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Economy / Exchanges / Re: Question Regarding India and Nigeria - crypto exchange
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on: October 03, 2023, 06:05:42 PM
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Hey Fellas,
I was wondering. I'm the founder of PNNV.com and im always looking for ways to expend my business.
Which crypto exchange is the most popular in India or Nigeria?
What's the preferred exchange method?
What are the FEEs they are taking there?
Agent.
Sorry for being almost a year late to respond to your query. Current Crypto scenario for on & off ramping in India is a bit dicey. Volume at WazirX, UnoCoin or other KYC exchanges registered in India are mostly dried up. This has happened because of 1% TDS and 30% income tax implementation since April 2023. Direct deposit or withdrawal does not work on most as most Indian exchanges got their bank accounts frozen. People, being forced to use P2P, have mostly shifted to foreign KYC exchanges like Binance/KuCoin/MEXC etc. Many have shifted to non-KYC P2P exchanges like HodlHodl/LocalCoinSwap/AgoraDesk/LocalMonero etc. Lately, P2P on Telegram through their Crypto Wallet service is also on the rise. You'll need to check these services for their respective fees structure. |
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6
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Local / India / Re: [THE REVIVAL RAFFLE] #10 - Pick a lucky number and win 0.001 bitcoin
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on: March 31, 2023, 06:09:31 PM
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2. This raffle winner cannot participate in the upcoming games for 6 months. Let us give others a chance to win some bitcoins. You can consider this 6 months as a cooling period like if some X has won the game in April, they can participate only in the November raffle. Our local community is so small such that I have reduced the period to 6 months. If in future, we rise up to one of the most populated local boards I might change the rule such that the game winners cannot participate in the upcoming lotteries for over a year.
Last Raffle started on January 03, 2021 and ended on February 03, 2021. So, 6 month is over for all the previous winners. Hence, I guess, the raffle is now open to all the previous winners again. Right? |
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7
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Local / India / Re: How to buy anything in India with cryptocurrency?
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on: March 22, 2023, 06:41:42 PM
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When I heard that this platform Betrifill BitRefill provides an option to buy gift cards using their platform for major e-commerce sites in India. Consider correcting the typo in OP. I am surprised to see such a company exist. I think these are online cards and do have not practical usage as you cannot withdraw funds from an ATM.
Virtual cards can not be used in ATM. But, you may use Credit Cards in ATM and pay the bill with virtual cards. I have never used these cards though. Please advise if you have used Coinsbee services or not.
I have. CoinsBee is real. They have lately stopped Tor access though. BitRefill still does allow it. |
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8
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Local / India / India's money laundering rules to apply to Crypto Trade - Gov't notification
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on: March 08, 2023, 05:16:31 PM
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Legal explanation by tech lawyer Jaideep Reddy... Crypto & NFT businesses are now 'reporting entities' under India’s Prevention of Money-Laundering Act (PMLA). Contrary to some Whatsapp chatter, this does not mean that they are charged under the PMLA for any offence! The implication is that such businesses need to follow similar reporting standards and KYC/AML norms to other reporting entities like banks, securities intermediaries, payment system operators, etc. In other words, KYC norms are no longer a best practice but a legal obligation.
Also, such businesses now have the legal status to report suspicious transactions to the Financial Intelligence Unit (FIU).
Happy to say we had made this recommendation as far back as Dec 2018, and the notification has come exactly under the suggested provision.
An AML regime is the first step towards effective regulation of intermediaries.
It would have been ideal though to have an explicit transitory provision so that covered entities had more time and certainly while getting their compliance processes in place.
Source: https://twitter.com/jrtechlaw/status/1633338812242731009 |
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10
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Local / India / Re: Cryptocurrency 2023!
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on: January 22, 2023, 06:56:49 PM
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Firstly our board left stranded, and our fellow community members should revive and start the discussions again as in the past and I hope I can engage into the discussions as well regularly.
Whatever appeared good was suggested 3 years back - https://bitcointalk.org/index.php?topic=5188136.0. No one seemed to care.  I do remember that raffle and it was a great initiative taken by Heisenberg_Hunter to boost the traffic of our board and it worked only for a while, so as a community we need to engage into discussions so whenever a new Indian member joins it will be helpful for him to understand. Thanks for tagging me in this post which made me to offer my contribution to this thread. Recently, a few weeks back I was notified by @DarkStar_ that we still do have a remaining balance of 0.00427499BTC in our escrow address. Initially, I had an idea of discussing about this with the members of our board on the Christmas Day but owing to my personal commitments I never had the time to revisit the idea. But now, I'm planning to conduct a final raffle on Republic Day and offer the winning member a prize of 0.00307499 BTC so that the remaining 0.0012 BTC can be given to DarkStar_ as a goodwill since he has been holding our funds for 3+ years. What are everyone's thoughts towards my approach of conducting a final raffle? Nice idea. Would be great to move forward with it.  |
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11
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Economy / Economics / Re: What Does Rishi Sunak Win Mean for Investors in Britian?
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on: October 25, 2022, 06:56:48 PM
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Sunak has a rich wife, there are rumors that he has supported Sunak all this time. I don't know how politics in England is going, hopefully, with Sunak's rise to the chair of the British Prime Minister, he will be able to solve the crisis that the UK is currently facing.
Indeed. His wife will play a pivotal role in strengthening bilateral relationship between UK & India. I hope, Britons allow him to complete full term to see how he becomes instrumental in rebuilding UK. |
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12
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Economy / Economics / Re: India as a developed country by 2047
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on: September 10, 2022, 07:48:49 PM
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I think, the first and foremost goal is to make India a $5T economy. This will happen through stock market movement. With the current pace of growth of Indian stock market indices, i.e. SENSEX and NIFTY, I think, this is achievable.
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