Bitcoin Legality Spooking India

The India Government have made it clear that they are ready to embrace the digital economy yet recently, politicians have started to question the lack of regulation surrounding Bitcoin and Cryptocurrency.  This has spooked the media who have published articles that have lead Indian citizens to think that Bitcoin is now illegal.

According to ZEBPAY, Bitcoin is legal under all existing laws in India and Refues Local Ponzi Reports. 

“Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain this technology and address their genuine concerns”, Zebpay concluded.

Bitcoin Legality in India Is a Political Hobgoblin

Now, a new Industry Petition  is urging the Indian Government to Announce that Bitcoin is Legal in order to set the record straight.

“A new petition raised by the Indian bitcoin industry is urging influential politicians and lawmakers to deem bitcoin and other cryptocurrencies to be legal in the country. The petition comes at a time when bitcoin is making regional headlines due to statements from policymakers and politicians who have raised concerns about the lack of regulation surrounding the bitcoin industry. Last week, Kirit Somaiya, a member of the Indian Parliament made remarks comparing bitcoin to a “pyramid ponzi scheme”, calling for a  regulatory system or framework to oversee the industry.” Read the full Article here  and Sign Petition here

India’s Bitcoin Policy Hasn’t Changed

Yet there is progress that Indian Citizens are not aware of:-

On 3 March 2017, a Global Summit Bitcoin & Blockchain: The State of Cryptocurrency
Opportunities and Challenges for the Indian Economy was held in New Delhi and very well supported.  

“The evolution of peer-to-peer technology based Bitcoin is seen as a revolution in the field of supply chain finance. The financial infrastructure and its underlying technology blockchain have given pace to the skyrocketing global Bitcoin trade. The unregulated virtual currency which has no control and legal system presents significant challenges by way of offering tax evasion, security risks, losses due to volatility and money laundering practices etc. However, all of its attractive features have given a level play rise in the number of transactions, volume of trades around the world and sentiments are turning bullish with the information claimed to have performed as one of the most remunerative asset class in the recent years. Being India, the world’s largest remittance recipient has enormous opportunities and challenges of the decentralized payment system that operates independently in a pseudonymous manner. This calls the stakeholders, including government, regulatory authorities, exchange plateforms, and investors to discuss and debate on prospective and appropriateness of Bitcoin Wallet as well as its legal and related issues. This will help determine the protected decision of investor to invest, regulators to initiate control and exchanges to fair play towards the future of Bitcoin in India. In view of immense significance of the above, the ASSOCHAM organised the Global Summit on Bitcoin & Blockchain: The State of Cryptocurrency – “Opportunities and Challenges for Indian Economy” on 03rd March, 2017 in New Delhi.”

Read more:-  Bitcoin Adoption in India

Read more:-  Demonetization and Bitcoin Adoption in India

Read more:-  Bitcoin Mining in India

Read more:-  Bitcoin and the Digital Explosion in India

Regulation of Bitcoin Businesses in India is coming – be ready.

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