A well researched article on laws surrounding Bitcoin in India

[Benson Samuel]

http://glaws.in/2013/04/currency-of-the-year-bitcoins-gain-popularity-for-online-gaming-transactions-will-the-indian-government-regulate-and-prohibit-bitcoin-transactions/

As of now, there is no law that prohibits purchase and sale of Bitcoin. Section 2(h) of FEMA defines currency as “currency” to include all currency notes, postal notes, postal orders, money orders, cheques, drafts, travelers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank of India.

Further, Section 2(m) defines foreign currency as any currency other than Indian currency (Indian Rupee). As of now, no notification has been issued by the RBI including Bitcoin or such similar virtual currencies under the ambit of the definition of currency. Thus, it is not illegal to possess, purchase or sale Bitcoin legally in India including for gaming transactions (it is a different matter however that online gaming websites can theoretically be blocked in India anytime by the law enforcement authorities).

[buysellbitcoin]

Never able to understand why people say that Bitcoin is used for hawala, money laundering and such illegal activity only.

Oh and when I say this, they reply with "than what is other use of Bitcoin".

Let me explain : At the moment is hedging instrument in your portfolio. once its adoption comes to corporate level it will be used as efficient means of transacting online and payment method. Once it is widely adopted and its value will go above 500$ it will be used as medium to store and transfer wealth.

Really we need authors of such article to understand bitcoin a bit more. No currency is wrong, its the way you use it maters.

Cheers

[Benson Samuel]

Never able to understand why people says that Bitcoin is used for hawala, money laundering and such illegal activity only.

Oh and when I say, they will say than what else the use of Bitcoin.

Let me explain : At the moment is hedging instrument in your portfolio. once its adoption comes to corporate level it will be used as efficient means of transaction online and payment method. Once it is widely adopted and its value will go above 500$ it will be used as medium to store and transfer wealth.

Really we need authors of such article to understand bitcoin a bit more. No currency is wrong, its the way you use it maters.

Cheers

Should post this on his site. I agree, the media needs to start focusing on the tougher implementations of Bitcoin rather than the obvious.

[subvolatil]

Good  writeup . but move it  news and  press sub forum.