Indian customs are not clearing Bitcoin mining hardware shipped from Bitmain, based on publicly unknown government directives. Shipments were being rejected at the border, so Bitmain has stopped shipping to India entirely. Refunds are being issued.
Bitmain retweeted this, which I interpret as confirmation that
these reports are true.
Will bitcoins be recognized by the Indian Government ?
Bitcoins are already legalized by the Indian government just few months ago and most of the Asian countries are started to legalizing bitcoins after India made bitcoin legal in their country.
Do you have any sources to back this up? My understanding is that Bitcoin and cryptocurrencies are in limbo with regard to Indian laws and regulations. Just today,
India's Finance Minister said that the government does not recognize BTC as legal tender. Apparently, regulations are forthcoming.
Last month, the Supreme Court apparently pressed the government to respond to calls to regulate BTC:
Concerned over bitcoin's anonymity and its potential illicit uses, justices issued a notice to the central bank and other agencies asking them to answer a petition on the matter, reports indicated.
The Finance Minister reiterated that the country does not have regulations governing cryptocurrencies. That is not "legalization" but rather a grey market where regulation is unclear, and where other general Indian laws and regulations (re: taxation, commerce, AML/KYC) apply.