[2016-11-16] Mint: Bitcoin firms like Unocoin get frantic calls to convert cash

[polynesia]

Bitcoin firms like Unocoin, ZebPay get frantic calls to convert cash

http://www.livemint.com/Money/0MUb7GpwDgYFa3qXLF08QM/Bitcoin-firms-get-frantic-calls-to-convert-cash.html

Since Tuesday night, as digital payments providers registered spikes in transaction from consumers, bitcoin providers in India saw a spike of a different kind—calls from people wanting to turn in cash for bitcoins.

However, the callers were left disappointed when the firms told them that to buy bitcoins they would require to give their bank account details and undergo a know-your-customer (KYC) process.

“I’ve had to put most of my operations guys in fielding calls and telling callers that this would not be possible,” said Sandeep Goenka, co-founder, Zebpay (Zeb Ventures Pte Ltd), a start-up that operates a platform where its customers can trade as well as buy and sell bitcoins.

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[philiveyjr]

Not surprised by this. I am sure bitcoin saw a massive interest after this, but either party be it the buyer or the seller are not going to be able to escape this. Even Cash payments on lbtc are obviously down.