"Suddenly, Bitcoin to Be Officially Legal in India"
posted Jule 20, 2017
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-indiaBitcoin exchanges in India have been able to operate but they have been self-regulating using strict Know Your Customer and Anti Money Laundering measures (
https://veratad.com/solutions/identity-verification/) in place. These areas will now fall under government regulation.
Funny side note--a member of the parliament in India likened Bitcoin to a Ponzi scheme as recently as March of this year. Pretty wild.
"In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin."
How can this article be posted on "Jule 20,2017"?Today is July 15.You should change this OP.
Anyway,i hope that this "legalization" makes buying bitcoins in India cheaper than before.
I don`t care that much about Indian exchange platforms.People from India are free to choose any exchange
platform outside India.The indian government can`t do anything to stop btc trading.
i believe he meant to say Ju
ne. and that makes this news kind of old.
i have to say bitcoin price is mostly because of the high demand in India, it has little to do with its regulations. the high price ($2800-$3000 last time i checked) was on their bitcoin exchanges like zebpay not on some place like localbitcoins!
and as far as platforms outside if India goes, it is nearly impossible for them to deposit money on any of those exchanges, which is another reason for the very high price on their exchanges.