What are some of biggest hurdles that startup bitcoin exchanges in India face?

[krishnaverma]

We know that cryptocurrencies are still in their initial phase and thus exchanges are also quite new. At such, what are some of biggest hurdles that startup bitcoin exchanges in India face?

[Virtual miner]

We know that cryptocurrencies are still in their initial phase and thus exchanges are also quite new. At such, what are some of biggest hurdles that startup bitcoin exchanges in India face?

Converting their BTC into fiat. Its not quite difficult to open a startup create an altcoin and run an ICO. But problem comes when it comes product development. Developing product/service could require multiple expenses its not possible that everyone accepts bitcoins especially in India. So converting your hundreds of ETH/BTC into fiat without coming in the eyes of authorities is the biggest hurdle startups face.

[Forbiddenone]

We know that cryptocurrencies are still in their initial phase and thus exchanges are also quite new. At such, what are some of biggest hurdles that startup bitcoin exchanges in India face?

Converting their BTC into fiat. Its not quite difficult to open a startup create an altcoin and run an ICO. But problem comes when it comes product development. Developing product/service could require multiple expenses its not possible that everyone accepts bitcoins especially in India. So converting your hundreds of ETH/BTC into fiat without coming in the eyes of authorities is the biggest hurdle startups face.

First converting of hundreds of eth/btc is not advisable,it would look like you are doing scam.there is certain  less amount is used and rest is kept for hold for years.second it is not difficult to start any blockchain based project in india,the problem is that india doesn't have any rules regarding regulations of virtual currency so it is not advisable to make such project for which you have to do ico.

[futureofeth]

Indian Legality is most confusing to digital currency to grow especially fast developing currency like Bitcoin exchange is very hard to establish in present scenario

[hinayupak]

What are some of biggest hurdles that startup bitcoin exchanges in India face? To state it from a user perspective, Bitcoin can be considered to be cash for the Internet. While there are or have been at least 110 other digital currencies, Bitcoin accounts for 77% of the market value of all digital currencies and an even higher percentage of digital currency users credits to Pantera capital.
To help you out with the hurdles you must go through to establish a Bitcoin startup in India, I am citing down a few points Business Registration You can set up such business as a PVT. LTD. Or LLP or OPC company. KYC Norms KYC Norms are the norms set by the RBI that require banks to continuously monitor their customers’ transactions.Abide by the principal laws concerning Bitcoin:The Constitution of India, 1950The Foreign Exchange Management Act, 1999 FEMA The Reserve Bank of India Act, 1934 RBI ActThe Coinage Act, 1906

[reliable]

Indian Legality is most confusing to digital currency to grow especially fast developing currency like Bitcoin exchange is very hard to establish in present scenario

Government has started taking actions now. Below is the link where they have gone to exchanges and started understanding the user data . I think this might be the start of the shutdown process in India. In some days I think govt may even ask the exchanges to shutdown if they are not comfortable with this currency.

https://www.coindesk.com/indias-tax-department-collects-user-data-at-multiple-bitcoin-exchanges/

[krishnaverma]

In my opinion this will take time. Politicians are making remarks just because BTC is getting that much popular. Even if the exchanges shut down, we can trade from exchanges outside the country.