[2014-05-05] First Bitcoin Exchange Launches in India

[aliceHortrex]

India’s first Bitcoin exchange launched this morning. BTCxIndia, whose first live market ticker began at 11:00 Indian Standard Time, offers “a secure, real time trading platform, following KYC- and AML-guidelines, and allowing instant INR deposits and withdrawals.”

http://cointelegraph.com/post/first_bitcoin_exchange_launches_in_india

[1714185701]

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[1714185701]

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[1714185701]

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[LiteCoinGuy]

hmmm there already was an indian exchange but it was forced to close some months ago 

maybe the new one will have more luck 

[seriouscoin]

hmmm there already was an indian exchange but it was forced to close some months ago 

maybe the new one will have more luck 

or maybe this is completely a fraud. DO NOT SEND FUNDs to them. Noobs beware.

[vokain]

hmmm there already was an indian exchange but it was forced to close some months ago  

maybe the new one will have more luck  

or maybe this is completely a fraud. DO NOT SEND FUNDs to them. Noobs beware.

I don't know about that. Their KYC/AML policy looks put together with some diligent effort. either way, noobs beware is prudent advice

https://btcxindia.com/downloads/BTCXINDIA%20KYC%20AML%20procedures.pdf

[bryant.coleman]

No one uses the local Bitcoin exchanges in India. Most of them are up for only one or two months and vanish without a trace along with the coins. My Indian friends tell me that they use only Localbitcoins.

[btcxindia]

Dear Members,

Thank you for the comments/critics. The previous one was closed forcibly due to remittance services. They themselves buy and sell Bitcoins for cash deposit/cash.

We are not offering remittance services(comes under FEMA, should be approved by RBI) and we are not buying and selling Bitcoins for cash deposit/cash.We are facilitating the platform for the buyer and seller to come across for buying/selling Bitcoins.

We are not taking third party cash/transfers.First of all, customer has to sign up then he will recieve the KYC document. He has to fulfill the KYC procedures then he will allowed for trading.The deposits and withdrawals to/from their respective bank accounts( Mentioned bank account in KYC document) and we will not allowed more than Rs50000 transfer.

We are always advised to our customers "do ont hold the bitcoins with us".When ever they want to sell , just transfer it and sell it and the same bank transfer too.

Local bitcoins doing the same service by offline and we are doing the same service by on-line then why local bitcoins is right and why we are wrong.

Thanks and Regards,
BTCXIndia team.

[bryant.coleman]

We are not offering remittance services(comes under FEMA, should be approved by RBI) and we are not buying and selling Bitcoins for cash deposit/cash.We are facilitating the platform for the buyer and seller to come across for buying/selling Bitcoins.

So.. it is more like Localbitcoins.com

We are not taking third party cash/transfers.First of all, customer has to sign up then he will recieve the KYC document. He has to fulfill the KYC procedures then he will allowed for trading.The deposits and withdrawals to/from their respective bank accounts( Mentioned bank account in KYC document) and we will not allowed more than Rs50000 transfer.

I don't think that many people will be happy with these restrictions. Still... I wish you all the best!

[mdegreffe]

"India banning Bitcoin" threads incoming in few months

[LiteCoinGuy]

hmmm there already was an indian exchange but it was forced to close some months ago  

maybe the new one will have more luck  

or maybe this is completely a fraud. DO NOT SEND FUNDs to them. Noobs beware.

good hint, yes.

[bryant.coleman]

"India banning Bitcoin" threads incoming in few months

Yes. India had actually banned the trading of bitcoin. A government change is going to occur in India within the next 10 days. So let's hope that the new government is more pro-Bitcoin than the outgoing one.

[aliceHortrex]

"India banning Bitcoin" threads incoming in few months

Yes. India had actually banned the trading of bitcoin. A government change is going to occur in India within the next 10 days. So let's hope that the new government is more pro-Bitcoin than the outgoing one.

I hope that everything would change to pro-Bitcoin, i'll keep my fingers crossed 

[ninjenten]

how reliable is this exchange going to be if it is banned by government

[bryant.coleman]

how reliable is this exchange going to be if it is banned by government

In India, a lot of things are there in the grey zone. It depends on the authorities whether they will make your life a hellhole or not. A number of the rules are not imposed that much forcibly in India. So there is hope.

[btcxindia]

Till now, there is no official statement or stand on Bitcoin banning.

On DEC 2013, RBI warned on Bitcoins usage/users.Here was the last statement from the Govt side on FEB 2014.

“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,” Finance Minister P Chidambaram said in a written reply in the Rajya Sabha.

Recently PMO( dept of science) has sanctioned Rs 10 crores to the Prof CR Rao Advanced institue of M,S,C for study on crypto graphy solutions and crypto currencies .

As of now Govt agencies , regulatory bodies studying on pros and cons on emerging technology/currency.

In India, ED raids are quite common in all sectors ( ex: telecom, coal mining etc).If they find any irregularity/guilty in any sector they will raid, there is no exception on Bitcoin firms.

This is not grey market. As on today Bitcoin is legal but not yet regulated in India and RBI is not interested to regulate now.This is the stand.If you are not satisfactory with my answer, you may apply in RBI site and ask a query "Does it RBI banned BItcoin". What ever their reply you posted over here.

[bryant.coleman]

Brace yourself for the price shocks when the India-is-banning-Bitcoin panic sets in.

Don't think that will ever happen. Indian users account for less than 1% of the global Bitcoin users. So unlike China and Russia, the impact which the Indian users have on the exchange rates will be rather limited.

[LiteCoinGuy]

Till now, there is no official statement or stand on Bitcoin banning.

On DEC 2013, RBI warned on Bitcoins usage/users.Here was the last statement from the Govt side on FEB 2014.

“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,” Finance Minister P Chidambaram said in a written reply in the Rajya Sabha.

Recently PMO( dept of science) has sanctioned Rs 10 crores to the Prof CR Rao Advanced institue of M,S,C for study on crypto graphy solutions and crypto currencies .

As of now Govt agencies , regulatory bodies studying on pros and cons on emerging technology/currency.

In India, ED raids are quite common in all sectors ( ex: telecom, coal mining etc).If they find any irregularity/guilty in any sector they will raid, there is no exception on Bitcoin firms.

This is not grey market. As on today Bitcoin is legal but not yet regulated in India and RBI is not interested to regulate now.This is the stand.If you are not satisfactory with my answer, you may apply in RBI site and ask a query "Does it RBI banned BItcoin". What ever their reply you posted over here.

ok, thx for the info. good luck with your exchange. i hope you go the long way.