Bitcoin is neither Legal nor Illegal right Now!
Dr. S.P. Sharma, chief economist at the PHD Chamber of Commerce and Industry, recently stated within the Economic times, that Bitcoin will most likely only be officially legalized whenever certain regulations and some monitoring are put in place:
Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see bitcoin becoming a legal currency in India.
Knowing that India´s Ministry of Finance actually established a "virtual currency committee" earlier this year, to work on a proposal of a framework for Bitcoin and other CryptoCurrencies, it seems very likely that we may see Bitcoin being legalized in India in the near future. Especially as it´s a well known fact as well that India is a rapidly growing economy regularly adopting innovative technologies.
The likelihood of a Ban actually seems to be relatively low so that we all might already speculate on a huge additional number of Users to jump on Bitcoin, pushing the prices towards new all-time highs eventually.
Until then Bitcoin and all other CryptoCurrencies will stay neither being illegal nor legal but accepted and therefore usable for the public.
(Source - Cryptocoinsnews.com)
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It doesn't matter if India tries or wants to regulate or even ban Bitcoin or other alt coins, the crypto space will continue to increase in its popularity as long as the internet kill switch is not turned on.
Good to see someone talking about somethings that should be addressed. keep it up
There'll be challenge to its neighboring country Nepal, if India implements crypto currency legally in India. The currency is illegal in Nepal and trading is prohibited. This comes as a good good news to us. Thank you for the update!
This post has received a 1.08 % upvote from @booster thanks to: @steempaper.
Great idea with the steempaper will follow for more , awesome article, India is in dire need of blockchain will it be BTC... time will tell but I'm certain they will use blockchain one way or another and that should be good over all.