After China now Indian firms suspend digital currency trade after RBI notice

[kirshara]

Man that sucks. But given the pace of adoption of Bitcoin around the Globe by merchants I can imagine they'll eventually reverse course on this. Surely the one thing RBI doesn't want more than Bitcoin is to be left behind when it comes to monetary innovation.

[nodroids]

I'm a Bitcoin bull, and this was my one caveat to family and friends; if they start arresting people for ever having traded bitcoin, then we may well start to see the price fall. Watch out below. If these arrests in India are led by the Central Bank, and they most certainly appear to be, then one can assume that India is a test case for the global banking cartel. If you haven't maintained total annonymity then now may be the time to get out.

I think we'll see the Bitcoin market shrug this one off, but what if arrests for having ever traded BTC move to another country?

[psijic]

I don't think anyone has actually been arrested. The exchange office was raided in a surprise move, so as to determine the true nature of the company's operation. It may very well be that nothing comes out of this.

Although, there has been no activity on any of the company's social channels. One would expect something like this to garner some social media attention, but either it hasn't, or its all being removed. Its also possible that the company turned out to be a real scam.

At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested

In any case, the above line clearly states that the website owner has not been arrested.

[shinjikenny123]

After the raid, what happens to the user's coins?
The government takes it all??

[grendel25]

After the raid, what happens to the user's coins?
The government takes it all??

It's funny because the FBI is the world's largest holder of bitcoins after the Silk Road raid.  lol

What's criminal, anyways? 

[psijic]

After the raid, what happens to the user's coins?
The government takes it all??

I don't know what happened to the website owner's personal coins, but the company had already stopped all orders a few days before the raid, and all pending orders had been executed. So none of the website users lost any money.

[infinitybo]

@Shinjikenny123 Not exactly because the government has simply warned users of virtual currency against security and financial risks.