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.The current president of India want to go cashless economy so they are encouraging all their countries in India.And If you want to buy bitcoins in Indian currency you can buy them st localbitcoins.com because one of my friend from India trading bitcoins through localbitcoins exchange and Indian traders giving us best offers for us than other parts of world.
Your facts about legality of bitcoin in India are wrong buddy,bitcoin is still not been legalized in the country though it has not been illegal yet so people are using it.and to add zebpay is most trusted app to buy and sell bitcoin in India,it demands all of the your documents too
First of all I would like to tell you all that just today our honourable Finance Minister has come with a statement discussing legality of bitcoin and clearly expressing that India does not recognizes bitcoin as legal nor does it has any intentions to do so. However certain recommendations and provisions related to bitcoin are in making.
This statement clearly explains that Bitcoin is not perfectly going to be legal across the country however also clearly depicts that government are not expressly using the word "Illegal". Indian Govt. recognizes the importance of bitcoin. India has been receiving the most of outsourced services from United States and other countries. Most of these exported services are reimbursed in Bitcoins. So if India bans bitcoin the services sector could shake a lot.
Moreover the world's top countries have still not made any preposition regarding bitcoin and I think this is what is constraining India from making any statement regarding it. While countries like Japan and New Zealand are favoring it a lot. Countries like USA and China have no specific intentions of banning it. India doesn't really wants to get added to the list containing countries like Morocco and Zimbabwe. So most probably yes it will be recognized.
That is quite a valid point but India is a country which these days is fighting with its full strength against problems like money laundering and tax evasion. In between this we see a cryptocurrency which gives you anonymity of identity. How can one even expect India to allow its people to trade bitcoins? If this happens the amount of black money into it will take a whole new level. Even banning purchase of bitcoin in cash would not be enough as one can easily purchase it in cash from other people or indirectly using foreign currencies. Its whole lot of confusion and I think that is why India is silent on the question of cryptocurrencies.