Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?
Yup you can have vending machines. so you will be only selling bitcoins no purchase. I am still a little doubtful on that. Even if the machine is only dispensing the btc on acceptance of cash , there is no way to stop somebody to covert their black money to btc and transfer out of india. And there is no way to KYC the person. I feel there is more study to be needed to implement btc atm in India. This is just a thoughtful opinion, legal experts can provide a better solution. Regards, Amit Its not a ATM it a vending machine, and you are looking at this as if a person is doing to stuff a vending machines wit more than 1 crore in cash and transferring it out. Vending machines wont be able to handle more than 20k transaction a day, that is taking into account security and physical space. in your terms i can buy a soda bottle off a vending machine take it abroad and sell that soda for cash and poof laundered money worth a soda. I'm a genius. |
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Thanks this would be helpful. |
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If anybody has been scammed by this guy too
Call/Msg/Whatsapp me at 8859068662
I'm filing a FIR against this guy and I need your help to make my case stronger.
We can put an end to this!
Will filing an FIR work in this case? Coz there is no physical delivery of stuff, it may not stick. This guy tried to scam me too, he was offering me BTC at mind boggling rates (24 K) when market price was at 30K. Smelt a rat and told him off... also blocked him on LB and whatsapp! Yes FIR works. And one should file one. Regards So I went to the police, they discouraged me, saying it is almost impossible to recover money from such people. Call him up and tell him about it, and tell him i refereed you to him should be able to help you out. Name-: Kanishk Agarwal, Advocate Areas of practice-: Criminal, Taxation and Corporate Phone : +919971666252, +919999966252 |
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Hi ,
I would like some reviews for the exchange Btcxindia.com, would like to know your experience and how it was overall.
Would also be nice to know Btcxindia Volume if they can provide it .
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Please, comment on the following conclusion. I don't have precise assertion and warrants for the analogy below. At least, I tired.
Generally, people can be categorized in three kinds, one is selfish breed who is always seeking or pursing selfish interest (in the terms of money here), majority of them do not care about impact of their selfish acts on country, society and earth or may be they don't have capacity of thinking. All they're driven towards is, selfish motive to achieve money, money and money. Second category, people who are somewhat above money. I mean, they look forward to money but by doing things that are acceptable to their conscience. They can be further categorized into two kinds 'nationalist' and 'humanist.' Nationalist- are people who seek good on grander scale like their city, state or country. Nationalist can be into nationalism because of cast and creed or else borders.
And there is humanist at last, who seek good on largest possible scale- human race or earth. Assumed to be above religion, borders and everything else. Moah maya say upar. It is my basic assumption that, when people do something great, money it self comes as reward. Although to shallow people it seems they're into money, but what they actually seek is higher goals whose inevitable reward it money.
Okay so far?
I believe your premise should be on primal goal rather on the categorization of people, to categorize people you will need a much broader plane than just the three. But a personal goal is what can be quantified. into some thing like Self preservation, hunger, lust, greed, love, pursuit of knowledge, charity, and Heroism. so a combination of these goals would determine how a person is like. If a person has Self preservation,lust, greed, and hunger. then he would be a real mother fucker, not caring about any one or any thing. likewise if a goal of a person is Love, pursuit of knowledge, charity, and Heroism then he would be a selfless individual . I believe that human behavior is determined by a subconscious predetermined sets of primal goals, that a person chooses through their lifetime, When these goals change due to environmental influences behaviors change too. |
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My friend reaction from DGFT can only be told by an authorised DGFT personnel. What you need to see is whether there are any rules/provisions barring you from export of goods and acceptance of payment through bitcoins and also keep in mind the benefits which you might loose as the sole purpose of export promotion is that foreign currency comes to india, in your case that might get affected. There are certain other factors which might be affected. You should consult your consultant and if you want we can also help you in that front.
I've had a brief talk. Is 'barter' acceptable under Sales of Goods Act or any other act? Is it legal to 'barter'? Barter is legal and unregulatable in most countries. Benson, any law/interpretation of law to vouch your claim that 'barter is legal'? You should consult Kanishk about this. |
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In India, industrial mining where we run mining equipment in facility, can be categorized in which business activity?
Any idea about licences?
Server Farm? It would run as a data center/ Server farm, Basically it is under IT services as Mining basically only does payment processing. I've a clue, we can categorize it as IT services. Are there specific licenses required for IT service? And I'm not sure it does payment processing. Payment is term used for money/legal tender. Not barter! I guess, Bitcoin is barter...as of now. NO. And remember the Indian Licence Raj ended around 1980's. only IT field i know, that has licences is the ISP services besides that you dont need licences for running any IT service. (I feel this as unnecessary too) We have to stop think that every business needs licences. It does not. Bitcoin Miners are doing calculations, it's as simple as that. |
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Sorry about that. We've now: - updated our SSL to get back up to A+ - subscribed to openssl-announce and debian-security-announce to hear of new vulnerabilities sooner That was fast :-) |
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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.
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If it is NFET, you can put up charge back and request dispute. You will need copy of atleast police note for the same. Make sure you mention exactly what happened and you should be able to get it. Police will not recover it mostly, it is bank with the help of police fir copy can mediate the dispute.
If you have not mentioned that it is accidental mistake from your side as of now, register unauthorized compromised account transfer which is much easier to deal with and bank will surely help with you that as it is mentioned in consumer grievance policy and RBI makes it mandatory to look and mediate in this case for banks.
Regards
This was a State Bank Group transfer, when I went to the bank they said they could do nothing, and somebody else advised me to go to the bank with after filing an fir. Well on what basis are you going to file a FIR, FIR is filed when crime takes place (a Cognizable offences). not when you accidentally hand you money to a stranger, and in your case chose the wrong beneficiary. All you can do now is to contact your beneficiary from the list and then hope he give you your money back. |
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They just seem to be low though. I m seeing the same single order of 0.05 Btc for 60000 per Btc since 2 weeks.
Dont know why but i feel like the market for exchanges are getting far to saturated. Either an exchange has to come up with a system that makes it easy for every one to use, or some thing that provides better liquidity. the only place i see good volumes and liquidity is on https://localbitcoins.com/What do you mean by better liquidity. Yes I agree simplicity will promote bitcoin usage. What i meant was that It should be possible for individuals to buy and sell large quantities without waiting a long time to liquidate either BTC or Fiat. This is still a problem. Most of the time even buying and selling over 50 btc may take more than a week to find buyers. |
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They just seem to be low though. I m seeing the same single order of 0.05 Btc for 60000 per Btc since 2 weeks.
Dont know why but i feel like the market for exchanges are getting far to saturated. Either an exchange has to come up with a system that makes it easy for every one to use, or some thing that provides better liquidity. the only place i see good volumes and liquidity is on https://localbitcoins.com/ |
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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 !!! 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 ? 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. 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 ? Some times bullshit gets caught in tight corners . |
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they seem to be doing a good job. I guess they are legit .
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But how its possible?
If account number is incorrect the beneficiary name wouldn't match.
Account number and account holder name both should match.
Yup that is true. in that case even if the transaction went through you can still tell your bank to reverse it because the bank did not verify the name to the account number . |
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I was going through the site and it says 'This is the country's only sub-second, user-to-user, bitcoin exchange with no trade limits'. Which is the first site?
Also, anybody traded from this site?
Haven't traded yet but reviewing the code it looks robust, but i'm no expert, Would like more of you to check it out and review the codes published in the site. But i do like the fact that they would allow API's, and all their communications are pgp signed and verified so very little chance of phishing attacks. |
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Finally figured out through a customer who was kind enough to give some info. It was all happening from a group of people in Mumbai and their friends/relatives. Its for a website which is something like become rich scheme - 130-150% returns in a month. Cannot disclose more info here Sounds bad .. you should warn them. These type of thing usually end bad. |
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Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?
Yup you can have vending machines. so you will be only selling bitcoins no purchase. |
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One man buying off a bid. welcome to the 1% taking over again.
sigh....!!!
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