[24-12-2013]-Avoid virtual currencies like Bitcoin, RBI warns...

[BTCIndia]

http://www.domain-b.com/economy/general/20131224_shoppers.html

Came across below news and it striked me, if Bitcoin is not defined as currency then for sure it comes under ambit of commodity. If Madovercoins.com sells good for Bitcoin then, they're bartering. Is bartering illegal under Indian law?

[Benson Samuel]

http://www.domain-b.com/economy/general/20131224_shoppers.html

Came across below news and it striked me, if Bitcoin is not defined as currency then for sure it comes under ambit of commodity. If Madovercoins.com sells good for Bitcoin then, they're bartering. Is bartering illegal under Indian law?

Barter is unregulated. Want a goat for a chicken?

[thenoblebot]

Well the "solution" to barter was intended to be "money". Money was settled upon to be "currencies" which were gauged by various "Standards" and now we have a whole different problem - we are bartering <i>agree upon</i> "currencies" for "something" (btc and the sorts) which did not exist before and thus the problem , i.e.,w.r.t something -> do we not accept it ? do we accept it to a certain extent ? (in which case to what extent and who decides) or do we fully accept it ? (a future with no <i>currently agree upon</i> "currencies" aka a crypt-anarchists' paradise)

[spndr7]

RBI cautions users of Virtual Currencies against Risks

[BTCIndia]

RBI cautions users of Virtual Currencies against Risks

Vice versa is also true- Virtual Currencies warns RBI.