Looks like the Government has already made up its mind

[subvolatil]

Looks like the Government has already made up its mind. without understanding any thing.

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


This is going to  backfire, so badly, i'm gona sit back and watch it explode.

[aakashkumar]

Looks like the Government has already made up its mind. without understanding any thing.

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


This is going to  backfire, so badly, i'm gona sit back and watch it explode.

"We are doing a background check on each and every customer, particularly those involved in transactions worth more than Rs 10 lakh," said an ED official.


 RBI deputy governor KC Chakrabarty said those who understand it and take a risk are free to do so with their money. "Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand," he said.
http://timesofindia.indiatimes.com/business/india-business/No-move-to-regulate-Bitcoins-RBI/articleshow/28071044.cms

[subvolatil]

Looks like the Government has already made up its mind. without understanding any thing.

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


This is going to  backfire, so badly, i'm gona sit back and watch it explode.

"We are doing a background check on each and every customer, particularly those involved in transactions worth more than Rs 10 lakh," said an ED official.


 RBI deputy governor KC Chakrabarty said those who understand it and take a risk are free to do so with their money. "Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand," he said.
http://timesofindia.indiatimes.com/business/india-business/No-move-to-regulate-Bitcoins-RBI/articleshow/28071044.cms

Yup, its like shoot first and ask questions later.

look at hos absurd this statement is, its like saying you can do what ever you want with bitcoins it may be legal, or illegal we dont know but you will be in deep shit if we make it illegal.

[thenoblebot]

I think its following more of what happened in the US with Mt Gox money being seized .... something similar ... first they go in trying to find people on th wrong side of the law and then slowly their stance would convert to that of indifference and letting them be as long as lawful procedures are followed. Will have to wait a bit till this witch hunt dies down.

[americandesi]

Hyderabad-based unocoin.com and Bangalore based inrbtc.com bitcoin trading websites are also under scanner. All the four website owners had held a national conference on bitcoins in Bangalore on December 14 and 15 to popularize the concept of bitcoins.

I had felt this earlier when the conference was announced but now it is proven. Holding a bitcoin conference (especially publicizing it as first in the world and global conference) affected the bitcoin market in a very bad way to everyone involved in the bitcoin arena in India.
The organizers themselves are feeling the heat now. Their business unocoin is also under scanner.

Anyone else feeling this is probably the outcome of the conference.? Because, nothing else changed in India with regards to bitcoin in the recent past for RBI and ED to take such extreme measures all of the sudden.

[subvolatil]

Hyderabad-based unocoin.com and Bangalore based inrbtc.com bitcoin trading websites are also under scanner. All the four website owners had held a national conference on bitcoins in Bangalore on December 14 and 15 to popularize the concept of bitcoins.

I had felt this earlier when the conference was announced but now it is proven. Holding a bitcoin conference (especially publicizing it as first in the world and global conference) affected the bitcoin market in a very bad way to everyone involved in the bitcoin arena in India.
The organizers themselves are feeling the heat now. Their business unocoin is also under scanner.

Anyone else feeling this is probably the outcome of the conference.? Because, nothing else changed in India with regards to bitcoin in the recent past for RBI and ED to take such extreme measures all of the sudden.

I have started to think the same. Those guys brought the heat on to every one. They had the conference and had no relation to Technology, mostly talking about trade, profit and how much they earned.

Holding the conference in such a expensive hotel,  charging an extreme amount for entry fee. it just looked wrong. gave a really bad idea for people who did not understand what bitcoin was about.  Sathvik fucked up.

[Benson Samuel]

Hyderabad-based unocoin.com and Bangalore based inrbtc.com bitcoin trading websites are also under scanner. All the four website owners had held a national conference on bitcoins in Bangalore on December 14 and 15 to popularize the concept of bitcoins.

I had felt this earlier when the conference was announced but now it is proven. Holding a bitcoin conference (especially publicizing it as first in the world and global conference) affected the bitcoin market in a very bad way to everyone involved in the bitcoin arena in India.
The organizers themselves are feeling the heat now. Their business unocoin is also under scanner.

Anyone else feeling this is probably the outcome of the conference.? Because, nothing else changed in India with regards to bitcoin in the recent past for RBI and ED to take such extreme measures all of the sudden.

The conference was heavy on investment talk and making money.
The technology sections that were more important were heavily weighed down.
But I do believe that this move would have had to happen at some point in time and the faster this proceeds, the better.

[americandesi]

Hyderabad-based unocoin.com and Bangalore based inrbtc.com bitcoin trading websites are also under scanner. All the four website owners had held a national conference on bitcoins in Bangalore on December 14 and 15 to popularize the concept of bitcoins.

I had felt this earlier when the conference was announced but now it is proven. Holding a bitcoin conference (especially publicizing it as first in the world and global conference) affected the bitcoin market in a very bad way to everyone involved in the bitcoin arena in India.
The organizers themselves are feeling the heat now. Their business unocoin is also under scanner.

Anyone else feeling this is probably the outcome of the conference.? Because, nothing else changed in India with regards to bitcoin in the recent past for RBI and ED to take such extreme measures all of the sudden.

The conference was heavy on investment talk and making money.
The technology sections that were more important were heavily weighed down.
But I do believe that this move would have had to happen at some point in time and the faster this proceeds, the better.

I partly agree with you but asking RBI to advice on bitcoin was like a open question to RBI in a public forum like a conference which had been publicized by media as "First Global conference" which put them in Top Gear without giving them time to understand what is bitcoin and how it worked.
They had to save their face by taking some steps to show that they are aware of it and have the ability to regulate it. So how do they do it.?
They raid the entry and exit points of bitcoin to fiat exchanges.

I have had few of my sellers inform me that their bank managers have summoned them asking for an explanation for the huge transactions in the recent past even though the transaction was through ICICI FT or NEFT.

The trades of this magnitude used to happen earlier as well but these kinds of questioning started after the conference.

[bitcoinisfurture]

There is now more confusion than before as 2 statements totally create more confusion

 RBI deputy governor KC Chakrabarty said those who understand it and take a risk are free to do so with their money. "Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand," he said.
http://timesofindia.indiatimes.com/business/india-business/No-move-to-regulate-Bitcoins-RBI/articleshow/28071044.cms

and

Bitcoin may be used by hawala traders: Officials (Article)

Now which one to be believed as, if you read he first one means you can Buy/Sell and pay your taxes and short term profit tax. So you are doing it as per the requirement as far as you are not indulge in illegal activities. But after reading second article it is illegal now to trade any further.

Totally confused 

[dishwara]

Bitcoin MAY be used by hawala traders.
INR used by hawala traders, is INR is illegal?
Knife used by murderers, is knife illegal?

[sidjourn]

One of person working on an upcoming "real-time" exchange, which will be tied to Buttercoin, recently told me that he is glad that ED raided the house and closed down these "butcher shops."

Within a week or two we will know what the officials think of bitcoin and bitcoin exchanges.

It amazes me how some people said the event turned out great, and now I read that it was all about money and trading. Reason I did not attend was because of the "unexpected" BTC crash days before the event!

[Ashitank]

Or is it the big fish wants to get into bitcoin business & is bullying the competition , we will know soon enough.

[bitcoinisfurture]

What had happened with the raid being done at two places? Any update?