Nov 10, By. Then bitcoin ransomware india attack micropayments bitcoin got attached with it in news. So Indian govt is naturally skeptical about the india because anything new and that too which cannot be understood by the powers that be in the govt is frowned micropayments. We will reply to you as soon as possible. This is definitely great news. Well, I am happy bitcoin work with you on that project. The little man always loses.
Fake news bitcoin isn't official legal in india https: Introducing crypto to the masses. Minimum Transaction Size Most people have probably encountered the following situation. I'd still give it time to settle and spread, a lot of low income individuals will soon see the crypto community as a way to survive, or even thrive. Moreover, users will still get paid in Bitcoin as most users prefer in the end. We are considering your request and will contact you in due course. India is out there to change they way transactions are done in India.
Its available almost india all countries. As Alice gets more gas from Bob over the month she continually re-signs the tab transaction, and passes bitcoin to Bob. Micropayments rates may not be really micropayments but i don't have to wait for a day to get BTC. Tax officials may also use this opportunity to take a india look bitcoin the overall wealth accumulated by certain individuals, alongside the gains made in virtual currencies. Rupee trading on Localbitcoins has also showed steady growth over the past year. It's a matter of time for it to be accepted world wide.
The usage of digital payments using mobile phones will increase with UPI. This is yet another problem for the future of Bitcoin and its blockchain, as Bitcoin cannot process payments using mobile phones, as Bitcoin users are not identified. In contrast, GreenCoinX identifies all its users and already has the capability to make payments from one GreenCoinX wallet to another, using either a mobile phone number or an email address.
If the future for cryptocurrency is identification, GreenCoinX has this capability. Could the central banks use this technological knowledge without people realizing it?
According to Wettreich, users of mobile phones do not focus on the technology of mobile phone payments as long as it works. So the central banks could use the NPCI technology without people realizing it, and they will pressure the commercial banks to use the new UPI.
However, the other factor to consider is security. If the mobile phone is lost by the user it is relatively easy for a stranger to hack into the user's bank account via his mobile phone.
That cannot happen with GreenCoinX which has much more complex security protocols. An appropriate regulatory structure around Bitcoin will help increase adoption between merchants and shoppers in India. Air Asian nation to accept bitcoin as payment for flight tickets https: The committee is expected to submit its report in the July end. Then it will go to cabinet for approval. They also involved SEBI to give insight to the committee.
Finally it has to have the consent t of the t parliament. So this publicity is from the crypto hoarders. Indiana democracy and passing the law in the parliament is a time consuming process. Jump over now and let us keep our finger crossed. It all about influence within the process Bitcoin it has achieved in these past year.
No one should ever say no to Bitcoin. Hope to see some Progress and hope it will be legal soon. Thanks for sharing the news. The good news is in india also these automonus exchanges have formed a blockchain association with the name of The Blockchain and Virtual Currency Association of India.
I think this will really help indian people to popularizing bitcoin and also give a eyesight to government on the growing acceptance. Bitcoin and other CRypto currency are getting momentum in india Please re-check the information I live in India and no official statement is issued legalising bitcoins And i see a wrong post on trending Please look into it.
This is great news!! India has a deep pool of developers and could really benefit from decentralized currencies. Maybe we should start calling random Indian phone numbers claiming to be Microsoft support and asking for their Bitcoin wallet address to remove their computer viruses. That is really good news for me! I'm partly Indian and am planning on visiting India again next year.
I'm so excited now! Thanks for the news. Wasn't India the country that restricted cash withdrawals too? Could there be a connection between the cash restriction and the bitcoin legalization.
Bitcoin is going to the moon after this. Congrats on India that had to be the smartest play for there economy, people, and entrepreneurs out there. It's computer engineer galore out there they are going to do something big I feel. This right here is a game changer with just there population it's only a matter of time.
A HUGE stepping stone for decentralization! India broke a milestone Thanks once more sir for the info. This is great news, for cryptocurrency, but more importantly for the Indian peoples, everyone should have a right to legally participate in crypto markets. Thank you for sharing! I have been following the buzz around countries and institutions. India adopting bitcoin is one major milestone given that 1 out of evry 7 humans live in india! Now all it needs is public education on use of bitcoin.
I believe this is a big step towards opening the crypto market and economy to the people of India, especially the micro-payment features of some altcoins.
I'm guessing their ruling on making Bitcoin legal applies to every blockchain coin, so I'm sure some more efficient micropayment coins out there will be growing more rapid that Bitcoin will be from this news. I'd still give it time to settle and spread, a lot of low income individuals will soon see the crypto community as a way to survive, or even thrive.
I thought India was trying to control their currency by getting rid of paper money. Why would they legalize the use of an "decentralized" currency instead. Do you guys know there an Antshares conference right now in China? Find a way to buy some, thank me later This is great news for Indians. The elimination of most of their paper currency has been a disaster. Any options they can get for holding and transferring value can only help them. They've been relying a lot on gold still due to it's cultural value and double-use as jewelry for weddings.
It's always a relief to see governments take even the most remotely reasonable stance from time to time. This is definitely great news. Kind of ironic to see the government approving bitcoin after they had just recently demonetized the and rupee notes. Its good nevertheless, will wait to see the impact this has on the market. And the countries which comes first will have great benefits for those We would love to have you join the EsteemNet community!!
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It is not yet legal though govt has given in that they cannot ban the usage of bitcoin and have cautioned the people against using it. India is a risk averse country. Further India is under strife since decades due to its boundary issues with its neighbor country.
It has lot of red tapism here that you might require over 15 permissions from different govt agencies to start a business. It could take months just running around to get permits sanctioned to open a business here. So Indian govt is naturally skeptical about the bitcoin because anything new and that too which cannot be understood by the powers that be in the govt is frowned upon. Then came ransomware virus attack and bitcoin got attached with it in news. So bitcoin gained notoriety with a section of people and also gained in popularity as Indians are safety conscious people too and safety of their data in their laptop from ransomware led to bitcoin.
People started asking about bitcoin and that's how a surge started. Recently govt has come out that it will be formulating the guidelines about crypto currency after consultation with their think tank and eminent citizen groups. So there is no statement by Govt that it is legalized but only that govt will look into it and see if some guidelines or direction can be provided in digital currency arena.
India does not have a policy on affiliate marketing also known as MLM. Where as in USA there are hundreds of MLM companies operating freely, but in India those company officials get arrested for transacting biz. Inspite of multiple petitions since many years no regulations have been formulated yet and MLM workers still get persecuted. I am afraid bitcoin and crypto currency is no different.
So I am afraid we may have to wait a wee bit longer to hear any thing concrete or a firm regulation by the govt. I love crypto currency, and hope govt and RBI get this thing legalised, but having lived in India my whole life, it might be asking too much too soon. Great news for Indians As I live in India, this has surely brought relief to Steem Hearts and me as well The cryptocurrency being legal in India is a major leap towards the Technology and I congratulate India for taking this Step.
There is a meeting on Monday in India in which the indian officials are submitting a report on Bitcoins in india most probably it wont be recognised but on the other hand an official clearly stated that it wont be banned.
This is great to see. I'm sure there will be a lot of wealth created through cryptocurrency investments. I hope to see positive change in this lovely country. Is it legal in India? I think not yet. The news say that the government has just opened a debate asking people and institutions for their opinion. But they have not passed any law to legalise it yet.
Im from india, and using zebpay and ethexindia. Finally now we indians dont have to worry about bitcoins being termed as illegal and money laundering. Bitcoin officialy Legal in India! If you remember before the crazy rally India was the first country to have USD which was a premium back then. Massive Spike on LocalBitcoins We can see loads of trades already came in at face to face. Volumes Sadly Indian exchanges are low volume so hard to find their listnings.
Authors get paid when people like you upvote their post. Zebpay and Unocoin i know of just they dont show volume, thanx for info about pocketbits! Just joined the group. Looking forward to learning from you guys. More specifically, their new product is known as Strike. Under the hood, it is an API and dashboard to accept Lightning payments. The choice for an API is rather interesting, but it also makes sense.
For companies looking to keep integration costs low, Strike may be the perfect solution. Most people will use Lightning to accept small payments instantly and with very low fees after all.
There are some things to keep in mind when experimenting with Strike. These transactions will be aggregated and sent as on-chain Bitcoin transactions.
It still allows for instant and cheap payment solutions. Moreover, users will still get paid in Bitcoin as most users prefer in the end.
28 Dec Soaring bitcoin prices have now caught the attention of India's taxman. The income tax department has been surveying cryptocurrency exchanges across the country to zero in on those who profited from the recent boom but skipped paying taxes on the money they made. Tax officials may also use this. Unocoin is India's most popular bitcoin wallet. We make it super easy to securely buy, use and accept bitcoin, following KYC-AML guidelines. I was under the impression that monetary policy in India set by the Reserve Bank of India restricts the use of online wallets so it makes it very difficult or impossible for a micropayment system to work. Rs is just under $2, so using credit.