Is Bitcoin Legal?

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Proper taxation of cryptocurrency gains and losses.
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Tax information for Bitcoin and other crypto-currencies

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Is Bitcoin Legal in the USA? (2020 Update)

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Is Bitcoin Legal in the USA? (2020 Update)

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Is Bitcoin Legal in the USA? (2020 Update)

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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].
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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 ?
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Author: x23_shivam
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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]

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

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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]

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]

Is bitcoin Legal?

Is bitcoin legal or not vary from country to country, However bitcoin is yet not accepted as legal tender in any country
Legal tender is defined as a currency like dollor, euro etc which are widely accepted and properly regulated by the world banks and Governments around the world
Bitcoin cryptocurrency is not accepted as a legal tender anywhere in the world yet in many countries bitcoin is legal to be used as a payment option if both parties agree to make their transaction in Bitcoin
Countries where bitcoin is legal are
· The United States
· Canada
· Australia
· The European Union
· Japan
· South Korea
Countries that say no to bitcoin are
· China
· India
· Russia
· Vietnam
· Columbia
· Ecuador
submitted by jakkkmotivator to thecryptobasic [link] [comments]

Nigeria bitcoin regulation - Is Bitcoin legal in Nigeria?

Bitcion is legal tender in many countries, btc exchange rate in african currency nigeria bitcoins regulation is bitcoin legal in nigeria buybitcoinworldwide
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Dubai Bitcoin Regulation - is bitcoin legal in uae?

Safest place to sell 1 btc to aed with largest wallets learn do you have to be 18 to buy coins? where is bitstamp located uae legal regulations dubai
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Canada bitcoin regulation - is bitcoin legal in canada

Latest news about taxes trade exchange of digital assets and legal tender cryptocurrency canada bitcoin regulation learn more is bitcoin legal in Vancouver
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Is bitcoin BANNED in Pakistan -Is Bitcoin Legal in Pakistan 2018 Is Bitcoin Legal? Is Bitcoin Safe? Is Bitcoin gambling legal? Is Bitcoin Illegal to Own? Is Bitcoin legal in India now?

Bitcoin legal – oder ist der Bitcoin bald nicht mehr legal? Die Frage „Ist der Bitcoin legal?“ wird wohl auch in Zukunft gestellt werden. Das hängt in erster Linie damit zusammen, dass in vielen Online-Foren zuletzt Panik gemacht wurde. Die Behauptung der oft bezahlten Nutzer: Der Bitcoin stünde kurz vor einem Verbot, weswegen alle Investoren ihre Coins möglichst schnell verkaufen ... Bitcoin Mining ist das neue Goldschürfen: Als Miner, also Schürfer, verdienen Sie virtuelles Geld dafür, dass Sie Ihre Rechnerleistung zur Verfügung stellen. Allerdings ist hierfür so einiges ... 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. Bitcoin ist eine sogenannte Kryptowährung, also ein digitales Zahlungsmittel. Aber wie kauft man eigentlich Bitcoins? FOCUS Online erklärt, wie's geht. Um Bitcoin Mining zu betreiben, müssen Sie einem Miningpool beitreten, was zusätzliche Kosten verursacht. Für das Mining benötigen Sie entsprechende Hardware. Auch hier kommen Kosten auf Sie zu. Je nachdem, wie leistungsfähig Ihr Bitcoin Miner sein soll, zahlen Sie bis zu 2.000 Euro. Es ist nicht bekannt, ob sich Mining auch in Zukunft noch lohnen wird. Wenn Sie nicht genau wissen, was ...

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Is bitcoin BANNED in Pakistan -Is Bitcoin Legal in Pakistan 2018

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