Cash Deposit Network or Prepaid Card Service for Bitcoin in India

[infonetenergy]

Looking for merchants and vendors who want to setup a cash deposit network for Bitcoin in India.

A cash deposit network is a company that allows payments by depositing cash for Bitcoin at various locations.  Another option maybe to work through merchants who sell pre-paid card services that may be redeemed through BitInstant.  If you are an existing vendor or merchant interested in the Bitcoin economy, read the following:  

click here: http://unocoin.com/2012/11/07/cash-deposit-network-or-prepaid-card-service-for-bitcoin-in-india/

[1714910957]

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[1714910957]

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[1714910957]

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[subvolatil]

have you started your network, how big is it , and  how reliable is the vendors you have?

[Benson Samuel]

This is a good initiative.

Sunny is a person who can make this kind of initiative work.

[StLucifer]

very interesting.
However, i cannot bring myself to read a document full of text.
Neither can i understand any text describing government regulations and definitions, etc.
What licenses would be required to set up a "shop" or a "company" to sell bitcoin as a "digital product" for "personal use", and be able to accept cash deposits into a bank account registered with that "shop"/"company".

Is this a legal way of selling bitcoin? Considering the indian government does not have a definition of what bitcoin is, perhaps we can define it ourselves as a "product", falling under the "digital" category, and find a way to fit it into the definition set by the government ( if there is one ).

[subvolatil]

yes this i what i proposed in the previous post to define it as a product from the traders view point ,  and the customers can decide to use that product as he sees fit.  , in my view this would not  be in conflict to any laws.  and also the bitcoin block chain  contains transaction details. so setuping up shop would not be that much of a problem.

[jago25_98]

Talk to gold shops?

[StLucifer]

the question is, does bitcoin fit the description of a "product" as defined by the government, considering its current features and utility.
if it does, i wouldn't mind setting up shop.

[Benson Samuel]

I had written an article, after studying the RBI guidelines for pre-paid and FERA.

http://bensonsamuel.com/bitcoin-3/reserve-bank-of-india-regulations-on-bitcoin-in-india/

At this point, I was advised by Jon Matonis, not to ask the regulators for permission.

I agree with this point completely.

Bitcoin is unregulated. Buying and selling Bitcoin with cash is your prerogative.

What people do with the Bitcoin is their concern and we are not here to police it.

[StLucifer]

I had written an article, after studying the RBI guidelines for pre-paid and FERA.

http://bensonsamuel.com/bitcoin-3/reserve-bank-of-india-regulations-on-bitcoin-in-india/

At this point, I was advised by Jon Matonis, not to ask the regulators for permission.

I agree with this point completely.

Bitcoin is unregulated. Buying and selling Bitcoin with cash is your prerogative.

What people do with the Bitcoin is their concern and we are not here to police it.

Exactly! do not give the government a chance to ask questions.
set up shop that sells "digital" goods, specifically, bitcoin.
have a company set up, with a legitimate bank account.
pay taxes on the income. No eyebrows raised, no questions asked, all paper work in order.

I do not see a problem here at all..
Now, who wants to be the first?

[dishwara]

I had written an article, after studying the RBI guidelines for pre-paid and FERA.

http://bensonsamuel.com/bitcoin-3/reserve-bank-of-india-regulations-on-bitcoin-in-india/

At this point, I was advised by Jon Matonis, not to ask the regulators for permission.

I agree with this point completely.

Bitcoin is unregulated. Buying and selling Bitcoin with cash is your prerogative.

What people do with the Bitcoin is their concern and we are not here to police it.

Exactly! do not give the government a chance to ask questions.
set up shop that sells "digital" goods, specifically, bitcoin.
have a company set up, with a legitimate bank account.
pay taxes on the income. No eyebrows raised, no questions asked, all paper work in order.

I do not see a problem here at all..
Now, who wants to be the first?

It will help criminals of Pakistan to enter Indians economy & become very easy to control money, creates new scammers who do anything to steal Indians money.  
Already Indian government can't able to control the fake 500 Rupees which is in circulation, which was printed by Pakistan & even banks don't know how to remove totally.

Those who selling Bitcoins may get fake notes without them knowing whether its fake or not.

http://www.livemint.com/Home-Page/9NSxNFvWkjsNYOfmkHeCWM/Govt-report-says-4-in-every-1000-notes-are-fake.html
http://www.cidap.gov.in/documents/FAKE%20CURRENCY.pdf
http://www.afternoondc.in/business-investment/the-fake-currency-notes-syndrome/article_65486

According to the Reserve Bank of India (RBI), in the last six years, approximately Rs. 76 crores of fake notes were seized. The RBI speaks only about the seized money. However, a report from a Parliamentary Committee states that fake notes worth Rs. 1,69,000 crores are distributed in the market. But in reality, nobody knows the total number of fake notes which are floating around in the market and being passed off as genuine.

@Benson Samuel

If you can able to educate & persuade Anna hazare members, it will create huge hit & big wave in India.
Most of Anna's supporters are well educated, in high positions, has the ability to fight against government & want to eradicate corruption & corporate.
Its a people's party, same as Bitcoin.
It will make unbelievable entry of Bitcoin in India.

[subvolatil]

Guys if you look at the negative  to much it will only deter things.  for bit coin to be influenced by scams and robbery is  there like any other fiat currency, but for bit coin to be facked and replicated is impossible, bit coin cannot be diluted by other countries of the issuing country it self, so there for the problem of the bit count being susceptible to deflationary forces would be nullified.

I wonder if any one would be open to creating a nationwide network  for different cities and gradually. India is a country which is still not into the e-commerce thing to much , for bitcoin to be able to penetrate the market a physical transaction is required. i am up for discussion on this and have some thing like this created.

[dishwara]

Guys if you look at the negative  to much it will only deter things.  for bit coin to be influenced by scams and robbery is  there like any other fiat currency, but for bit coin to be facked and replicated is impossible, bit coin cannot be diluted by other countries of the issuing country it self, so there for the problem of the bit count being susceptible to deflationary forces would be nullified.

I wonder if any one would be open to creating a nationwide network  for different cities and gradually. India is a country which is still not into the e-commerce thing to much , for bitcoin to be able to penetrate the market a physical transaction is required. i am up for discussion on this and have some thing like this created.

Its Bitcoin or bitcoin, NOT "bit coin"
Corruption has deep root in India now.

[subvolatil]

auto correct.
and corruption has nothing to do with the propagation of bitcoin in India, there is more corruption in relation to fiat currency. at least bitcoin cant be diluted by banks and government as when they feel like it.
 

[dishwara]

auto correct.
and corruption has nothing to do with the propagation of bitcoin in India, there is more corruption in relation to fiat currency. at least bitcoin cant be diluted by banks and government as when they feel like it.
 

Yes, ICICI, HDFC, ABC bank, all the banks, just welcome Bitcoin & wont give bribe to Indian politicians, to shout in parliament to pass a law that gives banks to eradicate bitcoin out of India.

[subvolatil]

a p2p system like this cant be outlawed. you need to have more trust in the power of the internet, the banks will fight against us but eventually they will realise that this is just not going to work and will have to allow bitcoin to exist. because of the decentralized nature of bitcoin it will be difficult to pass any law to stop bitcoin.

[dishwara]

Govt. do not need to attack bitcoin.
They just have to threaten those who selling or buying bitcoins.
You think no Indians working In IT or CBI or RAW, not watching about bitcoin in India & its impact?

We not living in US or other countries, where they will ask bribe if they want to do something wrong.
In India we have to give bribe for legal correct things & also have to give more bribe to do illegal things.

I think you forgot about 2 girls got arrested for posting abt bandh in their facebook status.
latest one.
http://www.dnaindia.com/mumbai/report_bal-thackeray-facebook-post-arrest-of-girls-under-66a-a-terrible-thing-says-former-cji_1775283

[subvolatil]

Govt. do not need to attack bitcoin.
They just have to threaten those who selling or buying bitcoins.
You think no Indians working In IT or CBI or RAW, not watching about bitcoin in India & its impact?

We not living in US or other countries, where they will ask bribe if they want to do something wrong.
In India we have to give bribe for legal correct things & also have to give more bribe to do illegal things.

I think you forgot about 2 girls got arrested for posting abt bandh in their facebook status.
latest one.
http://www.dnaindia.com/mumbai/report_bal-thackeray-facebook-post-arrest-of-girls-under-66a-a-terrible-thing-says-former-cji_1775283

I think you are nothing but a scam artist, you just want to deter other people from entering the indian market. looks like you may have made a pretty good earnings and you are shit scared that people might come in and take away your business. you are not a contributor to this project but a embarrassment to this whole community. you should stop and not be a part of this community you are nothing but a, another scamster indian. why are you even in involved in the bitcoin movement, if you have such a stupid views.
I know, I read some of your posts  in the other threads, you have a history of threatening people to send them to jail. you are nothing but a big mouth with a very little willly.
right now no one is talking about the government but talking about a system to be setup. if you have no positive feedback then dont post such ignorant posts you are just being stupid.
and frankly speaking i think you are truly a scam artist.  scared that others will enter you space. next time just keep  you opinions to your self.
 

[dishwara]

Govt. do not need to attack bitcoin.
They just have to threaten those who selling or buying bitcoins.
You think no Indians working In IT or CBI or RAW, not watching about bitcoin in India & its impact?

We not living in US or other countries, where they will ask bribe if they want to do something wrong.
In India we have to give bribe for legal correct things & also have to give more bribe to do illegal things.

I think you forgot about 2 girls got arrested for posting abt bandh in their facebook status.
latest one.
http://www.dnaindia.com/mumbai/report_bal-thackeray-facebook-post-arrest-of-girls-under-66a-a-terrible-thing-says-former-cji_1775283

I think you are nothing but a scam artist, you just want to deter other people from entering the indian market. looks like you may have made a pretty good earnings and you are shit scared that people might come in and take away your business. you are not a contributor to this project but a embarrassment to this whole community. you should stop and not be a part of this community you are nothing but a, another scamster indian. why are you even in involved in the bitcoin movement, if you have such a stupid views.
I know, I read some of your posts  in the other threads, you have a history of threatening people to send them to jail. you are nothing but a big mouth with a very little willly.
right now no one is talking about the government but talking about a system to be setup. if you have no positive feedback then dont post such ignorant posts you are just being stupid.
and frankly speaking i think you are truly a scam artist.  scared that others will enter you space. next time just keep  you opinions to your self.
 

hmm

[subvolatil]

wow! you really are a scam artist.  you are running a mining operation in india and you have the balls to tell us that it is illegal and try to turn people away. look at this hypocrite. you are trying to have the people not involved in this because you are already doing this . you son of B. you need to get you stupid head out of you a hole and stop being so greedy. this is a open source project and you doing this is a shame to this community.  you have just proven that stereotype of all Indians being a money hungry greedy people. what a shame you bring to the people and our country.  
you post history shows you have been doing business on your own. that is good for you , but you have no right to come in here and spred such propaganda , stay the hell away. and dont ever do such a thing. you may be a old member but your actions are shamefull and degrading. i know what you are trying to do so dont even try to pull this stunt again.  

[dishwara]

wow! you really are a scam artist.  you are running a mining operation in india and you have the balls to tell us that it is illegal and try to turn people away. look at this hypocrite. you are trying to have the people not involved in this because you are already doing this . you son of B. you need to get you stupid head out of you a hole and stop being so greedy. this is a open source project and you doing this is a shame to this community.  you have just proven that stereotype of all Indians being a money hungry greedy people. what a shame you bring to the people and our country.   
you post history shows you have been doing business on your own. that is good for you , but you have no right to come in here and spred such propaganda , stay the hell away. and dont ever do such a thing. you may be a old member but your actions are shamefull and degrading. i know what you are trying to do so dont even try to pull this stunt again. 

Before calling my mother bitch, think about your sisters, mother & grand mothers.