how would sending bitcoins abroad come under law?

[newtocryptocurrency]

If someone from India were to send bitcoins to obtain service from a person from another country or to buy something from a company abroad like overstock how would it come into the law?

if we are to treat bit coin is an asset, it would not come under FEMA, right?

could it violate any other law?

[polynesia]

If someone from India were to send bitcoins to obtain service from a person from another country or to buy something from a company abroad like overstock how would it come into the law?

if we are to treat bit coin is an asset, it would not come under FEMA, right?

could it violate any other law?

This goes back to the currency vs commodity debate.
If it is treated as a currency, then it will come under FEMA.

[zencomp]

If someone from India were to send bitcoins to obtain service from a person from another country or to buy something from a company abroad like overstock how would it come into the law?

if we are to treat bit coin is an asset, it would not come under FEMA, right?

could it violate any other law?

This goes back to the currency vs commodity debate.
If it is treated as a currency, then it will come under FEMA.

You are correct on this matter i think their is a thread in which question is raised that what is bitcoin, a currency , commodity or what. It is still in confusion. I think it matter to what country are you going to trade, and what that country treat bitcoin as a currency or commodity. Till then nothing can be said.

[newtocryptocurrency]

I doubt the other country's take on bitcoins would matter at all.

[zencomp]

everything depends on the countrys acceptenance of bitcoin in which mode, because in which country you are going to send in that country what law is depending on them. but as per now details still bitcoin is not recognised my most of the countrys, so you dont have to worry for the law problems

[Wapinter]

When governments are not serious about bitcoin why should we be bother to declare our bitcoin transactions?

[legendster]

If someone from India were to send bitcoins to obtain service from a person from another country or to buy something from a company abroad like overstock how would it come into the law?

if we are to treat bit coin is an asset, it would not come under FEMA, right?

could it violate any other law?

As of now there exists no such rule or law for us Indians.

Unless government declares and accepts Bitcoins as a commodity or as a currency there would be no official reason to state what you are doing with your bitcoins - whether it be in India or outside of it.

But when it comes to encashing bitcoins for Indian currency (rupees); you'd be better off declaring that as a sale of virtual goods and pay tax on the entire value of bitcoins encashed where it'd be considered as an income.

However you can buy services with bitcoins and that would not require any declaration from your end - then it would be the headache of the service provider.

[Fernandez]

If you're transferring small amounts its fine, no one will care. I personally have made some payments like this, especially to buy gifts to be sent to someone abroad.

[polynesia]

If you're transferring small amounts its fine, no one will care. I personally have made some payments like this, especially to buy gifts to be sent to someone abroad.

Bitcoin isn't very useful on a large scale.

http://www.financialexpress.com/article/industry/banking-finance/bank-of-baroda-forex-scam-all-you-need-to-know-in-10-points/152781/

INR 6172 Cr = USD 1 Bn = 15% of Bitcoin's current market cap (it would have been a much higher percentage a few months back)