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Why are you (Benson and UnoCoin)shouting here. Call the press and condemn the BTCXIndia statement else release the press note, which says your( Benson and Unocoin) bankers are supporting the Bitcoin business.
Else give the press note here on your letterheads; I will forward the same to Coindesk and Cryptocoinnews. Hence Coin desk and Crypto coin news will explain an Indian Bitcoin scenario to the world.
You (Unocoin) are keep on violating the compliance ( I cautioned many times here) and now you are blaming the regulatory authorities. If you violate the compliance they will summon, questioned or grilled you, they have right to do. If you take the basic caution then now you needn’t share customer data to the authorities. You are violating the compliance and share the customer sensitive information to the authorities.
At least BTCXIndia gave advance notice to the customers and release the press note. We have to see, is it any of the customer (BTCXIndia customer) facing funds withdrawals or not.
Please share your experience for the funds withdrawals with BTCXIndia; which is really helpful to the other traders.
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Really fascinating to see how a single news source having wrong information can make something fact. I remember DNA article on buysellbitco.in ED incident and they said "Preliminary investigations found it to be in violation of the foreign exchange laws". Really dont know from where it came and how they got that information as they never quoted any official statement, because there is not any. But what really happened is after that each and every news article that mentioned incident has quoted same and same thing again. We never got charged with anything.
But this is how media works and I learned that its your responsibility to educate media on your side. If you can not do that efficiently and in timely manner, well, no one can help you.
Anyways buysellbitco.in is going to be operational again pretty soon.
Regards
When the news was wrongly speculated, you were supposed to condemn by calling the press.Cause of that 'entire world wrote the same story'; reference: http://www.coindesk.com/indian-authorities-swoop-buysellbitco/At least now also, you call the press( mainly business news channels and print media) and condemn it else it will embrace you always. |
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Do you guys know what is SIP meaning?
It is mentioned in the OP  It's not much clearer in your OP, so I asked you. Anyway I would like to share few thoughts on this. As per the SEBI Master circular ( http://www.sebi.gov.in/cms/sebi_data/attachdocs/1337083696184.pdf) dated May 11, 2012, only Asset Management companies and Mutual fund trusts can issue SIPs with NAV. Lets say Bitcoin is not comes under securities nor your company is not listed in SEBI hence this will not applicable to you.As per RBI guidelines certain categories of NBFC's ( https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=377) can collect money as deposits. Let’s say you are not collecting deposits, you are collecting money against the good or service hence you are not comes under NBFCAs per the Companies (Acceptance of Deposits) Rules, 2014, an advance in lieu of supply of goods will not be a deposit only if it is appropriated and the goods supplied within 365 days.” The rules further state that “any amounts received by a company, whether in the form of installments or otherwise, from a person with a promise or offer to give returns, in cash or in kind and any additional amount contributed by the company (Bitcoin in your case), will also be considered as a deposit.” The Act also holds that any company that raises money from the public for tenures of more than 365 days has to get rated for its repayment capacity from a credit rating agency and take deposit insurance. As of my knowledge you are private limited company and may comes under this law. I have to give few cases , which may helpful to you to consult your compliance head. SAHARA house who is backed by NO:1 corporate lawyers grilled under SEBI act.Jeweler companies backed by TATA and Reliance (Tanishiq , Tata Jewelers and Reliance Jewelers ) stopped Gold monthly schemes cause of new companies act( http://www.thehindubusinessline.com/features/investment-world/beyond-stocks/the-game-has-changed-for-gold-saving-schemes/article6160266.ece)I know you are well reputed company backed by big corporate lawyers and big investment companies. Your scheme really apprehension by Bitcoin community and no doubt on it but may comes under compliance violation. You may consult your compliance dept to avoid that. |
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Do you guys know what is SIP meaning?
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RBI has not and will never legalize bitcoin, because by constitution they can not do so. There can be only one legal tender in a country printed by the Government, which is and will remain INR. That does not mean bitcoin is illegal. If bitcoin were illegal, then FlipKart voucher, Sudesko coupon, Amazon credit and even mobile recharge cards are all illegal.
This is wrong statement. In India, RBI only have the right to issue or recognize the currency/PNote/legal tender etc.RBI is constituted under special act 1934 (which was happened before Independence), even PM can’t interfere the RBI activities. Such a provision had given under this act1934.Few amendments has happened in the act but till date PM or any constitutional body can’t intervene the RBI activities (may recommend but cant order). If bitcoin were illegal, then FlipKart voucher, Sudesko coupon, Amazon credit and even mobile recharge cards are all illegal.Flipkart Vocuker and Amazon credits are not issued by flipkart or Amazon; these are issued by gift card companies(Flipkart- quicksilver, Amazon-GigtBig) and both are licensed under semi-closed prepaid payment instruments by Reserve Bank of India under section 7 of the Payment and Settlement Systems Act, 2007 and mobile recharge comes under closed prepaid instruments( Reference https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8993&Mode=0).Some time ago sodexo pass also stopped by RBI warning but later they approached to RBI and get it cleared to issue as a meal pass. Hence RBI only have the right to consider Bitcoin as a legal tender/currency ; only a matter of time until other central banks considers. |
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Unocoin proudly announces INR wallets for customers in India. This will allow users to store rupee balances and also make instant bitcoin purchases without waiting for bank transfers. The only way Indian customers could previously acquire bitcoin through Unocoin was to place a buy order in advance, make payment within 8 hours and get the bitcoins at the locked-in rate. With the new wallet service, users can add INR whenever they wish and use that balance for instant trades at a later time. Important to note that clients may not use the INR wallets to store proceeds from bitcoin sales. Instead, proceeds from any bitcoins sold will be deposited directly to the user’s bank account. The flow is designed this way as an effort to self regulate and make sure that every rupee used to trade bitcoin goes through appropriate banking channels and do not circulate within Unocoin’s wallet. Cooperation with regulatorsUnocoin has worked with its accounting team and legal representatives to assess whether its INR wallet is a regulated activity. Unocoin has so far offered customers the options of a bitcoin wallet, bitcoin trading and merchant gateway services. Customers in India who have verified their accounts may access INR wallets immediately. if not , you are also the same as an other exchanges. As per your statement on Bitcoin talk " Based on the regulatory compliance in India we are not allowed to keep INR on behalf of customer. Do not ask me how some other exchanges in India are doing it - I have no comments. So we wont be able to add that periodic purchase feature to Unocoin." The original thread is https://bitcointalk.org/index.php?topic=699442.0 |
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 Even I placed Rs 100 order but it has not allowed to trade. |
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Congratulations! Can you elaborate more about capacity of your Trade Engine, latency, algorithms employed for price discover and error mitigation etc? Any flagging mechanism used to point black sheeps? Does it supports automated trading, HFT or additional tools like MetaTraders for enhanced experience? Our KYC process does the flagging for us. We have a process in place to verify each identity that we receive as per declared norms. We are looking strongly at Jumio and BISON to get more robust and automated on our Flags process. These are parts that we will add along the way. As per your previous statements, your guys are very much strong on legal and complaince.According to the laws and acts comes under External affairs, you should not share sensitive information to third party services( out side of India).If your clients submit the passports and you are going to verify through the third party service,which is out side of India.This is comes under law breaking and Govt may sue you.You have to get in principle approval from the External affairs to do the same. |
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Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.
There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community. Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger. Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_Indiarelated to Bitcoin. Do find one for me on that list. You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India. Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange. Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade. In Singappre Bitcoin has regulated under commodity markets ; In Newyork Bitcoin has regulated under Money changers, which is comes under central bank;some of the European countries Bitcoin consider as a financial instrument/stocks/securities for tax purpose.Coinsecure CEO said , he is keep in tocuh with regulated bodies. If they approach to FMC, what is FMC stand/what the FMC replied? If they approach to SEBI, what is SEBI stand/What the SEBI replied? If they approach to RBI, what is RBI stand/What the RBI replied? |
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Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.
There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community. Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger. Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_Indiarelated to Bitcoin. Do find one for me on that list. You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India. We have been advised on the correct routes to take and will take your advice into consideration. All Bitcoin operators are the same( including you).Every one testing the legal/regulatory framework.Atleast Unocoin is better, they come up openly with senior Legal councel Mr.Nishant Desai and gave clarity on Bitcoin and Bitcoin legal status in India. |
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Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.
There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community. Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger. Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_Indiarelated to Bitcoin. Do find one for me on that list. You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India. |
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Your founder said on July 22nd '14 "We are working with the regulators to make Bitcoins work in India".
Is it any status has changed after July 22nd'14.
We have a lot of legal clarity now compared to back then. And yes, we are talking to people and departments, who we find relevant towards other licences needed. These details will be disclosed a lot later though as we need to test several of the legal opinions that we have received Seems you are launching while testing the regulatory/legal framework.Then your CEO statement is wrong " We won't launch until we succeed," said Kalra. |
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Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.
There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community. Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger. Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India |
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Your founder said on July 22nd '14 "We are working with the regulators to make Bitcoins work in India".
Is it any status has changed after July 22nd'14.
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Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.
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Is it Millibits traded on 6th of every month.As per millibits market trade history;6th of July traded most of the volume and again 6th of October traded.Remaining volume is almost negligible.Is it any logic behind this 6th day?
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Few comments on this thread:
As per the regulatory complaince, companies /FI/FIIs hold funds as an advance on certain period based on business classification.It's called business cycle.
Say stock broker( who is regulated by SEBI) allowed to hold up to 3 months; Here 3 months is the business cyle.
Automobile manufactures allowed up to 1 month; Here 1 month is business cycle.
NBFC can collect deposits based on category.
Apart from this custodians can hold funds.
FIs/Registrars/Merchant bankers/SPV's can hold funds up to 15 days in Escrew accounts in Banks.
Example:If I book a car with an advance payment of Rs30000,Car dealer will deliver the car after 1 month.
If I want to buy a stock and I will first deposit to stock broker account, after one month I will buy the stock.
Hence based on the business classification,advance payments allowed upto ceratin period.
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Hi Friends,
Need Block Explorer Open Source Script
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