Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Indian Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency
New on LowEndTalk? Please Register and read our Community Rules.

Indian Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency

hostnamastehostnamaste Member, Provider

Indian Supreme Court ends RBI's bank dealing thing. There was no Ban on Cryptocurrency jus bank dealing was blocked by RBI

Source: Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency

Is it possible that now providers can accept Cryptocurrency in India or still it is banned and will take time?

HostNamaste.com - A Reliable Indian Hosting Company You Can Trust.

OpenVZ VPS, KVM VPS and Budget Dedicated Servers in Los Angeles, Dallas, Jacksonville, France, India, Russia & Canada.

Comments

  • ViridWebViridWeb Member, Provider
    edited March 2020

    @hostnamaste said:
    Indian Supreme Court ends RBI's bank dealing thing. There was no Ban on Cryptocurrency jus bank dealing was blocked by RBI

    Source: Supreme Court ends RBI’s 2018 ban on banks dealing in cryptocurrency

    Is it possible that now providers can accept Cryptocurrency in India or still it is banned and will take time?

    Right now directly converting Bitcoin to INR still not reactivated so you can use P2P services for now.

    But most of the Bitcoin wallet providers will resume withdrawal service within next 1/2 months.

    Thanked by 1hostnamaste

    ViridWeb.com - Reseller Web Hosting | Litespeed + SSH Access + Free Blesta + IPv6 Compatible.
    CIN: U72900WB2018OPC226882 | GST: 19AAGCV4976R1Z4

  • BlaZeBlaZe Member, Provider
    edited March 2020

    @hostnamaste said:
    Is it possible that now providers can accept Cryptocurrency in India or still it is banned and will take time?

    You can but I'd wait for this financial year to end so that there is no headache during filling IT returns.

    EDIT:
    Only the ban is lifted, regulations are not in place. So if you accept cryptocurrency as a method of accepting payments, I really don't know how your accountant would show it.

    So better to just wait till the regulations are in place.

    Thanked by 1hostnamaste

    Artnet - Poland (Gdańsk) based instant setup express dedicated servers & cloud VPS
    ExoticVM.com - Find VPS in exotic locations! - Discussion Thread

  • BlaZeBlaZe Member, Provider
    edited March 2020

    @ViridWeb said:

    Not a wise move to accept on a public forum that you were accepting cryptocurrencies even after the ban was imposed, it may backfire.

    Thanked by 1ViridWeb

    Artnet - Poland (Gdańsk) based instant setup express dedicated servers & cloud VPS
    ExoticVM.com - Find VPS in exotic locations! - Discussion Thread

  • ViridWebViridWeb Member, Provider

    @BlaZe said:
    Not a wise move to accept on a public forum that you were accepting cryptocurrencies even after the ban was imposed, it may backfire.

    You are right.. Edited..
    But can't edit on your quote.. :disappointed:

    ViridWeb.com - Reseller Web Hosting | Litespeed + SSH Access + Free Blesta + IPv6 Compatible.
    CIN: U72900WB2018OPC226882 | GST: 19AAGCV4976R1Z4

  • hostnamastehostnamaste Member, Provider
    edited March 2020

    @ViridWeb said:

    Right now directly converting Bitcoin to INR still not reactivated so you can use P2P services for now.

    But most of the Bitcoin wallet providers will resume withdrawal service within next 1/2 months.

    Thanks mate, but Is it profitable for you?

    Because I have researched and found that it is allowed (Convert BTC to INR) but needs to pay 30% under the gambling tax.

    HostNamaste.com - A Reliable Indian Hosting Company You Can Trust.

    OpenVZ VPS, KVM VPS and Budget Dedicated Servers in Los Angeles, Dallas, Jacksonville, France, India, Russia & Canada.

  • hostnamastehostnamaste Member, Provider

    @BlaZe said:

    You can but I'd wait for this financial year to end so that there is no headache during filling IT returns.

    EDIT:
    Only the ban is lifted, regulations are not in place. So if you accept cryptocurrency as a method of accepting payments, I really don't know how your accountant would show it.

    So better to just wait till the regulations are in place.

    Thanks mate, this is what I thought to hold back for a few days / months and see what the government has to say.

    HostNamaste.com - A Reliable Indian Hosting Company You Can Trust.

    OpenVZ VPS, KVM VPS and Budget Dedicated Servers in Los Angeles, Dallas, Jacksonville, France, India, Russia & Canada.

  • BlaZeBlaZe Member, Provider

    @ViridWeb said:
    You are right.. Edited..
    But can't edit on your quote.. :disappointed:

    I flagged it to get edited :D My bad I did not think otherwise.

    Thanked by 1ViridWeb

    Artnet - Poland (Gdańsk) based instant setup express dedicated servers & cloud VPS
    ExoticVM.com - Find VPS in exotic locations! - Discussion Thread

  • BlaZeBlaZe Member, Provider

    Instead of making rules, regulations & best practises, they are preparing to challenge the judgement! :neutral: I have no words to say!
    https://tech.economictimes.indiatimes.com/news/technology/rbi-to-seek-review-of-supreme-court-order-on-cryptocurrency/74503555

    Artnet - Poland (Gdańsk) based instant setup express dedicated servers & cloud VPS
    ExoticVM.com - Find VPS in exotic locations! - Discussion Thread

  • ViridWebViridWeb Member, Provider
    edited March 2020

    @hostnamaste said:

    @ViridWeb said:

    Right now directly converting Bitcoin to INR still not reactivated so you can use P2P services for now.

    But most of the Bitcoin wallet providers will resume withdrawal service within next 1/2 months.

    Thanks mate, but Is it profitable for you?

    Because I have researched and found that it is allowed (Convert BTC to INR) but needs to pay 30% under the gambling tax.

    I think that's for Mining and trading purposes.
    You can convert immediately after receiving them.

    That's why more and more companies move out these days from India to somewhere else.

    But still you have to confirm with your CA
    They can give you better advice.

    ViridWeb.com - Reseller Web Hosting | Litespeed + SSH Access + Free Blesta + IPv6 Compatible.
    CIN: U72900WB2018OPC226882 | GST: 19AAGCV4976R1Z4

  • ViridWebViridWeb Member, Provider

    @BlaZe said:

    @ViridWeb said:
    You are right.. Edited..
    But can't edit on your quote.. :disappointed:

    I flagged it to get edited :D My bad I did not think otherwise.

    No problem. Will learn from my mistake. Thanks

    @BlaZe said:
    Instead of making rules, regulations & best practises, they are preparing to challenge the judgement! :neutral: I have no words to say!
    https://tech.economictimes.indiatimes.com/news/technology/rbi-to-seek-review-of-supreme-court-order-on-cryptocurrency/74503555

    What do you expect when some 50+ years dudes decide what to do about new technologies..

    ViridWeb.com - Reseller Web Hosting | Litespeed + SSH Access + Free Blesta + IPv6 Compatible.
    CIN: U72900WB2018OPC226882 | GST: 19AAGCV4976R1Z4

  • It is not a legal tender as stated by the previous finance minister. That said, the government will try it's best to regulate it.

    I don't think it's coming back into action anytime soon. I don't know if people are still interested as they were back then.

Sign In or Register to comment.