Bitcoin Forum

Dear Friends,

We are looking for community members for a closed Group beta testing for a New Exchange we are launching. Its only 1-2 week exercise.

Every individual will be paid bounty in terms of BTC (0.01 - 0.1 Each) / LTC (0.2 - 1 Each) / Doge (1000-10000 Each)

Limited seats available. Please PM for registering. Action Starts 02nd July 2014.

Regards,
Amit Kumar
NexGen

Is it a P2P exchange like localbitcoins or real time like btc-e ?

As always, willing to provide support, but need more info on the same. (Is it purely technical?) 

Its like BTC-e, but we have kept realtime on hold for first phase due to security concerns. Will roll it out slowely and steadily in next phases.

No its purely user experience. No technical know how needed. you have to test it from a general user perspective. If interested do PM.

So, is it going to be an INR only exchange ? Or foreign deposit will be allowed like BTC-e ?

It is multi crypto currency along with INR and USD deposits

Regards,
Amit

Do u have MSB license for USD deposit ?

Yes we are processing one and should be ready by next week

Just hope it's not a joke!

No its not. Please rest assured.

Thanks for showing concerns!

You do not need MSB to accept USD in India, rather you will need IEC and EEFC to accept USD. There is nothing like MSB in India. If you are talking about foreign exchange conversion than you need AD category 1 or FFMC licensed under some AD category 1.

Regards

Right there is nothing like MSB in India. It's equivalent is MTSS. :)

But Amit Bhardwaj has already said above that their MSB is under process !!!

Some times bullshit gets caught in tight corners .

Ooops... this is unexpected !!!

Hi,

Since you guys are so pushy, let me provide some information on what we are doing.

We are coming out with an exchange with the intent and focus of remittance and not trading. Now to start with the service and to avoid any issues we are processing USD in following possible options, we are either going to either acquire an MSB license, a partner who have it already or ask customer to directly deposit funds in our company US account (to avoid currency exchange) or using services like OKPay. We don't need MSB specifically for many countries in which we plan to start, as none of them have actually regulated bitcoin as currencies, but to avoid any future hassles, we are taking preemptive steps.

Now we keep visiting legal and financial consultants on time to time basis to consult on these topics and get guidance for what to do, its not any rule book stuff which we can just follow. However after saying that, we understand that we might still be missing something, so I would request you to come forward and help us know if we are missing something, instead of criticizing without knowing what it is. If you need any specific info before commenting please PM me and I will be glad to discuss.

Thanks @buysellbitcoin for the info, we have already started looking into his suggestions. We will really appreciate some suggestions like that.

And most thanks to all community members for testing the system and providing much needed feedback.

Regards,
Amit

So, what did you mean when you said that 'Yes we are processing one and should be ready by next week'??? Was it buff? Or just a plain ole lie? Or just anticipation?
This, I would like to see, especially when there is no clue as to what is really needed to start this. Not even which licence?
From what I can see, you'll are trying the same approach that Buttercoin tried and failed.

Betcha a Satoshi, this will not go live next week with legalities in place :). Can go live without them.

But its getting a bit annoying to track the relevance of these types of news.
There was a funny acquisition news as well last month from you'll where the parent company apparently acquired its own product. I did speak to some reporters to publish the news, but they reverted saying that it lacked credibility.
Not sure what you think, but these are really bad practices that can hurt you and the community worse than you know.
If this is incomplete news or something that is untrue, please keep it on PM's and messages. Getting stuff like this public WILL attract attention.

It's not about criticising. It just means - only give statements only if you know what you are talking about and you have completely figured out what how and when you are about to do it.

It is hilarious and affects your reputation to first say you will have MSB in a week and then say you are still in process of figuring it out. Watch your words. It matters.

Pushy !!!! Amit, c'mon it look so blatant, Members in this forum is not the average indian who will believe any thing that is written. Many have been looking into these kinds of things for a very long time. and most are better informed than you and me.

When you publish information make sure you have done it not only cosmetic. It has to be working or complete.

Now you  say a US account well in that case you will need both a MBS from FinCEN and a MTSS from RBI for which you need to be a registered NBFC or an IATA Agent. If you are willing to bypas these laws the only people facing problems  are your clients, and that too in deep boiling oil. The reason why no one has done this is because of the most obvious reasons that transmitting money or any assets In and out of india would draw in alot of heat, especially to the customers. 

Pushy is not what people are doing but just pointing the obvious.   

To all above comments, I can understand your point of view. But believe it when I say that we are just testing the system. If you please notice carefully its not a launch announcement but only acquiring testers.

About the necessary license, I will recommend to get in touch with me at the time of launch and I will provide the necessary details.

Still I appreciate your concerns and will do the needful to ensure customers don't face any issue. It has been my top priority, I am sure my customers at Highkart can vouch for that.

So let's pull this back to testing again and do the other stuff later.

Regards,
Amit

P.S please don't treat it as a competition before writing it off, we are taking this business initiative to make bitcoin useful in society. And we are just trying like every other respected fellow exchange owners.