Bitcoin In India Under attack :- global community please help

[subvolatil]

Bitcoin In India Under attack :- global community please help

After  the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

They has started raiding the  only manual exchanges in the country.  http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like  they want to go after the  users  too.

i have  setup a  IRC channel for every one to get together  and  find a solution to this. would like it if the international community would help this  small group https://bitcointalk.org/index.php?topic=386916.msg4163880#msg4163880

Update:-

http://timesofindia.indiatimes.com/city/ahmedabad/Bitcoin-may-be-used-by-hawala-traders-Officials/articleshow/28067184.cms

Looks like The government is starting to demonize bitcoin users.

Now they have started calling all bitcoiners Gang

http://www.thehindu.com/business/Economy/bitcoin-gang-gets-67-new-ecurriences-value-grows-to-13-bn/article5515128.ece

I am starting to re-think why i would want to stay in such an ignorant country.

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[HairyMaclairy]

Sad but not unexpected.

India has strong capital controls to try to stem flight.

http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india

We should expect strong resistance from corrupt regimes everywhere.  But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet. 

I expect zero coin will to be a key weapon in fighting corrupt regimes. 

[subvolatil]

Sad but not unexpected.

India has strong capital controls to try to stem flight.

http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india

We should expect strong resistance from corrupt regimes everywhere.  But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet. 

I expect zero coin will to be a key weapon in fighting corrupt regimes. 

right now shit is hitting the fan in india.

[Kyt Dotson]

I am unaware of the legality of bitcoins in India, but the article says, "... to trade in this illegal but virtual currency." Is this a typo, or is BTC actually illegal in India?

I understand from the article the raid was triggered because the use of bitcoins in trade violated "foreign exchange" (which I assume to be trade with money over international borders.)

Then there's the ED official who says, "No country has legalised Bitcoin as of now because of its opaque nature." I don't know that any country has "legalized" bitcoins, but some countries an exchange of value need only not be illegal to be fine. And I'm not sure what sort of takeaway we can expect from the "opaque" claim. It tells me that the official speaking is ill informed on what bitcoins are and how they function -- perhaps that opacity is education?

So, the article suggests that India's central bank sets the regulations on what transactions can be made across international lines, "...in clear violation of Foreign Exchange Management Act (FEMA) rules of the country as central bank does not provide permission to indulge in such transactions." Does this mean that India's central bank can give permission to bypass this FEMA?

[bryant.coleman]

Those who have used online bank transfers to buy BTCs will now be in trouble. But still, I don't know how far they will go. There are tens of thousands of people who posses Bitcoins in India.

[HairyMaclairy]

Wikipedia says that under FEMA any foreign exchange activity is illegal unless expressly permitted.  This is a very unusual and harsh law by English law standards (which India follows because it used to be an English colony).

http://en.m.wikipedia.org/wiki/Foreign_Exchange_Management_Act

Looks like bitcoin will stay strictly black market in India for the foreseeable future. 

[justmyname]

Bitcoin In India Under attack :- global community please help

After  the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

They has started raiding the  only manual exchanges in the country.  http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like  they want to go after the  users  too.

i have  setup a  IRC channel for every one to get together  and  find a solution to this. would like it if the international community would help this  small group https://bitcointalk.org/index.php?topic=386916.msg4163880#msg4163880

The article doesn't say anything new. Just states Bitcoin  and other crypto's aren't backed by any Central banks. Which is exactly one of the good things about it.  Don't worry about it.

[QuestionAuthority]

I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.

[subvolatil]

I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.

I dont know but a  few ideas would help alot.

[Peter R]

I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.

I dont know but a  few ideas would help alot.

Are the authorities actually raiding bitcoin exchanges, like the OP mentioned?  If the raids are violent and someone can get good photographic evidence (especially with a bitcoin logo in situ), then perhaps it would get some western media attention.  The people of the world will side with those whose freedoms are oppressed.  

[QuestionAuthority]

I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.

I dont know but a  few ideas would help alot.

The only solutions I can think of is either defect or go underground. Governments that really want to stop something will use fear campaigns and well orchestrated physical force attacks. It's difficult for individuals to fight against that unless supporters exist in great numbers and are willing to make great sacrifices. In other words, it's hard for the people of a country to stop public physical violence against the citizens without an uprising. I don't know that you will get the necessary local support for an uprising to defend a financial instrument. I wish you good luck with your fight.

[justusranvier]

i have  setup a  IRC channel for every one to get together  and  find a solution to this. would like it if the international community would help this  small group https://bitcointalk.org/index.php?topic=386916.msg4163880#msg4163880

https://localbitcoins.com/

[Elwar]

So the bank of India has the power to arrest people?

The central bank of the US only has the power to start wars and choose our leaders but even they cannot arrest people...yet.

[Bitcoinpro]

India the next country lining itself up for an economic tsunami 

[bryant.coleman]

So the bank of India has the power to arrest people?

The current government of India is one of the most corrupt in the entire world, and the RBI governor (Raghuram Rajan) is very close to the ruling party. Yesterday, they just launched a criminal investigation on flimsy grounds against the opposition leader. If the opposition leader himself is not safe, then what will be the condition of the common people?

[marcus_of_augustus]

A DDOS attack on any agencies involved with the crackdown would not be unexpected at this point ... just saying.

Don't take such shit lying down ... if you welcome the scum with resistance they think twice next time.

[BTCisthefuture]

hopefully the government in india helps create some guidance that allows exchanges to still operate. sounds like as of right now a lot of exchanges in india are voluntarily shutting down. hopefully this a temporary thing.

http://www.coindesk.com/indian-bitcoin-exchanges-suspend-operations-following-rbi-warning/

[bryant.coleman]

A new government will be elected after the April 2014 elections and in all probability the current Reserve Bank governor will be thrown out of power immediately after that. So I urge all Indian Bitcoiners to wait for 4 months. Don't do anything drastic.

[Peter R]

A DDOS attack on any agencies involved with the crackdown would not be unexpected at this point ... just saying.

Don't take such shit lying down ... if you welcome the scum with resistance they think twice next time.

That is very interesting marcus_of_augustus.  I wonder if there's a way we could crowd-source funding for defensive manoeuvres in cyberspace to help those being unreasonably attacked. 

[QuestionAuthority]

A DDOS attack on any agencies involved with the crackdown would not be unexpected at this point ... just saying.

Don't take such shit lying down ... if you welcome the scum with resistance they think twice next time.

You do know where Gandhi is from and what they did to him, don't you?