relationship with bitcoin is all the more bizarre because neither the Government nor the Reserve Bank of India (RBI) have officially clamped down on it, but have approached it with a palpable degree of hostility. All the while individual bitcoin traders and exchanges appear to be bearing the brunt of a campaign that has already begun to impact crypto usage across the country. Even with no regulation in place yet, crypto exchanges across India have broken the silence to reveal the threat of regulation was enough to hamstring deposits and withdrawals. Koinex, a popular crypto exchange based in Mumbai, said on Sunday that Indian banks were bottlenecking transactions of the Indian Rupee (INR), forcing the company to suspend withdrawals on the platform. Bitcoin craze headed for bad ending warns billionaire Warren Buffett The exchange explained its decision in a blog post: In the past few days, many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past two weeks. In these circumstances, we were constrained to temporarily suspend INR withdrawals, until the differences between the payment service provider and their bank are resolved. A lawyer working with a handful of Indian crypto exchanges told Quartz that in Continue reading >>

Psa: No India Hasnt Banned Bitcoin But Its Still Talking Tough On Crypto

Psa: No India Hasnt Banned Bitcoin But Its Still Talking Tough On Crypto

Reports of the death of Bitcoin in India have been greatly exaggerated. On Thursday a budget speech by finance minister Arun Jaitley generated a tsunami of the Bitcoin party is over in India headlines, adding to downward pressures on the cryptocurrency . Safe to say, the truth of the matter is a lot more gray. Yes, Jaitley talked tough on crypto currencies. But no, there was no outright ban not yet, anyway. The Indian governments plans for crypto regulation remain unformulated (or at least unstated). It did set up a committee to look into crypto back in April . Which reported in Jaitley in August. But no regulations have been confirmed, leaving rumors to swirl. Heres the relevant chunk of Jaitleys budget speech (via The India Express ): Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy. One clear takeaway from that is the minister is sounding much more positive about blockchain technology. And his tonal contrast between blockchain and cryptocurrencies is obviously intentional and therefore interesting. So yes Jaitley wants to sound like hes pouring cold water on crypto. But whether that means you should hodl or not depends on your own personal threshold for risk. The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December . And a crackdown on crypto financing illegitimate activities is what any govern Continue reading >>

Is Bitcoin Legal?

Is Bitcoin Legal?

Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it. Bitcoin has proven to be a contentious issue for regulators and law enforcers, both of which have targeted the digital currency in an attempt to control its use. We are still early on in the game, and many legal authorities are still struggling to understand the cryptocurrency, let alone make laws around it. Amid all this uncertainty, one question stands out: is bitcoin legal? The answer is, yes, depending on what youre doing with it. Read on for our guide to the complex legal landscape surrounding bitcoin. Most of the discussion concerns the US, where many of the legal dramas are currently playing out. Alternatively, you can accessour comprehensive Regulation Report for worldwide expert commentary here . Government agencies are increasingly worried about the implications of bitcoin, as it has the ability to be used anonymously, and is therefore a potential instrument for money laundering. In particular, law enforcers seem to be concerned about the decentralized nature of the currency. As early as April 2012, the FBI published a document highlighting its fears around bitcoin specifically, drawing a distinction between it and centralized digital currencies such as eGold and WebMoney. It voiced concerns that while US-based exchanges are regulated, offshore services may not be, and could be a haven for criminals to use bitcoin for illicit activities without being traced. Bitcoin was the only form of currency accepted on Silk Road, an anonymous marketplace that was only accessibl Continue reading >>

Suddenly, Bitcoin To Be Officially Legal In India

Suddenly, Bitcoin To Be Officially Legal In India

Suddenly, Bitcoin to Be Officially Legal in India CNBC revealed that the Indian government committee has ruled in favor of regulating bitcoin on June 20. CNBC India has revealed that the Indian government committee has ruled in favor of regulating Bitcoin . On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within Indias Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market. Over the past three years, the big three Indian Bitcoin exchanges including Zebpay , Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market. The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency. On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme. In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin. In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry. Back in April, Continue reading >>

Beware Of Bitcoin, The Reserve Bank Of India Warns Again Quartz

Beware Of Bitcoin, The Reserve Bank Of India Warns Again Quartz

Over the weekend, it was Chinas central bank. Then, on Tuesday (Dec. 05), the Reserve Bank of India (RBI) warned investors against betting on bitcoin and other cryptocurrencies. So theres only one thing we can dowatch it from the bank of a river, Pan Gongsheng, deputy governor of the Peoples Bank of China, said at an event in Shanghai. One day youll see bitcoins dead body float away in front of you. The Indian central bank, however, was more straightforward, cautioning users, holders and traders of virtual currencies (VCs), including Bitcoins regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated in dealing with such VCs. The RBIs Dec. 05 release reiterated the concerns it had raised twice before in December 2013 and February 2017. These warnings come in the wake of bitcoins skyrocketing valueup more than 1,000% this year . In India, its price has almost doubled in a month, from Rs4.55 lakh ($7,070) on Nov. 01 to Rs8.6 lakh on Dec.05. The spike has led to a buying frenzy. In fact, measures to curb the use of cryptocurrencies have been gaining momentum across Asia. The central banks of Indonesia and Bangladesh have even barred the use of bitcoin as a payment tool. In September, China shut down bitcoin exchanges and banned initial coin offerings. Other regions, too, have raised red flags. On Nov. 29, the vice-president of the European Central Bank warned against investing in bitcoin at such high prices. The governor of the Bank of France cautioned against its potential hazards, as did Russian president Vladimir Putin and Germanys central bank. Meanwhile, rallying past all warning signs, bitcoin is at a record high, having crossed the $12,000 mark today (Dec. 06). In India, besides the RBI, the governmen Continue reading >>

How To Buy And Sell Bitcoins? Are Bitcoins Legal In India?

How To Buy And Sell Bitcoins? Are Bitcoins Legal In India?

How to buy and sell bitcoins? Are bitcoins legal in India? Karan Dhar Last Updated:December 19, 2017 |16:58 IST With a 300 per cent increase in its value in just one year, Bitcoins could well be the kind of investment you may be looking for. However, in spite of all the curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India. In the news recently for being the only payment method to pay ransoms to WannaCry attackers, Bitcoins can be used for a host of other things. And countries such as Japan and South Korea are leading the way. One of Japan's biggest electronics retailers, Bic Camera, began accepting bitcoin at two stores in Tokyo last month. Another Japanese firm, Recruit Lifestyle announced it will add bitcoin acceptance to its mobile point of sale tool AirRegi, which is used in 260,000 merchant and restaurant locations across Japan. Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created. At present, only 16.8 million or 80 per cent of all the bitcoins have been mined. You can look for various digital currency exchanges to buy bitcoin. You can purchase Bitcoins with a credit card. Coinbase.com and Coindesk.com are the most popular exchanges. They also offer tutorials on digital currencies. In India, you can purchase Bitcoin from Zebpay exchange. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers. You can buy Bitcoins by making a payment to Zebpay's bank account. You can also withdraw the money to your bank account, and track data on Bitcoin valuation in the country. There is a KYC requirement and you need to verify your ID by simply clicking a photo of your PAN card. Unocoin, another India-based exchange, lets you Continue reading >>

Is It Legal To Buy Bitcoins From India And Trade Them In Foreign Exchange? - Updated 2017 - Quora

Is It Legal To Buy Bitcoins From India And Trade Them In Foreign Exchange? - Updated 2017 - Quora

Is it legal to buy bitcoins from India and trade them in foreign exchange? Start with as little as 1. Luno is safe, easy and secure. Sign up with Luno today. Yes. There is no illegality in doing it. All major international exchanges allowing Indian Citizens to create account and trade. None of the ICOs are having caveat that Indian Citizens can not participate. As long as you are doing this in proper manner and paying the taxes on the gains (Only when you withdraw them to your bank account), you are good. If you buy bitcoins from India and then transfer those bitcoins to- Any Altcoin exchange platform like poloniex, bittrex, etc then you can exchange your bitcoin with any other cryptocurrency then there wont be any legal issues with this type of trade. Any Bitcoin exchange platform like coinbase, bitstamp, etc then you if you exchange your bitcoin with usd or euro. But you cant withdraw your fiat currency from that particular exchange if you dont have any proper verification from that particular country in which that exchange is operating but some exchange might enable you to transfer fiat in your Indian bank account. You wont face any legal issue regarding these exchange but you have to tell the government about the fiat which arrived to your bank account on withdrawal. Continue reading >>

Bitcoin Is Neither Legal Nor Illegal In Indiaand Everyones Confused

Bitcoin Is Neither Legal Nor Illegal In Indiaand Everyones Confused

Confusion reigns in Indias cryptocurrency ecosystem. The Narendra Modi government and Indias central bank have made it amply clear they arent comfortable with virtual currencies. The recent spike in bitcoins value, which attracted hordes of investors , has only made the government more vociferous in its criticism. However, these announcements dont make these virtual currencies, or trading in them, against the law. So, their status is in a curious limbotheyre neither legal nor illegal in India . On Nov. 30, 2017, when investor frenzy was at a high with rising bitcoin prices, finance minister Arun Jaitley said the country doesnt recognise cryptocurrencies as legal tender . Almost a month later, the government cautioned people against investing in them, warning that they are similar to fraudulent investment schemes and have no legal status yet. There is a real and heightened risk of (an) investment bubble (in virtual currencies) of the type seen in ponzi schemes which can result in (a) sudden and prolonged crash exposing investors, especially retail consumers, losing their hard-earned money, the finance ministry said in a notification on Dec. 29, 2017 . Consumers need to be alert and extremely cautious as to avoid getting trapped in such ponzi schemes. Again, on Jan. 02, Jaitley reiterated the governments position in parliament, saying people are betting their money at their own risk. Through multiple notifications, the two parties (the government and the RBI) have notified the public time and again that bitcoins will not be considered lawful or legal tender in India, he said. However, this doesnt immediately render these currencies illegal. Not being legal tender is not the same as it being illegal, explained Rishabh Sinha, a counsel at law firm TRA. The difference is th Continue reading >>

Bitcoin: 7 Reasons Why You Should Not Invest In Bitcoins, Cryptocurrencies - The Economic Times

Bitcoin: 7 Reasons Why You Should Not Invest In Bitcoins, Cryptocurrencies - The Economic Times

7 reasons why you should not invest in bitcoins, cryptocurrencies 7 reasons to stay away from cryptocurrency like Bitcoin How to keep your money safe if you want to invest in cryptocurrencies When Vivek Pethe read that the price of a bitcoin had surged five times between January and September 2017, he couldnt resist jumping on the cryptocurrency bandwagon. Pethe started small. In June 2017, he invested Rs 11,000 in bitcoins and another Rs 15,000 in ATC Coin , an Indian cryptocurrency . Although his Rs 15,000 investment in ATC Coin quickly grew to Rs 1.82 lakh, Pethe started having doubts when he tried to withdraw Rs 5,000 from his holdings. He was unable to execute the sell order smoothly. The computer screen just flashed operational error messages. When that was resolved, and he was finally able to sell them, the money wasnt credited to his bank account right away. I finally received the money three months later, that too after many follow ups with the firm. I am not sure if Ill be able to recover my remaining investment in this scheme, he says. While this incident prompted Pethe to sell his bitcoin stash immediately and vow to steer clear of such investments in the future, cryptocurrency exchanges claim that around 2,500 new users in India are entering the market every day. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry says, Bitcoin is fraught with risks and not backed by any tangible asset. But the number of investors is still growing, which is a concern. His bitcoin experience: Invested Rs 11,000 in bitcoins and Rs 15,000 in ATC Coin. The value of the latter grew to around Rs 1.82 lakh but when he tried to sell part of his holdings, he faced a number of challenges. He sold his bitcoin holdings immediately afterwards for Rs 19,000 and decided to s Continue reading >>

Bitcoins Legal Or Illegal In India? Ten Things You Must Know About Cryptocurrencies

Bitcoins Legal Or Illegal In India? Ten Things You Must Know About Cryptocurrencies

Bitcoins Legal Or Illegal in India? Ten Things You Must Know About Cryptocurrencies About bitcoin trading, the RBI apprised of five major risks. The first and foremost is that digital currencies, being in electronic format, are prone to losses arising out of hacking, loss of password etc Business | NDTV Profit Team | Updated: December 17, 2017 10:00 IST In May 2017, the government sought public views on future of bitcoins on MyGov RBI cautioned bitcoin traders time and again Finance ministry had constituted inter-disciplinary committee on bitcoins 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 cryptocurrencyhas surged rapidly, trespassing several thresholds one after the other. First it surged past $5,000, then $10,000, followed by $17,000 before touching $17,900 on Friday. Notwithstanding the sceptics' warnings on the legitimacy and the future of bitcoins, the cryptocurrency traders have been soaking in the bitcoin euphoria by infusing capital. The rally got a shot in the arm when Cboeannounced that the exchange would commence tradingin the digital currency's futures starting December 10. It followed by a similar announcement by the CME Group. However, the Indian regulators, starting from the Reserve Bank (RBI) to finance ministry, have been extremely cautious in apprising the investors of the perils of investing money in bitcoins, among other digital currencies. This is what the regulators said about the perils of investing in bitcoins: 1. On December 24, 2013, the Reserve Bank of India (RBI) cautioned the users, holders and traders of virtual currencies, including bitcoins, about the potential risks that they are exposed to. "The creation, trading or usage of Continue reading >>

India Warns On Bitcoin As Investors Rush In

India Warns On Bitcoin As Investors Rush In

India warns on Bitcoin as investors rush in These are external links and will open in a new window The digital currency Bitcoin is rallying at phenomenal speed, leaving many high and others dry in markets around the world. But why are prices higher in India than elsewhere? The BBC's Devina Gupta explains. While the Bitcoin bull run has been welcomed by many, financial regulators in emerging economies are still trying to find a way to understand it. The central bank of China has shut down Bitcoin exchanges in the country. Indonesia and Bangladesh have banned its use as a payment tool. In India the government has made it clear that, while it doesn't recognise Bitcoin as "legal tender" like paper money, there are no guidelines on Bitcoin trading. In the absence of any specific legal framework, online Bitcoin trading platforms are operating freely, even as the Indian central bank is getting jittery. It has issued its third warning this week, cautioning "users, holders and traders of virtual currencies including Bitcoin" of "economic, financial, operational, legal, consumer protection and security-related risks". Experts claim that demand outweighs supply in India, pushing the Bitcoin price in the country up to 20% higher than international prices. There are at least 11 Indian Bitcoin trading platforms online which claim that about 30,000 customers are actively trading at any given point of time. With a simple click, an investor can open an account and choose whether to purchase an entire Bitcoin or a fraction to trade with. There are two key traits of Bitcoin: it is digital and it is seen as an alternative currency. Unlike the notes or coins in your pocket, it largely exists online. Secondly, Bitcoin is not printed by governments or traditional banks. A small but growing n Continue reading >>

Zebpay | Legality Of Bitcoins In India

Zebpay | Legality Of Bitcoins In India

Christine Lagarde, Managing Director, International Monetary Fund. One of the most common questions or rather statement we get is but bitcoin is not legal. When we inform that bitcoin is legal and in fact regulated in an increasing number of countries, we can sense disbelief. So below we have mentioned the legal status of bitcoins in some countries with links. USA Bitcoin is legal and regulated in USA Financial Crimes Enforcement Network (FinCEN), United States Department of the Treasury issues guidance on virtual currencies and regulatory responsibilities. Global Advisors Bitcoin Investment Fund (GABI) is the first regulated bitcoin hedge fund to receive regulatory approval from the Jersey Financial Services Commission (JFSC). View article / View article / View article New York State Department of Financial Services (NYSDFS) started issuing BitLicense to businesses related to virtual currency activities. Coinbase launched the first regulated bitcoin exchange in the U.S. Winklevoss brothers bitcoin exchange, Gemini, had been granted a license by the New York State Department of Financial Services. European Unions top court, European Court of Justice, ruled that exchanging bitcoin should be exempt from value-added tax in the same way as traditional money. Bitstamp to be the first fully licensed bitcoin exchange in Europe, w.e.f. July 1, 2016. It has been granted the license by Luxembourg Financial Industry Supervisory Commission (CSSF). Japan has officially recognized bitcoin and digital currencies as money w.e.f April 1, 2017. Japan has a new law that will make bitcoins usable as legal tender. Inland Revenue Authority of Singapore (IRAS) has issued tax guidelines for Bitcoins stating that businesses that choose to accept virtual currencies such as Bitcoins for their re Continue reading >>

More in bitcoin