"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."
I think legalizing bitcoin in India is a good news and I think it will affect the price of bitcoin. India has been regulating its individuals in using bitcoin and now that it is legal, they now might use bitcoin as much as they want. But I think some businesses might try to amend it and try to regulate it so that it wouldn't interfere their profits but nevertheless, legalizing bitcoin in India is good for all of us.