It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.
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On Bitcoin, India's Government And Tech Companies Find Common Ground.
I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.
The thing is that, although the Indian government is legalizing bitcoin and all that, it does come at a cost. It basically means that your transactions will be tracked online by the Indian government, when you're dealing with bitcoins, especially if you are selling/buying bitcoin for fiat currencies, in this case, the Indian rupees.
Personally i think that p2p exchanges work much better and more efficiently than exchanges. For example, the Chinese currently are basically using only p2p exchanges as the exchanges are defunct in their country. The people that are finding "common ground" with the government aren't Indian people but rather representatives of the exchanges in India.
This is good news overall, maybe i'm just being too worried, but legalizing bitcoin is more like regulating it because it has grown out of hand for the Indian government to just let it sit there. It has really never supported the technology, otherwise it would have been legalized a long time ago, and i wouldn't be surprised at all if it turned out that the indian government will do something similar to China's fund checks...