Bitcoin will not be made legal because India has very strict money laundering rules.
Is it possible to wire money to foreign trade exchanges? The answer is NO or extremely difficult - that's why the rate is so much higher in India because you cannot arbitrate with foreign exchanges.. So why will the govt allow users to buy BTC with Indian Rupees and move it to other countries without restrictions? This is one main reason BTC cannot be made legal. How to stop people who are doing it (moving BTC out of the country) is another question.
Second reason is that Indian exchanges are amateur operations. See how many times the Indian exchanges go down or face problems with withdrawals and deposits. It's a joke. Users face so many problems with these exchanges that it is inevitable that govt steps in to do something.
Third reason is the India is still backward in technology awareness compared to other countries. A simple sms is enough to scam users even in investing in the stock market. How will you stop users from getting duped in BTC scams which will be much more complicated for the common investor to understand? These scams will undoubtedly force the govt. to do something - and it probably won't be good for BTC in India.
Fourth is in the forex market in India, only Rupee pairs are allowed. Why will the govt. allow BTC/Dollars or Dollars/Crypto when Rupee can easily be converted to BTC and so it can be indirectly traded with other currencies/cryptos.
But the problem for the govt is, how will they stop BTC trading? It's decentralized and and almost impossible to stop it. The govt. is in a big problem and the only thing it can do is wait and watch what happens.
It's stupid to ask the govt. to come and regulate BTCs or make it legal like the exchanges in India are doing because the hands of the govt. are tied by it's own rules and regulations. The easiet solution for the govt. out of this mess is to ban BTC which would actually be bad for the country.
Is it possible to wire money to foreign trade exchanges? The answer is NO or extremely difficult - that's why the rate is so much higher in India because you cannot arbitrate with foreign exchanges.. So why will the govt allow users to buy BTC with Indian Rupees and move it to other countries without restrictions? This is one main reason BTC cannot be made legal. How to stop people who are doing it (moving BTC out of the country) is another question.
Second reason is that Indian exchanges are amateur operations. See how many times the Indian exchanges go down or face problems with withdrawals and deposits. It's a joke. Users face so many problems with these exchanges that it is inevitable that govt steps in to do something.
Third reason is the India is still backward in technology awareness compared to other countries. A simple sms is enough to scam users even in investing in the stock market. How will you stop users from getting duped in BTC scams which will be much more complicated for the common investor to understand? These scams will undoubtedly force the govt. to do something - and it probably won't be good for BTC in India.
Fourth is in the forex market in India, only Rupee pairs are allowed. Why will the govt. allow BTC/Dollars or Dollars/Crypto when Rupee can easily be converted to BTC and so it can be indirectly traded with other currencies/cryptos.
But the problem for the govt is, how will they stop BTC trading? It's decentralized and and almost impossible to stop it. The govt. is in a big problem and the only thing it can do is wait and watch what happens.
It's stupid to ask the govt. to come and regulate BTCs or make it legal like the exchanges in India are doing because the hands of the govt. are tied by it's own rules and regulations. The easiet solution for the govt. out of this mess is to ban BTC which would actually be bad for the country.
well said. these guyz dont understand these simple facts about indian govt and people of india .
Plus to all the people debating for anonymity of bitcoin, bitcoin was created for anonymity only , the biggest fact till now : we still dont know who is satoshi nakamoto , because the team wants to remain anonymous
, if satoshi nakamoto was identified then ,today there would be no bitcoins in the world .BTC , TOR , JULIAN ASSANGE are all big players in anonymity . So you never know whats going on .