Popular Bitcoin Exchanges in India Shut Down

[sidjourn]

The RBI regulations were just another warning, I thought.

Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.

Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/

What can we do about it?

I am surprised our government took action, so quick!

[subvolatil]

The RBI regulations were just another warning, I thought.

Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.

Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/

What can we do about it?

I am surprised our government took action, so quick!

Dont worry ;-) its nothing.

[sidjourn]

How, then, are you buying bitcoins atm?

[buysellbitcoin]

Hi Sidjorn,

We have not shutdown our operations. We are just taking further legal advise. We will resume soon.


Regards

[devansh1991]

Hi Sidjorn,

We have not shutdown our operations. We are just taking further legal advise. We will resume soon.


Regards

This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about  BTC can and will be misused so why suspend operations now??

[subvolatil]

Hi Sidjorn,

We have not shutdown our operations. We are just taking further legal advise. We will resume soon.


Regards

This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about  BTC can and will be misused so why suspend operations now??

Give it some time. this will be resolved.

The authorities and the regulators need to understand  that  if they rule  against bitcoin it would go underground and would be much more dangerous.

Exchanges can ensure money laundering and terrorist cant use bitcoin's for their use.

Bitcoin records every transaction and can be used to track users  properly. In a fact bitcoin is a better system to ensure money laundering does not happen. 

[subvolatil]

The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users, including the following:

The part 

not authorised by any central bank or monetary authority

Which states that no country around the world has authorized it . it does not imply the RBI saying they need to authorize it.

As such, they may pose several risks to their users, including the following:

Which states the dangers for users, using bitcoin.

breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.

Can be easily resolved by exchanges by implementing the KYC norms.  the exchanges do not send money abroad so money laundering can be  a  problem unless KYC has not been maintained.

CFT laws details

http://www.southindianbank.com/UserFiles/CFT-What_you_must_know.pdf

Exchanges can also work closely with The Financial Intelligence Unit (FIU)

[buysellbitcoin]

Hi Sidjorn,

We have not shutdown our operations. We are just taking further legal advise. We will resume soon.


Regards

This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about  BTC can and will be misused so why suspend operations now??

It is not about BTC can be and will be misused, it is more about how you can make sure, your platfrom and services can not be misused for such activities as per current set of regulations.

Regards

[upal]

The RBI regulations were just another warning, I thought.

Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.

Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/

What can we do about it?

I am surprised our government took action, so quick!

I can see UnoCoin is up and running !!! INRBTC has given a clear message and buysellbitco is throwing 404 !!! I dunno why ? A clear message could have been better... i guess.

[bitcoinisfurture]

Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?

[escrow.ms]

Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?

Localbitcoins is a p2p trading platform, they don't take any Fiat nor give any Fiat.
Buysellbitco.in is a different case, it's Mahin's personal buying/selling site

[Benson Samuel]

Found this lying around. Anyone tried it?

https://www.bitquick.in/

[BTCIndia]

[techguy]

@sidjourn,
      As buysellbitcoin, has already confirmed that it is a temporary suspension and not a permanent shutdown, Could you change this thread title to "Popular Bitcoin Exchanges in India are temporarily suspended" ?

[subvolatil]

Found this lying around. Anyone tried it?

https://www.bitquick.in/

Yeh  they are  something  like INRBTC, escrow based.

Based out of India the RBI ruling  does not  effect them , Infact it should  not  effect INRBTC as they  dont  directly transact  in INR.

INRBTC should  be  ok to  start  business as they  dont  deal anything in BTC

[inrbtcad]

Found this lying around. Anyone tried it?

https://www.bitquick.in/

Yeh  they are  something  like INRBTC, escrow based.

Based out of India the RBI ruling  does not  effect them , Infact it should  not  effect INRBTC as they  dont  directly transact  in INR.

INRBTC should  be  ok to  start  business as they  dont  deal anything in BTC

  Yes, INRBTC.com does not take FIAT money. We take commission in bitcoins.  It is the users who use the services of INRBTC.com who need protection from legal exposure. As they will be dealing with counter-parties, they need to be assured that the counter-parties are known entities.

We are trying to figure out the best way to protect them.  I have sent an email to Aadhar development team for access to their Authentication system on 24th Dec, but I have not received any response so far.  They are currently running it on a trial basis. If any of you can get me an intro that would be a good way to start.


As all Aadhar holders are verified by the Government for Identity and Address proof, anybody who holds a valid Aadhar card can transact with any other Aadhar holder. At the same time, we do not need to take and store idendity and Address proof of each individual.

With Aadhar Authentication system, the dual goal of protecting user's idendity and authenticating them can done. This process will also solve the RBI's caution wherein the Users will not deal with anonymous parties.

[subvolatil]

Found this lying around. Anyone tried it?

https://www.bitquick.in/

Yeh  they are  something  like INRBTC, escrow based.

Based out of India the RBI ruling  does not  effect them , Infact it should  not  effect INRBTC as they  dont  directly transact  in INR.

INRBTC should  be  ok to  start  business as they  dont  deal anything in BTC

  Yes, INRBTC.com does not take FIAT money. We take commission in bitcoins.  It is the users who use the services of INRBTC.com who need protection from legal exposure. As they will be dealing with counter-parties, they need to be assured that the counter-parties are known entities.

We are trying to figure out the best way to protect them.  I have sent an email to Aadhar development team for access to their Authentication system on 24th Dec, but I have not received any response so far.  They are currently running it on a trial basis. If any of you can get me an intro that would be a good way to start.


As all Aadhar holders are verified by the Government for Identity and Address proof, anybody who holds a valid Aadhar card can transact with any other Aadhar holder. At the same time, we do not need to take and store idendity and Address proof of each individual.

With Aadhar Authentication system, the dual goal of protecting user's idendity and authenticating them can done. This process will also solve the RBI's caution wherein the Users will not deal with anonymous parties.

well you have a competitor https://www.bitquick.in/ who can  operate in the country without any interference, they dont even need you to signup or give out any details, every thing is done through emails. i would suggest you to use the pan cards for  Auth.  and  the KYC document requirement and store it  with you.  let the users  do the transactions with the  banking  details. access to the Aadhar system may take a  longer time. 

[Benson Samuel]

Found this lying around. Anyone tried it?

https://www.bitquick.in/

Yeh  they are  something  like INRBTC, escrow based.

Based out of India the RBI ruling  does not  effect them , Infact it should  not  effect INRBTC as they  dont  directly transact  in INR.

INRBTC should  be  ok to  start  business as they  dont  deal anything in BTC

We are trying to figure out the best way to protect them.  I have sent an email to Aadhar development team for access to their Authentication system on 24th Dec, but I have not received any response so far.  They are currently running it on a trial basis. If any of you can get me an intro that would be a good way to start.

Will help you get into that

[nefron]

Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?

its not a indian company

[lonsharim]

Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?

its not a indian company

It's also not an exchange, people directly buy/sell to each other with them acting as escrow. The irony is that it is easier to launder because you can buy and maintain your anonymity and not even use bank for your transactions.