Yup, its like shoot first and ask questions later. look at hos absurd this statement is, its like saying you can do what ever you want with bitcoins it may be legal, or illegal we dont know but you will be in deep shit if we make it illegal. |
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Looks like owning bitcoin is going to be illegal in india.
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I think the Unocoin that is launched now actually started working a year ago !!!
Why does this feel like a sockpuppet |
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WOW.. that is something new and proud to hear...  Its a shame that people live in less than a 100Rs a day. That shows, the living standards of people have dropped to such a level. |
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Rs 20-30 crore spread over 400 people! That's kind of extremely huge transactions. I hope he was not actually involved in money laundering. The average user's transaction comes down to Rs 750,000. I don't think transactions like these will get ignored by banks in India.
What i think they did was look at his btc address saw the total transaction and then calculated it with the highest point btc was at. he did have over 1000 btc when he started 1.5 years back |
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The Press release. https://bitcointalk.org/index.php?topic=388792.0Contributed by alot of people and took some time with discussion and finally we were able to get this drafted out. I am hoping the community can do this type of collaboration by getting together and and making things happen more often from now onward. The creation of this draft was possible because every one got involved and contributed. Thank you all. |
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Thanks for putting it up :-)
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░░░░░░░░░▄░░░░░░░░░░░░░░▄░░░░ So doge
░░░░░░░░▌▒█░░░░░░░░░░░▄▀▒▌░░░
░░░░░░░░▌▒▒█░░░░░░░░▄▀▒▒▒▐░░░ Such Mention
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░░░░░▄▄▀▒░▒▒▒▒▒▒▒▒▒█▒▒▄█▒▐░░░
░░░▄▀▒▒▒░░░▒▒▒░░░▒▒▒▀██▀▒▌░░░
░░▐▒▒▒▄▄▒▒▒▒░░░▒▒▒▒▒▒▒▀▄▒▒▌░░ Wow RBI
░░▌░░▌█▀▒▒▒▒▒▄▀█▄▒▒▒▒▒▒▒█▒▐░░
░▐░░░▒▒▒▒▒▒▒▒▌██▀▒▒░░░▒▒▒▀▄▌░
░▌░▒▄██▄▒▒▒▒▒▒▒▒▒░░░░░░▒▒▒▒▌░
▀▒▀▐▄█▄█▌▄░▀▒▒░░░░░░░░░░▒▒▒▐░ much Hubris
▒▒▐▀▐▀▒░▄▄▒▄▒▒▒▒▒▒░▒░▒░▒▒▒▒▌ Dogcoin
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Can naavi also take a look at the draft and see what he thinks about it and is it good for the community to do so.
We should use his article as the front page for this. It is perfect and encompasses many of the thoughts and questions that we have had for a long time.. Please tweet it out to everyone individually if possible, we must get people aware of what is happening. Yeh! agreed . but the community has to make its statement too. please inform us what he thinks about it, after reading it. Mailed him. Document looks fine. He would retain focus on the legal aspect and the forum can maintain focus as in the document. Will send a screenie of his mail to sub.. Sure that will be great. thanks :-) |
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What are the tax implications when trading and making profit through bitcoin exchanges like bitstamp/mtgox for a resident indian?
Capital Gains tax |
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Can naavi also take a look at the draft and see what he thinks about it and is it good for the community to do so.
We should use his article as the front page for this. It is perfect and encompasses many of the thoughts and questions that we have had for a long time.. Please tweet it out to everyone individually if possible, we must get people aware of what is happening. Yeh! agreed . but the community has to make its statement too. please inform us what he thinks about it, after reading it. |
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Can naavi also take a look at the draft and see what he thinks about it and is it good for the community to do so.
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when can we expect the press release?
Today i guess. lets see what every one comes up with. |
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Wikipedia says that under FEMA any foreign exchange activity is illegal unless expressly permitted. This is a very unusual and harsh law by English law standards (which India follows because it used to be an English colony). http://en.m.wikipedia.org/wiki/Foreign_Exchange_Management_ActLooks like bitcoin will stay strictly black market in India for the foreseeable future. Not was its still under English Colony (Politically and Living under donationation) The fact is Indian ED officer himself dont know what actually bitcoin is, RBI also dont know what bitcoin is and what is its purpose, They are thinking about ML but they are not thinking if there will be no any ligit then it will appear as ML if they will open ligal option then they could track the transaction and all will be under AML rules. This step will be harmfull for Indian givernment itself. This is the main problem we are facing. The india bitcoin community got together today. and decided the first step is to release a press release, so that the authorities can meet with a delegation and they can explain what bitcoins are and how it can be uses. In the past every time people from india tried to meet the Authorities they have always stonewalled them and never have they once met any member of the bitcoin community to talk or even a dialogue with us. |
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I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.
I dont know but a few ideas would help alot. |
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Sad but not unexpected. India has strong capital controls to try to stem flight. http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-indiaWe should expect strong resistance from corrupt regimes everywhere. But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet. I expect zero coin will to be a key weapon in fighting corrupt regimes. right now shit is hitting the fan in india. |
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Meeting to draft a press release. please get involved. Meeting starts at 4:00pm IST Webchat - https://webchat.freenode.net/ under Nickname, choose a nick name for your self (you can also permanently reserve nicknames too for that read the Freenode FAQ) Under Channel, type in #taproom Enter the Captcha numbers from the box. Click on connect. |
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