Are cryptocurrencies illegal in India?


k_m_Arya

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Microsoft, Expedia, and Newegg accept Bitcoins AFAIK. Some people view bitcoins as a stock/share and others as a currency. So
there are people who buy it and wait for it to rise in value so they can sell it later. Bitcoin or any legal tender only has value because people believe it is valuable if people lose belief in it then it's just something worthless. According to the article linked it say's it's not a legal tender and yes I agree but it doesn't mention it's illegal. You are viewing it as if only black or white exists in reality, it's not like that. According to you then people who accept Gold for currency or still partake in barter trading during times like demonetization would be doing illegal activities?
Also, governments are the ones who create terrorists for proxy wars and other reasons.Terrorists just don't get bitcoins magically and good luck trying to pay for all those Grenades, Guns and missiles in the ballpark that they use bitcoins is just not feasible.

Also, child trafficking, Prostitution, Drug dealings you fail to see that bitcoin is just a means to an end. The child/woman is already being abused bitcoin or any cryptocurrency is irrelevant they can just as easily deal with it in legal tender. There was child trafficking, Prostitution, Drug dealing and terrorism in the past before cryptocurrency and they will be still in the future unless the government for some reason legalizes drugs and prostitution. One case study you can find is that when governments bought prohibition, Bootlegging thrived.
Just as 2000rs can be used to buy drugs, pay someone to create a ruckus, or purchase apps/ products, bitcoin can be used in many ways.

TLDR: It's a grey area until they outright declare it illegal. Also, bitcoin doesn't promote terrorism, child trafficking, prostitution, drug dealings it's just people and their agenda you fail to see that bitcoin is just a means to an end and the end result is always the same with or without bitcoin.
 

6pack

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The only reason governments don't accept it as legal tender is because they don't have absolute control over it. Bitcoin can be mined by anyone. That's like printing your own currency. No govt wants the people to do that.

Such crypto currency will become legal when the govt's start mining their own to save on printing costs and security costs of printed currency. This will take around 15 years I'm guessing. The only reason its holding them back is the enormous power cost behind mining and the limit of a few billion coins. If there was no limit and coins could be generated easily, most govt's would have already started their own countries coins by now.
 

Sub

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Criminals don't use Bitcoin. Those who did early on were caught and apprehended. That's because Bitcoin is transparent and all transactions are easily traceable and investigatable by anyone. Only the most incompetent criminal will use Bitcoin today, given it's under so much scrutiny. Unlike, say, offshore banks in countries with banking secrecy laws, where not even FBI can trace transactions.

Of course, there are currencies like Monero and Zcash which are not traceable, and you can make the argument there. But even so, of course there is a lot of illegal activity using fiat money, so the argument is always on shaky grounds. By that logic, there's no currency that's more unethical than INR, which has seen obscene rates of corruption and black money.

As for legality, this is a good summary - https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
 
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Shubham1401

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I want to start trading cryptos and tried Koinex but they have suspended new user registration. I am interested in trading Ripple and Ethereum. Can anyone please advise me on a way to buy these against INRs?
 

Soyab0007

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I want to start trading cryptos and tried Koinex but they have suspended new user registration. I am interested in trading Ripple and Ethereum. Can anyone please advise me on a way to buy these against INRs?
you can buy Crypto through OTC.. (Over the Counter)
pm me, if you want to buy ETH or BTC
 

RakaKaKaka

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where to buy bitcoin at internation rates ? indian rates are like 20% more. Can we buy someplace using a credit card ?
 

blr_p

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The only reason governments don't accept it as legal tender is because they don't have absolute control over it. Bitcoin can be mined by anyone. That's like printing your own currency. No govt wants the people to do that.

Such crypto currency will become legal when the govt's start mining their own to save on printing costs and security costs of printed currency. This will take around 15 years I'm guessing. The only reason its holding them back is the enormous power cost behind mining and the limit of a few billion coins. If there was no limit and coins could be generated easily, most govt's would have already started their own countries coins by now.
Precisely the reason bitcoin is insignificant and cannot challenge existing currencies

As for easily generated we got that as soon as fiat currencies began and were no longer tied to gold or silver. Around the early 30s when the Brits went off the gold standard

Bitcoin or crpto currencies don't offer anything that govt already has

I think of crypto currencies as a digital gold standard, except it is limited only by cpu power

you could think of crypto currencies as digital gold just not as widely acceptable yet but that will change

To argue that crypto will take over is to say gold will take over or return and that will not happen

[DOUBLEPOST=1515590657][/DOUBLEPOST]
Somebody at my work was debating with me why social studies is necessary subject at school. His opinion was that it was not necessary. This is exactly why it is essential. I recommend going back to your school civics/economics text books and reading them properly this time.
you can say the same thing about arts.

No country can come up with new ideas without that appreciation
 
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6pack

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you could think of crypto currencies as digital gold just not as widely acceptable yet but that will change

To argue that crypto will take over is to say gold will take over or return and that will not happen
It could happen. USA's president is acting weird now and all his MAGA actions are making countries rethink their policies on the USA. China and Russia are trying to remove the dollar-crude oil relation. Pakistan is like China's lapdog and will probably do business in chinese yuan or what the chinese currency is. It takes a small hole to breach the dam. china is making that hole. It may not be visible now, but after a few years, their currency or some other currency or maybe a duopoly of yuan and euro could be the norm. Where crypto comes into play is it could be the third most used currency by govts for making transactions. Not by people. I'm saying this because block chain is evolving along with fast paced computer and AI. Somewhere these three will merge and billions of transactions will be taking place through block chain through banks. Main reason is it will save banks money and will result in faster transactions worldwide. We already hear of banks dipping their toes in blockchain now in India, Taiwan, Japan Europe etc. It's already started. It can't be stopped now once the banks reaslise how much profit it will bring them.
 

6pack

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china has blocked all crypto currency trading exchanges. Some US banks have stopped allowing buying these crypto coins through credit card because of debt issues.
 

6pack

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lol. how retarded that person must be to put NASA, Science, Vedas, Bitcoin, NaMo etc and make this up? I wonder what he's smoking. Must be some super strong ancient stuff. I wonder why he left out aliens. Could have put some aliens into the middle and made it more interesting.
 
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Lord Nemesis

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After some digging, I found that its satire that was originally posted on reddit and now being spread by bhakts all over whatsapp and social media believing it to be true.