He better get his act  straight

dont worry i will get you all the support you need .

the charts keep  going up.

I think it  was a  dinosaur that was  suppose to die out, when the meteor hit  earth a  few million years ago.

Wow! funny.

RBI  puts out  a  press release, few indian exchanges close their shutters. Bitcoin's overall network dont  give a shit  about it. 

Sad to know India cant  even make a mark in new technology, and the regulatory authority is  acting like it the next  big  thing in  money laundering weapon.  and Permission  is required. Meh......

It was Christmas so, Bah Humbug!! 

satisfied much.

yes you can  accept  bitcoins.

well you have a competitor https://www.bitquick.in/ who can  operate in the country without any interference, they dont even need you to signup or give out any details, every thing is done through emails. i would suggest you to use the pan cards for  Auth.  and  the KYC document requirement and store it  with you.  let the users  do the transactions with the  banking  details. access to the Aadhar system may take a  longer time. 

well for  some reason i am skeptical but all the best  for you.  i would start  listing your  service  once i  start seeing a  few  of you blocks  purchased by  real  businesses.
till then i would suggest  start selling your  block so a few  businesses.

I will keep  checking the  websites  for  new updates.

hope you are fine with that.

Well  in that case you  will have to  use a  tracking  cookie.  but  that wont  help much unless the user does a transaction on a website.

besides a  straightforward asking for the  bitcoin address. the only other way to get the address would be termed illegal and breach of user privacy

So in short  a  transaction should be made, may be on a  second website that can  recognize the  cookie form the  first website  you  filled the details in . (this too is  a  fine line  between privacy and breaking the law)

The other ways are illegal and will not  be  talked about.

Well when it comes to the bitcoin  community every idea is  accepted. Open discussion is how bitcoin  came into  existence.

you want to track identity. of a visitor in your website. right?

Now tell me  what all info  will you  ask from the user. and if the user will don any transaction in your  website?

ok if i am  a business what value  would i have  buying  the block for 10 years from you? i would like to understand this in terms of the buyer.

Ok people dont panic, That was only a  Press release to state  what could  be the  dangers to the consumers on using  bitcoin.

When they  said  It is a typical post war thinking  of the license Raj.

Bitcoin Exchanges do not  require  licences to run, if that happens legitimate business will have to close down shutters and then the underground black market run by criminals  will thrive.

What would be  done  is, participation by  every  exchanges to provide KYC documents and  provide  active assistance  to law enforcement agency to  track down potential criminals.

The last point made in the press release that makes  every one step back is

the problem is that law abiding  citizens are the one  backing  down, the criminals  can  still get  hold  of bitcoin through  many other  channels.

But, the main point i want to make here is that Bitcoins are not  anonymous. every transaction is  recorded forever.
the easiest way to track down money laundering and criminal activities to by have  exchanges  follow  Proper KYC and anti-money laundering protocols.  Exchanges are the point  where bitcoins can be protected from criminal elements. you remove exchanges then back alley transaction will start taking place. and if that happens then good luck  tracking down the  "Money Launderers"  

This point  implies to users of  bitcoins, which is  valid. For businesses as long as they have proper paperwork of their users then they are  fine.

Edit:

Bitcoin is not in any way a Virtual currency "VC", or a “Decentralised Digital Currency”,  Damit it is a Cryptocurrency.

dogecoins Are you kidding me??

p.s - INRBTC as long as you are not  dealing with INR directly you are  ok  to run.

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

yeh i saw that, but the question is  why would any one pay 1btc for a  website full of ads?

What utility is this  site  providing?

That's ckz  they  dont  know  better. Freaking Dogecoin  was  a joke  started  by  a  advertisement company in Australia.

them mentioning  Dogecoin only shows that they  scrolled through recent news articles and  wrote there press release.

Yeh  they are  something  like INRBTC, escrow based.

Based out of India the RBI ruling  does not  effect them , Infact it should  not  effect INRBTC as they  dont  directly transact  in INR.

INRBTC should  be  ok to  start  business as they  dont  deal anything in BTC

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

Yes i did, but  it was hard to understand  what it wanted to  achieve. could  you explain that to me more.

The part  Which states that no country around the world has authorized it . it does not imply the RBI saying they need to authorize it.


Which states the dangers for users, using bitcoin.

Can be easily resolved by exchanges by implementing the KYC norms.  the exchanges do not send money abroad so money laundering can be  a  problem unless KYC has not been maintained.

CFT laws details
Exchanges can also work closely with The Financial Intelligence Unit (FIU)

Give it some time. this will be resolved.

The authorities and the regulators need to understand  that  if they rule  against bitcoin it would go underground and would be much more dangerous.

Exchanges can ensure money laundering and terrorist cant use bitcoin's for their use.

Bitcoin records every transaction and can be used to track users  properly. In a fact bitcoin is a better system to ensure money laundering does not happen.