Are cryptocurrencies illegal in India?

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chetansha

chetansha

Juggernaut
Cryptocurrency is declared illegal by finance minister. Hope mods do take a note of this and do the needful.
 
fullysharpened said:
Categorically false. Please refrain from cluttering sale threads with juvenile rants.
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FM has gone on record in the rajya sabha, so how can it be false. Unless he is lying in the house?
What's juvenile about my statement?
Does this forum promote and encourage illegal activity.
mods, kindly clarify.
 
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chetansha said:
FM has gone on record in the rajya sabha, so how can it be false. Unless he is lying in the house?
What's juvenile about my statement?
Does this forum promote and encourage illegal activity.
mods, kindly clarify.
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There's a difference between something being illegal and unrecognised. As i previously stated, this is a sale thread that is every bit as legitimate as the 16 other cryptocurrency exchanges operating in the country. Take your personal vendetta elsewhere.
 
chetansha said:
Then trading and bartering with illegal drugs also should be OK. Same logic
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ofcourse not. Dude, try n read b/w the lines of what FM is saying. And stop your useless and pathetic trolling here, as there are perfectly good btc news/discussions thread, try and discuss there. why are you ruining a sale thread. If there was a problem with this thread, mods would have stopped it, yu are not the only smart ass here, and stop being a wanna be mod/staffer of this forum.
 
Mods, haven't posted here or closed the thread which makes perfectly clear what mods want. You are the one ranting about it here.
 
chetansha said:
Why don't you take a break from ranting and let the mods decide.
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My old friend. :p

Crypto is neither legal nor illegal.. FM said, he is waiting for committee report..

And there is already 2 crypto sale thread.. without any mods interruption..
 
chetansha said:
Then trading and bartering with illegal drugs also should be OK. Same logic
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Meal tickets/coupons and tokens should be illegal by your logic. Do you know that during demonetization, printed slips were used as temporary currency for bartering goods between traders here in Hyderabad?

Any thing can be a currency if people want it to be. Legal tender just means that its legally recognized tender.

Lets say Person A owes Person B Rs 1000.

The legal system will recognize the repayment of the amount only if A is it using legal tender. If A wants to pay the amount to B in his own custom currency, it is not recognized as repayment. If A wants to give Sodexo coupons worth Rs 1000, it not considered repayment. However, if B agrees to take the sodexo coupons, it is not a problem for the legal system. If B agrees to take A's currency as repayment, it is also not a problem. It was just a currency accepted by both A & B.

The FM said that Bitcoin is not recognized as legal tender. What it means is that the legal system does not currently recognize the bitcoin or its value. i.e. If you make a bitcoin transaction and get cheated, you cannot go to court and demand that its value be given back to you either in bitcoin or in legal tender. If you buy a bitcoin some time back and an exchange refuses to give you today's value, you cannot take them to court.

Basically, you have no legal protection, but it does not mean that you cannot use it to transact with somebody with bitcoin if they recognize its value too.

If owe somebody 10 Lac, and you want to pay them in bitcoin, it won't be recognized by a court as legitimate payment means. But if the other party agrees to accept repayment in bitcoin. Nothing stopping you from doing it.
 
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While tokens and such had defacto blessings and approval from the powers that be, and it was to help small time farmers and truckers,
Would you say the same for crypto currency, which promote terrorism, child trafficking, prostitution, drug dealings. ?

End of the day its downright immoral and unethical. But if your ethics permit, pls continue to deal with it. But be assured, I will take steps to inform the authorities if and as and where I find such things happening.
 
Are you saying that INR or USD was never used for promoting terrorism, prostitution and drug dealings?

Throw away all money you have and show proof of the same or I am going to report you for having currency that used has been and is being used for such heinous purposes for centuries
 
Lord Nemesis said:
Are you saying that INR or USD was never used for promoting terrorism, prostitution and drug dealings? Throw away all money you have and show proof of the same, I am going to report you for having currency that used has been and is being used for such heinous purposes.
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You refuse to see the difference
So wanna be blind, so be it.
 
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.
 
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Lord Nemesis said:
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.
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You are being boorish, stupid, juvenile and outright childish with vengeance and bordering on psychopathic behaviour
 
I said that very seriously. You need to go and read the basics of civics/economics and a bit of history as well. There are too many people who don't seem to understand basics like these. I really don't get why people are dumbing down like this other than not having not taking their fundamentals at school seriously and just doing enough to get marks on the exams. This is exactly why I said to my colleague that his kids needs to have an understanding of those subjects and not just for scoring marks on the exams.

A currency is a currency only when its recognized by the people. Any currency that is not recognized by the people has no value. That can happen even to legal tender of a country. Legal tender just means that its also recognized by the govt (which in a democracy is elected by the people).

You spewed that nonsense about how Crypto currency is used for unethical purposes which makes it unethical to use, but you are perfectly fine with using currency that has seen rampart usage for all illegal and unethical things for centuries and continue to this day. Do you seriously think that crypto currency is used at more than a minute fraction of the rate that any legal tender is used for such illegal activities?

Buying and selling drugs is a crime. It is a crime regardless of what currency people use for it. Heck it is a crime even if you use cola caps as the currency. Note that it is a crime only because the people and their elected govt recognized it as a crime.

There is nothing illegal about Bitcoin today. It just does not enjoy legal protection which means it is just as good as writing 10,00,000 on a piece of paper and using it as currency.

FYI, this is the exact reason I don't have any interest getting crypto currencies even if I am interested in the subject of crypto currencies as a whole. Come back when the govt actually recognizes it as legal tender or bans it outright.
 
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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.
 
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