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Title: Bitcoin under attack in India Post by: BitCoinDream on December 27, 2013, 09:02:36 AM http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
Quote We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested Title: Re: Bitcoin under attack in India Post by: ineedit on December 27, 2013, 10:14:27 AM http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187 Quote We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested Your post is misleading, it is not Bitcoin but Gupta that is breaking the laws of India. Title: Re: Bitcoin under attack in India Post by: Puxery on December 27, 2013, 10:22:56 AM is this mean bitcoin are illegal in india?
Title: Re: Bitcoin under attack in India Post by: ineedit on December 27, 2013, 11:15:38 AM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.Title: Re: Bitcoin under attack in India Post by: EvilPanda on December 27, 2013, 11:30:17 AM Currently nobody's been arrested, nothing happened and nobody attacks BTC. Why should we care?
Title: Re: Bitcoin under attack in India Post by: newIndia on December 27, 2013, 05:09:01 PM I would like to know how and where is Mahin Gupta at this moment ? Is he detained or questioned only at home ? Any news ?
Title: Re: Bitcoin under attack in India Post by: LiteCoinGuy on December 27, 2013, 05:25:44 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.thats the point. when you open a business and dont care about laws and regulation you get punished. Title: Re: Bitcoin under attack in India Post by: newIndia on December 27, 2013, 05:33:31 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? Title: Re: Bitcoin under attack in India Post by: Peter R on December 27, 2013, 05:37:30 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? I guess they just need to keep their bitcoins in India :D But seriously, laws like this are comical as we move into the information age. One pays duty importing $500 of electronics into Canada, but one can import $1,000,000 of source code over email a lot easier. Title: Re: Bitcoin under attack in India Post by: Mjbmonetarymetals on December 27, 2013, 06:20:27 PM Didn't he also use a false business address.
Title: Re: Bitcoin under attack in India Post by: ineedit on December 27, 2013, 06:24:20 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements. Title: Re: Bitcoin under attack in India Post by: dc0ded on December 27, 2013, 06:35:08 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.thats the point. when you open a business and dont care about laws and regulation you get punished. You are right. Governments don't like people to keep secrets. If Gupta had done some more research to follow foreign exchange regulations in India, his business would have still been running. Title: Re: Bitcoin under attack in India Post by: newIndia on December 27, 2013, 07:49:29 PM is this mean bitcoin are illegal in india? Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements. How on earth one will know the tax of Bitcoin unless he converts it to FIAT ? |