BitCoinDream (OP)
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Activity: 2324
Merit: 1204
The revolution will be digital
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December 27, 2013, 09:02:36 AM |
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http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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ineedit
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December 27, 2013, 10:14:27 AM |
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http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested Your post is misleading, it is not Bitcoin but Gupta that is breaking the laws of India. |
If I have been help then please show your thanks BTC: 127PRogAVZiV3fEmpJERh9KemK3a3Ffh6G LTC: LXghFL8mZffpTFkm2nRTesuDrV5DJQP3Js
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Puxery
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Activity: 7
Merit: 0
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December 27, 2013, 10:22:56 AM |
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is this mean bitcoin are illegal in india?
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ineedit
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December 27, 2013, 11:15:38 AM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. |
If I have been help then please show your thanks BTC: 127PRogAVZiV3fEmpJERh9KemK3a3Ffh6G LTC: LXghFL8mZffpTFkm2nRTesuDrV5DJQP3Js
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EvilPanda
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December 27, 2013, 11:30:17 AM |
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Currently nobody's been arrested, nothing happened and nobody attacks BTC. Why should we care?
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newIndia
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Activity: 2198
Merit: 1049
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December 27, 2013, 05:09:01 PM |
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I would like to know how and where is Mahin Gupta at this moment ? Is he detained or questioned only at home ? Any news ?
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LiteCoinGuy
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Activity: 1148
Merit: 1010
In Satoshi I Trust
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December 27, 2013, 05:25:44 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. thats the point. when you open a business and dont care about laws and regulation you get punished. |
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newIndia
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Activity: 2198
Merit: 1049
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December 27, 2013, 05:33:31 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? |
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Peter R
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Activity: 1162
Merit: 1007
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December 27, 2013, 05:37:30 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? I guess they just need to keep their bitcoins in India  But seriously, laws like this are comical as we move into the information age. One pays duty importing $500 of electronics into Canada, but one can import $1,000,000 of source code over email a lot easier. |
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Mjbmonetarymetals
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Activity: 1096
Merit: 1067
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December 27, 2013, 06:20:27 PM |
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Didn't he also use a false business address.
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Bitrated user: Mick.
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ineedit
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December 27, 2013, 06:24:20 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements. |
If I have been help then please show your thanks BTC: 127PRogAVZiV3fEmpJERh9KemK3a3Ffh6G LTC: LXghFL8mZffpTFkm2nRTesuDrV5DJQP3Js
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dc0ded
Newbie
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Activity: 41
Merit: 0
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December 27, 2013, 06:35:08 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. thats the point. when you open a business and dont care about laws and regulation you get punished. You are right. Governments don't like people to keep secrets. If Gupta had done some more research to follow foreign exchange regulations in India, his business would have still been running. |
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newIndia
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Activity: 2198
Merit: 1049
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December 27, 2013, 07:49:29 PM |
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is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal. That makes running any service illegal in India that accepts Bitcoin !!! Is it so ? No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements. How on earth one will know the tax of Bitcoin unless he converts it to FIAT ? |
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