Friday, 19 May 2017

Bitcoin: Is it legal in India?

Given the different controversies that have taken place on the web and in inter-state organizations to regulate the flow of this cryptocurrency in terms of its use in non-legal organizations, different myths have also emerged telling us that the purchase of Bitcoins in India And the Sale of Bitcoins in India is illegal, the truth is: There is nothing more out of reality.

Completely legal and without mishaps

In India, its laws imply that banks are in charge of regulating transactions from mobile accounts or mobile wallets. However this small regulation has many openings, allowing to receive Bitcoins not regulated by:

1-Sale of services: Programming, graphic design, writing of content on Internet, etc.

2- Sponsorship and Donations: Any kind of donations or sponsorship by someone towards a brand does not count as a transaction under India's payment regulations, allowing this to go unnoticed

3-Mining Bitcoins is not regulated even though it is expensive. If you have the right equipment it turns out to be extremely productive. Electricity in India is extremely cheap.

Provided that we maintain the intervention of the banks as external to the moment of buying Bitcoins in India, we can make any transaction. Since it is considered a common domestic transaction, this cryptocurrency allows us to stay out of sight of any bank, or tax that may want to regulate our negotiations, all without leaving the legal framework in the country.

Even though IPs can be traced in search of foreign transactions, if you are uncomfortable registering your trade transactions abroad, you can simply use any program designed to pass anonymous on the net. Remember that there are several of these programs, and that you as the owner of your business is fully qualified to conduct your transactions without being monitored.

For more information we recommend you to read the Draft Guidelines for issuance and operation of Prepaid Payment Instruments in India and Foreign Exchange Management (Current Account Transactions) Rules, 2000. With this you will be able to understand more easily how the Sale of Bitcoins in India works and avoid falling into A legal problem.

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