What to do if BitCoin Exchanges are forced to close down on April 20

[newIndia]

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .

I think, instead of selling on LBC for cash, it safer to sell on LBC for Bank transfer through NEFT/RTGS/IMPS.

And yes, stay away from PayPal, as the buyer can reverse your payment after a month.

[Blackshadow007]

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .

I think, instead of selling on LBC for cash, it safer to sell on LBC for Bank transfer through NEFT/RTGS/IMPS.

And yes, stay away from PayPal, as the buyer can reverse your payment after a month.

If you don't want to be tracked by anyone then Cash is best option . And Gaypal can have chargeback after 8 years not only 1 month lol

http://www.paypalsucks.com/forums/showthread.php?fid=6&tid=31812

[btvGainer]

Lets hope government never ban it and if they do,we should be given some time to sell our btc.
I would like to see what Indian exchanges are doing in this regard.

[@prashant]

Lets hope government never ban it and if they do,we should be given some time to sell our btc.
I would like to see what Indian exchanges are doing in this regard.

Xd why they will give time ,it is not governed by them!
I think government are now looking in virtual currency because of demonatisation.maybe they are seeking holder who hide black money in digital cash.

[iad_xo]

you can always move to wallet and wait until many other country legalize.

[niisarearning]

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

[S_D]

I am reading the whole thread on 15th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

You are from the future?

Assuming you are not from future and you wrote this on 5th of May 2017 here's whats happening:

Cause we are sheep and there's no one to tell us, there were some news here and there that it's now not in pro of banning bitcoins in India and trying to regulate the exchanges. However no official statement has been made by the govt. yet.

So sit tight and watch.

[niisarearning]

I am reading the whole thread on 15th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

You are from the future?

Assuming you are not from future and you wrote this on 5th of May 2017 here's whats happening:

Cause we are sheep and there's no one to tell us, there were some news here and there that it's now not in pro of banning bitcoins in India and trying to regulate the exchanges. However no official statement has been made by the govt. yet.

So sit tight and watch.

Sorry Its supposed to be 5th its my mistake and yes there was lots of rumours around that issue . Even i don't have any clarity on that again i am editing my post if anybody having information please let us know

[krishnapramod]

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

The inter-ministry committee would give their verdict between the 15th and 20th of this month. The possibility of bitcoin getting a legal status is high, but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.

https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal/u/20059439

[lordquanta]

Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

[S_D]

...
Sorry Its supposed to be 5th its my mistake...
...

Hahaha I am having a bad day at trying to get someone into a fight xD good spirit you got there!

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

...but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.
...

Strict guidelines to be followed, will be done by exchanges. So I guess as customers we don't have much to worry about. BTC cannot be centralized, it would need great deal of attention, investment and planning which our officials evidently lack. China has tried it in the past but they were slammed head first.

Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

Govt. is already getting their cut in form of VAT and will collect in form of GST and I believe a bill won't be drafted and passed just for collecting taxes on Bitcoin. They will just pull cryptos under their existing structure.

[iram3130]

Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

Government is already taking their cut, as you call it from exchanges and exchanges are taking fees from us but the thing is govt will double it or worse, kyc will be more sophisticated or you may say tedious as they are running their aadhar to pan link process right now. All in all some good news for us and some bad for companies who run exchanges.

[Marma Kalari]

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum   . Whats the future for bitcoin in india . there is no clarity on that

The inter-ministry committee would give their verdict between the 15th and 20th of this month. The possibility of bitcoin getting a legal status is high, but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.
 

The decentralization and privacy factors are still not there as all the exchanges running in India run with strict KYC regulations and what i am expecting is additional taxes being levied on bitcoin users but i am not confident with the ruling party as they could come up with weird regulations and restrictions as they take more care about cows life than human life .