View Feed
group-icon
Coffee Room
Discuss anything here - everything that you wish to discuss with fellow engineers.
12894 Members
Join this group to post and comment.
Kaustubh Katdare
Kaustubh Katdare • Jan 3, 2018

Bitcoins are illegal in India

India's finance minister, Mr. Jaitley has said that the cryptocurrency 'Bitcoin' is illegal in India. The exact thing what I feared back when I learned about Bitcoin has now come true.

What's your take on Government's stand on Bitcoin?
Okay, let’s give it careful attention to what the news says. Bitcoin is NOT LEGAL TENDER in India. This means you can no longer buy and sell goods and services using bitcoin.

But people who have bitcoin in India have no reason to worry as they have always relied on encashing their bitcoins into real world currency such as dollars by using any of the conversion companies which take a small cut for conversion and give them real cash.

Still in my opinion bitcoin's insane valuation in real world money is a bubble that could burst sooner or later.
Findy
Findy • Jan 11, 2018
Satya Swaroop Dash
Okay, let’s give it careful attention to what the news says. Bitcoin is NOT LEGAL TENDER in India. This means you can no longer buy and sell goods and services using bitcoin.

But people who have bitcoin in India have no reason to worry as they have always relied on encashing their bitcoins into real world currency such as dollars by using any of the conversion companies which take a small cut for conversion and give them real cash.

Still in my opinion bitcoin's insane valuation in real world money is a bubble that could burst sooner or later.
Even if it's a bubble, many people earn good money on it. In the coming years, its price will certainly grow and I think it's easy money. I am sure that there is someone on the forum who has already bought bitcoins. By the way, in India you can pay bitcoins in foreign stores? I read an article about what to buy with bitcoins is more profitable (https://bitcoinbestbuy.com/pay-online-stores/). Does it make sense to buy bitcoins?
I'm into blockchain technologies (for IoT, Identity Management, etc) in general but not into bitcoin. What I wonder from an engineering standpoint is, is the power requirements mining bitcoins actually environmentally sustainable?
Kaustubh Katdare
Kaustubh Katdare • Jan 19, 2018
I don't think Bitcoin or Blockchain is a bubble that'll burst. At this time, it's difficult to say what laws Government will set up regarding the blockchain and bitcoins. As of writing this, RBI says that Bitcoins aren't a legal tender. My reading is that if you make money off Bitcoins, the tax department is going to penalise you.

ash
What I wonder from an engineering standpoint is, is the power requirements mining bitcoins actually environmentally sustainable?
Well, our hope, I think is quantum computers which will give us unprecedented computing power so that we keep running machines while keeping the carbon footprint lower. That said I've absolutely no clue how much power will the these quantum computers eat.
I don't think so that, Bitcoin is Illegal in India. As of the Most recent update about Bitcoin by RBI Reserve Bank of India - Press Releases and AFAIK, Bitcoin is neither Legal nor Illegal.

~Rude Boy 😁
DavidMike
DavidMike • Feb 12, 2018
This something is the wrong idea by the government.
Kaustubh Katdare
Kaustubh Katdare • Feb 12, 2018
From what I read and understand, the Government of India will heavily tax your income by selling bitcoins. I see that you can get away with small value Bitcoin payments for digital goods. Anything physical like most likely to be tracked by the Government.

That said, blockchain is definitely going to be the future of transactions. At the same time, Government will try to keep hold over the transactions that happen among people and businesses. Let's see!
ANAND NAGADA
ANAND NAGADA • Feb 14, 2018
Even some banks have rolled out notification that if you go in any transaction related to Bitcoin using your bank accounts, they will block your accounts. i have recieved this message...
Hi there,
Arun Jaitley just made the value of the bitcoin even lower than it already was. But what he said was that the government has other plans with the blockchain technology. This makes it very clear that Arun Jaitley does not want the nation to come crumbling down because of bitcoin losses and is trying to help us.
From what i understood in this perspective, people who bought/sold small number of bit coins are issues letters from INcome tax department. That all. what will happen now?
Nothing will happen.

One more interesting thing is - Until now when the CBI or this IT Raids have started what ever they have caught, I dont think nothing has really paid anything to the government.
Kaustubh Katdare
Kaustubh Katdare • Apr 24, 2018
The way IT department works will never focus on small traders. They're likely to go after people who make profits into lakhs. Since the government can't control bitcoin, all they're after is the actual profits made using bitcoins.
Its not even lakhs, its atleast crores. The notice that people get also doesnt make any difference.

Share this content on your social channels -