The legal currency did not rule in India, the use of bitcoin is a legitimate
Who can issue legal currency and bank notes is a certain criteria, but in India the two terms are not clearly defined.
No matter whether the legitimate bitcoin in a specific region, all countries in the world will be a lot of attention. A new study shows that although the DESAY Nishith Association in India encryption currency regulation there are still some problems, but bitcoin is legal in India.
Bitcoin is legal in India
As in most countries in the world, in India there is no law prohibiting the use of encryption currency. This can only be considered a positive growth for the number of future use of bitcoin, but also consider how to solve the credit card consumers skip and direct application of mobile payment point to point solutions.
However, this does not imply that bitcoin is a legitimate, because there is no legal objection does not mean that it is acceptable. Governments around the world are trying not to ban bitcoin in their country’s development, because it will kill the banned financial technology innovation. No country is willing to in the future of financial services and technology in the race to be kicked out, and on the crypto currency plays an essential role in this process.
Although most countries have a law which departments can create money, but a little different in India. Who can issue legal currency and bank notes is a certain criteria, but in India the two terms are not clearly defined. In addition, India’s “money” is not clearly defined, which makes the encryption currency (such as bitcoin) there can be room for manoeuvre.
So, how to get away from the country after bitcoin is a way? There is no clear answer to this question, because it is a commodity, currency, a payment system, or a pre payment tool. Or rather, it may not be in any one of these, because these terms are not clearly defined.
The trouble is a bitcoin still exists a lot of problems in the supervision. Even if the KYC (of KYC Policy) and AML (anti money laundering) Regulations apply to bitcoin companies, but also a crypto currency are often associated with anonymous. Will the tax issues for encryption currency India is an out of the ordinary discussion, because it requires the central and state governments to decide whether to make a tax to the future of bitcoin.
The research paper made an interesting conclusion:
“In the final analysis, the government of India should accept bitcoin as an opportunity to use this opportunity to promote the country’s economic and social development. The Internet represents an opportunity to bitcoin also represents an opportunity, as the well-known commentators have stressed, bitcoin can help the economic power to the center of the development of the financial industry, get bigger, and finally break the social and economic barriers.”
How to make bitcoin encryption and money growth is more conducive to the government, this is not the first time in this issue, from the beginning of their concept is not completely opposite. Bitcoin is a part of financial technology, with the development of bitcoin join any economy will be exciting. Any decision should not overnight draw the conclusion that an open dialogue with industry experts, will be beneficial to all parties.