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Bitcoin - The Internet of Money

/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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Bitcoin Law

Bitcoin Law: For All Legal Aspects of Bitcoin
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[ Bitcoin ] Bitcoin legality in India – Is Bitcoin Legal ?

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by x23_shivam [link]
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


https://preview.redd.it/t5bxt1cnlgl51.png?width=1200&format=png&auto=webp&s=6b4d014c65e4a8bb3e787531b7654eb37d736994

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - How To Buy Bitcoin in India
x23_shivam your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
submitted by anticensor_bot to u/anticensor_bot [link] [comments]

Bitcoin legality in India – Is Bitcoin Legal ? (x-post from /r/Bitcoin)

Bitcoin legality in India – Is Bitcoin Legal ? (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

09-07 06:15 - 'Bitcoin legality in India – Is Bitcoin Legal ?' (self.Bitcoin) by /u/x23_shivam removed from /r/Bitcoin within 1501-1511min

'''
Bitcoin has been a heavy financial blow to the trading world since it rose to significance. The flickering uncertainty of the traditional economy, entirely controlled by the government has caused several disastrous events in the past. But Bitcoin or any other cryptocurrencies in the world are completely free from government and political influence, which don’t lose its value over a political takeover.
India has also witnessed the rise of cryptocurrencies like Bitcoin in some events. You may remember the demonetization and the aftermath of it. Here in India, we saw a spike of Bitcoin users around that time but the sudden ban imposed by the RBI made it all gone. Now that after two years the Supreme Court has overruled the decision of RBI, the Indian cryptocurrency market is slowly rising from ashes.
But the question remains, about Bitcoin legality in India if legal then does it have a framework and regulations passed by the Government?
Before we find answers to these questions, let’s look back at the beginning.

The Beginning

Started in 2009, Bitcoin first rose to global significance in the year 2017. It was the first time for bitcoin to cross the $1000 mark but it didn’t stop there.
Then came a blow from the Chinese government when the People’s Bank of China decided to tighten its grip on the cryptocurrency market. As a result, the graph went down by 30%, however, it successfully maintained its steady growth. Around May, it had jumped well over $2000.
It was December 17, the Crypto exchange recorded its highest value of all time as the Bitcoin value was standing on the number $19,783.21.
But the market subsequently came down and nowadays it roams around the $10,000 mark.

India Banned Cryptocurrency in 2018

Surprisingly when the world was facing a crypto bull market race, Indian backed down from the idea and the Reserve Bank of India imposed a de facto ban on the trading of crypto.
The RBI assessed that there were multiple risks involved in dealing with crypto and should be immediately banned to trade it. As a result, the huge market that was yet to understand its potential was dismissed.
Many people and respective associations spoke against it and the Internet & Mobile Association of India went to the Supreme Court against the RBI’s decision.
At that point, India had around 5 million cryptocurrency users, who were actively trading and using Bitcoin as a currency. But all of a sudden it all shut down, as the users were left with the option to either hold on to their Bitcoin savings or trade through the foreign.
But since Supreme Court took the matter in hand the situation began to change. Unlike RBI, SC had a wider view on the matter and asked about the reasons of the Bitcoin trade ban.
While there wasn’t any satisfactory answers from the RBI, the Supreme Court lifted the ban on the use of Cryptocurrencies like Bitcoin in 2020.
It seems like, with the ban lifted, India is currently free to deal or trade in Bitcoins without any barriers. But it isn’t that easy.

Bitcoin legality in India


[link]2

Now having covered all the backstories, let’s take a look at the main question of this article.

Can you trade bitcoins now?

The answer is- Yes. Trading or dealing with bitcoins or any other cryptocurrency like Ethereum is legal in India. You can trade, buy, and sell bitcoins from domestic or foreign exchanges and even invest in them.

Startups like WazirX, Lastbit, Zebpay, and international companies like Paxful are providing platforms to market crypto as the optional currency. CEOs of these companies are hopeful for the near future as India is counted among the five countries to have the most Bitcoin users.
But there are some problems yet unresolved.
Crypto Mining. Though the SC lifted the ban from crypto trading, crypto mining is still impossible in India. Mining is a work that requires specific technologies and a high supply of electricity. While the latter is a problem in India, the former is the bigger challenge. Because the machine to mine bitcoins, ASIC is still illegal to import.
ASIC standing for application-specific integrated circuit is the most advanced technology to mine bitcoin profitably. When the crypto was banned, importing ASIC was also banned. So, now the miners are left with nothing useful other than GPU technology to mine. While GPU was useful 10 years ago, today it simply doesn’t work.
It’s also unlikely to manufacture ASIC in India, because it only works for the purpose of crypto mining only. As long as there’s no stable market here, manufacturers wouldn’t take the risk to produce it here.
So, the conclusion on Bitcoin legality in India can be to trade crypto but not mine it. We think it’s still a fair opportunity to get the Indian crypto market a bit more stability and then the government might reconsider their stand on crypto mining.
Source - [How To Buy Bitcoin in India]1
'''
Bitcoin legality in India – Is Bitcoin Legal ?
Go1dfish undelete link
unreddit undelete link
Author: x23_shivam
1: bu*bit**inhow2*20.*o*/ 2: pre*iew.redd.it/t5bxt1*n*gl51.png?widt*=*2*0&*m*;f**mat**ng&am**auto**eb*&*s=6b***14c**e4a8b**e**75*1b7654eb3*d73699*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Is bitcoin legal in Lebanon?

Can I transfer it to my bank account, can I somehow turn it to cash? I have a payment coming and they only pay in Bitcoin
submitted by IRHABI313 to lebanon [link] [comments]

What limits me buying bitcoin legally then selling it at a markup to people without kyc. Is it downright illegal? (USA).

I am verified on several platforms to purchase as much btc as I want, as I have supplied proof of my identity. Many people want to buy anonymously and will pay a premium for that. Can I legally sell them my bitcoin anonymously? I'm guessing, no, being the exchanges can't. If this question is as dumb as I think it might be I am sure it will be quickly weeded out democratically 😄
submitted by samjoe6969 to Bitcoin [link] [comments]

Is BITCOIN legal in India? If yes, what's the best and safest platform to trade Bitcoins in India?

submitted by staron79 to BitcoinIndia [link] [comments]

Can this happen in Nepal in the near future? Battle to make bitcoin Legal?

Can this happen in Nepal in the near future? Battle to make bitcoin Legal? submitted by Aa5i5 to Nepal [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by PrimeCoinz to CryptoMarkets [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

submitted by PrimeCoinz to DigitalAssets [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by PrimeCoinz to Crypto_Currency_News [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by cryptoallbot to cryptoall [link] [comments]

IS BITCOIN LEGAL IN EGYPT

is bitcoin legal in Egypt or not and what's legal and illegal in it
submitted by pierrehany to Bitcoin [link] [comments]

Caitlin Long on Bitcoin Legal & Law Implications, Wyoming Laws, Avanti Bank and CoinJoin - Podcast Notes from The Investor's Podcast

Caitlin Long on Bitcoin Legal & Law Implications, Wyoming Laws, Avanti Bank and CoinJoin - Podcast Notes from The Investor's Podcast submitted by mostafa-khaled to Bitcoin [link] [comments]

Bitcoin legal status around the world - REPORT (PDF)

submitted by cryptotapas to Bitcoin [link] [comments]

Court Declares Bitcoin Legal in China as a 'Virtual Property’

Court Declares Bitcoin Legal in China as a 'Virtual Property’ submitted by NimbleBodhi to Bitcoin [link] [comments]

Bitcoin legal in Korea

https://thenews.asia/amendment-to-special-reporting-act-passes-cryptocurrency-trading-now-legal-in-south-korea/
submitted by johnpolite to Bitcoin [link] [comments]

Is Bitcoin legal?

Is Bitcoin legal?
https://preview.redd.it/6vsna7d1rpp41.jpg?width=881&format=pjpg&auto=webp&s=5d30a4588dcdb4ce914c86e47ce72d7ee0b72f59
“Is Bitcoin legal or illegal?” This has been questioned by a lot of investors from different countries who are interested in Bitcoin investment.
However, different countries described Bitcoin in different ways. Countries such as USA, Canada, Australia are accepting Bitcoin whereas countries such as Russia, Vietnam, etc. do not accept Bitcoin. In order to ensure if Bitcoin is valued in the country, investor should understand the Cryptocurrency regulations of different countries.
Different countries is have different rules and regulations that limits Bitcoin usage. Even in countries that legalize Bitcoin like Canada, there are still regulations stating that people are not allowed to use their bank card to perform Cryptocurrency transaction.
Compared to traditional investment, most of the investors are still having doubt regarding Bitcoin investment. The reason for people to have negative confidence towards Bitcoin due to government lack of control and acceptance of the Cryptocurrency. Therefore, it causes uncertainty and fear for people investing in Bitcoin.
Countries like Thailand had legalized the use of Bitcoin but only at license bitcoin exchange, which people is allowed to exchange Cryptocurrency to their local currency. However, Thailand central bank does not allow its associated financial institution and user to be involved in any business that is related to Cryptocurrency.
Due to the various restrictions mentioned, it is not a surprise that it formed the misconception that Bitcoin investment is considered as “illegal” and risky.
If you would like to trade Bitcoin regardless where you are, try m.explus.com, where you can trade online with no hassle!
submitted by B_Security923 to u/B_Security923 [link] [comments]

The Beginner’s Guide to Bitcoin Part 8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito — What Bitcoin Did

The Beginner’s Guide to Bitcoin Part 8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito — What Bitcoin Did submitted by mccormack555 to Bitcoin [link] [comments]

'Bitcoin Legal to Own in China,' Says People's Bank of China Lawyer

'Bitcoin Legal to Own in China,' Says People's Bank of China Lawyer submitted by crypt0sparta to Bitcoin [link] [comments]

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency submitted by n4bb to CoinPath [link] [comments]

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

Bitcoin Legal in India: Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency submitted by raaner12 to Altcoinss [link] [comments]

Bitcoin Price Reversal, Bitcoin Legal Tender, Bitcoin Gold Manipulation & "Not Legal, But Necessary"

Bitcoin Price Reversal, Bitcoin Legal Tender, Bitcoin Gold Manipulation & submitted by Thornsb to BLOCKCHAINEDNews [link] [comments]

¿ Bitcoin es legal en Bolivia ? - YouTube New Free Bitcoin Mining Site 2019 SignUp Bonus 0.001 BTC ... Bitcoin legal in Deutschland? Money Laundering 101 💰 How Criminals Use Bitcoin To Hide ... Is The USA About To Make Bitcoin Officially LEGAL ...

As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. In general, it is necessary to look at Bitcoin laws in specific countries. Japan was the first country to expressly declare bitcoin “legal tender,” passing a law in early 2017 that also brought bitcoin exchanges under anti-money laundering and know-your-customer ... Kindly send any such request to [email protected] By sending an inquiry to [email protected], you expressly consent and agree that any and all such communications become the sole property of Bitcoin.com and that Bitcoin.com shall have the right, in its sole discretion, to publish or disseminate any such communications, regardless of the ... However, in countries where Bitcoin is allowed, it doesn’t mean it is a legal tender there. Instead, it is allowed to be traded as a commodity. Conclusion. It is most apt to say that Bitcoin mining is legal in many countries except a few. And many African countries have remained silent on the matter of Bitcoin, so their stance is still not clear. Algeria. Illegal – If you live in the Northen African nation of Alergia, you aren’t allowed to buy, sell or possess any form of cryptocurrency. The declaration was made in the Algerian “Journal Officiel” on December 2017. All types of cryptocurrency, like Bitcoin is illegal, and breaking the law is punishable by both law and force.

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¿ Bitcoin es legal en Bolivia ? - YouTube

Bitcoin trade in Japan accounts for about half of the global trade volume. That number has surged since the government passed a new law earlier this year, re... New Free Bitcoin Mining Site 2019 SignUp Bonus 0.001 BTC Earn Daily 100$ Live Payment Proof Website Joining Link: https://luxmine.biz/?ref=hasnainkhanallin... Join Our NEW DeFi Class And Learn How To Make Money With #DeFi!: https://bit.ly/2K4PYhi Ready To Take Your Crypto Trading To A New Level? Join Our OMNIA Serv... Here is onelife onecoin latest news march 2020. In this video i also tell you about what is onecoin exchange update & about is bitcoin legal in india or not & some info about bitcoin latest news ... Die Frage ist, ist Bitcoin in Deutschland legal oder illegal? Darf ich mit Bitcoin bezahlen oder gar Dienstleistungen verkaufen? In diesem Video erzähle ich dir meine Meinung zu diesem Thema.

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