Bitcoin Surges Back to $2800 As India "Legalizes" Cryptocurrency
After crashing 30% last week, Bitcoin is now up over 33% in the last few days helped by a surge in demand from India exchanges after the India government ruled Bitcoin as legal in India...
Yet another big rebound... this time as India - the world's second most-populous nation rules in favor of regulating Bitcoin...
As CoinTelegraph reports, over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.
The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.
On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.
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.
The legalization of Bitcoin in India
In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.
Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.
Kalra said:
“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”
On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.
Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.
Source : ZeroHedge
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"if you can't beat them join them"
Glad to see that governments are now opening up to cryptocurrencies. It is just a matter of time before we can actually use bitcoin or any other cryptos in replacing fiat currencies.
I hope that it will come soon😀
Sooner or later all Govts. has to accept cryptocurrency and bitcoin is the first step. Crypto is a fact no longer can be denied.
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And once we 'cross the chasm', it will be a great wave of adoption until reaching maturity. So much more people connected to each other with the ability to transact over the Internet. Imagine the possibilities.
I think we all agree on that, and I truely wish that from the bottom of my heart. For now, bitcoin isn't much of a threat with only 40% of a $100 billion market. It's not even a drop of rain in the huge multi-trillion dollar markets. The big hitters on Wallstreet and Washington D.C. don't feel threatened for now and "experts" chuckle when they talk about bitcoin (CNBC). But as bitcoin and altcoins gain more and more momentum, that's when we'll see some heavy resistance.
Yeah. There are several countries involved in crypto in a very large way now. Singapore, Dubai, Zimbabwe, and many others as well. This is going to go far! 10% global GDP by 2025
India is a big country in terms of cryptocurrency investors and fans.
I think this is a wise decision to legalize bitcoin because it could be of the key factors to fight poverty in india.
If china and USA does the same thing as India(Legalizing Bitcoin) I can see Bitcoin traded at $10k very very soon.
Good luck crypto community.
It is already usable in Japan and South Korea
...now India ..and soon world wide
***** unstoppable
amen!
Bitcoin is not legal in India still now its being monitor by Indian government before deciding, If regulator Is needed for bitcoin.
I am from India and there no such official news from govt.
https://news.bitcoin.com/indian-government-to-monitor-bitcoin-before-deciding-if-regulator-is-needed/?utm_source=dlvr.it&utm_medium=twitter
agreed
It is funny to see people talk about how Bitcoin is "dead" when it is nearly $3k a piece. Changes in even 5% make weak hands freak out. Hold on and enjoy the ride!
For me, the spikes in Bitcoin price (up and down) are an indicator that we are still seeing a very small and early market. Volatility should go down once the price is much, much higher.
I agree. The ecosystem has only existed for less than 10 years. It is fun to imagine where we will be in another 10 years.
thanks for sharing great news...upvoted
I put that on a while ago and made .29 cents! https://steemit.com/bitcoin/@tomm/suddenly-bitcoin-to-be-officially-legal-in-india
I'm sorry to hear that but, I hope you can see the difference between two posts
great news
thanks for your effort to provide us good content
Why do they need to "legalize" bitcoin to begin with? It was never illegal, was it? The issue is regulation, and regulation means government control. I have mixed feelings about this.
And bitcoin didn't really surge, it's a normal bounce after the big dip happened 1 week ago, and that bounce is not that strong, if you look at indicators other than the candlesticks.
I think the term legalized here means it's being accepted as a legitimate currency rather than a method of money laundering like bankers and politicians like to paint it in order to further their agenda of keeping the world's money under their control. Bitcoin hasn't been illegals yet, but I wouldn't be surprised if there comes a time when the powers that be try like hell to make it so. This is a huge step towards legitimizing cryptocurrencies on a massive scale and I applaud any nation that takes this approach, even if it does come with the unfortunate side effect of opening it up to taxation, which I believe will be circumnavigated with technology that helps the users of cryptocurrencies avoid detection when using it. We're already seeing the beginning of the end of central banking. This is just another phase in its ultimate demise. 😁
I second that @drakos
it can be seen as laundering if it is a product or service called Bitcoin or Lifecoin and therefore it is no longer money laundering because Bitcoin is not Dollar. Bitcoin is money but it is like not real according to the government or maybe kind of like before more so. And if Bitcoin can be mocked, then it should not also be rewarded a laundering trophy at the same time.
Because the fact that Bitcoin can be a way to launder Dollars would maybe prove that it is a threat to the dollar like a competitor........ but it seems they are too jealous of the Bitcoin.
Finally India has recognised the power of bitcoins.
yes & more will be revealed.
In the longer run, completely opening up to cryptocurrency could lead a country to become an economic powerhouse, attracting the best and brightest minds from all over the world.
I guess they figure it better to keep your enemies closer? Well the more this happens, the more they get some fresh tax revenue!
Glad to see crypto taking over the world, one region at a time