Bitcoin Forum

I'm anxious to know implications of RBI's warning on virtual currency specially on traders.

More publicity is all.

Ah! Government is trying to scare away people interested in VC. Instead, they're creating larger interest. Seems like government doesn't understand human psychology. When you tell people not to do- indirectly you're peeking their interest. Those people, who were skeptic of VC will now read more about it, and will be indulged in quicksand philosophy of VC instantly.

God save my Indian on Christmas!

Well certainly a cautionary note put by RBI, is a point to think. If there is any wrong doing that take place from Bitcon or a theft of Bitcoins will certainly put the RBI on top and only thing they would be doing will be banning it rather then having some framework or laws to be made which will take a long time in process.

Let us hope for the best.

Effect  has now started taking place as RBI declared it a cautionary thing, as they mentioned that no site is authorized by them.

As a precautionary measure the first site in India for bitcoins (https://buysellbitco.in/) will be down till further notice from RBI.

Well probably will India follow the China route of banning it?

What is the best option now to trade btc in India, since buysellbitco.in has temporarily suspended its operations?

Inrbtc.com
Localbitcoins.com

Both tried and tested.

Oppps suddenly the strom has come.

INRBTC suspended its services as well till further notice form RBI.



Start selling the bitcoins, unless and untill somehow RBI gives the hope to make it legal, which seems to be very difficult currently.

Dont worry about RBI's warning, One country can do nothing in Bitcoin World. Remember that its a Global Currency and be happy RBI Warning will help Bitcoin to advertise in India.

Jai Ho

Am not overly worried about this. India has to absorb a share of Bitcoins and governments will not lose out on this.

Well if one dint worry about the RBI, news and media would not have covered itself and neither the sites would have suspended their services.

A country can do one thing is that banning it and probably you are from the same country which bans it. So for you bitcoin has no value though its value globally would be 1000$.

You obviously are not sure of what you are talking about. No one will be able to ban this. Which is why no one has done so far.
The path for Bitcoin is being chosen here. Will it be a cash only commodity or will it be accepted through regulated banking channels.

Make no mistake that no matter which path is chosen, Bitcoin cannot really be stopped.

It doesnt matter from where i am, Matters that how we are going to make it huge, India's RBI just warns about Bitcoin but not yet says Illigal coz Single country have nothing power about doing anything for bitcoin, May be you are familier with China Ban case, Now china have deposit options from Recharge cards and even Hongkong and Singapore is gaining profit for that movment, So if Indian Government wants get profit from bitcoin then they will think about it if not we bitcoiners will move to anywhere.

How you suggest Indian to gain profit from Bitcoin revolution? India is international hub if IT development. Yet, they're ignorant about this disruptive technology. Month back, Infosys started inquiry into Bitcoin. Lets see what they comes up with as conclusion. Looking forward to development on crypto-currencies.

Will RBI come up with something within a month after reading that few sites have suspended their services from various newspaper or like Lokpal bill this will be pushed too...

Let's explain Bitcoin to Mr. Arvind Kejriwal. He might help us out.  :P

If you can get across to him, I do believe that might really understand. I was reading that he is working on a lot of decentralization projects and this might fit into some of his plans.

We must understand that RBI's Warning is for Risk of volatility, But BTC is not Illigal for trade, RBI is concerned for Money Laundring what is the prime business of India. Bitcoiners are free of bound there are no borders in bitcoiners that Indian Governmet Must know. May be you dont noticed about Nepal's Recent condition Being a small country Nepal Grows up from 112th Ranking to 67th Ranking in Bitcoin Business since RBI's Warning did you noticed why? Open Borders and Nepal recently started to accept 500 and 1000 INR's which was blocked since 13 Years in Nepal, Now Indian Government must Think what they want, They want Bitcoin Business pays Tax in India or in Nepal , Bangladesh or Pakistan because Bitcoiners are global runners.

Now, he's honorable Chief Minter and has electricity and water to be worried about. I'm not sure..But, I'll try to explain the storm in making whenever, I plan Delhi next time. Bhagwan ki mummy ki kasam! ;D

Let me see if i can get hold of him. will see if i can meet them this week or  early next month.

I dont know if it matters or is relevant, I did speak to KC Misra a few days back regarding this.

And since that last conversation he hasnt responded :/

Best wishes! Make sure, you stay perfectly neutral during explanation rather then pushing him into.. Bitcoin is revolution, Bitcoin is going to change the future, Bitcoin is future of payment etc etc
Initial thoughts acts as seed of thoughts for further analysis. I'd suggest be to very careful while injecting him into Bitcoin philosophy. Please!

Sure i  will keep that mind, and  will explain the idea  behind Crypto-currency.

Thanks for being understanding! I'm glad you perfectly understand what I meant to say, its seldom to see this happening in communication. Thank again!  :)

Please keep us updated about it.