Wednesday, 17 May 2017

Bitcoin in India, legal or illegal?

The legal status to be able to buy bitcoins freely is a popular topic. In some countries it is legal, some partially legal and in others it is illegal. Not every country in the world has a broad view of the digital currency or "virtual currency" bitcoin. Western superpowers such as the United States and UK have shown a positive attitude toward new technology and some countries like Canada and Australia are still deliberating on what to do legally about bitcoin. However many others have already taken their decision against bitcoin. We must bear in mind that not recognizing or not supporting the use of bitcoin and prohibiting bitcoin are two different things.

The reasons for prohibition run the gamut from fear and ignorance to the protectionism of its national currency, through the creation of a new coin in the image of bitcoin. The list of reluctant countries with bitcoins is not well over ten, but is subject to change as many countries have not made an official decision for or against bitcoin. Some are banned by the Central Banking system of the country; some are banned by the government of the nation, and in many countries by both agencies.

As the revaluation of bitcoin has increased, the schemes based on this cryptocurrency in India have been proportionately increased, despite the country's authority’s dislike for the regularization of this industry. Now some regional news media are reporting that the government may be preparing to legalize and regulate the bitcoin exchange in India as a practice in its economy, CNBC and government officials of India are in the process of possibly giving the sale of Bitcoin's legal status. Recently, the parliamentary committee of India held its first meeting to discuss the use of bitcoin and virtual currency in the country.

Authorities have noted that vast volumes of the price of bitcoin with respect to the rupee or inr are traded by Indian citizens lately. The Indian publication of Money Control reported that a committee member stated that the legality of bitcoin would soon be decided by the officials of the country.

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