Can Bitcoins be regulated by RBI? What are the consequences going to be?

[nandubatchu]

Presently, the government of India has left us nowhere to identify the legal status of Bitcoins to promote acceptance of the technology. So people please (especially merchants) help understanding the benefits of the tech and raise voice  : https://secure.avaaz.org/en/petition/Reserve_Bank_of_India_Legalize_the_use_of_Bitcoin_as_a_mode_of_payment_or_currency_platform/

[nandubatchu]

An excellent article on legality of Bitcoins in India : http://cis-india.org/internet-governance/bitcoin-legal-regulation-india?janrain_nonce=2014-05-08T08:33:12ZejYK7A&openid.ns=http%3A%2F%2Fspecs.openid.net%2Fauth%2F2.0&openid.mode=id_res&openid.op_endpoint=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fud&openid.response_nonce=2014-05-08T08%3A38%3A13ZWJFyRNAba4lb0Q&openid.return_to=http%3A%2F%2Fcis-india.org%2Finternet-governance%2Fbitcoin-legal-regulation-india%3Fjanrain_nonce%3D2014-05-08T08%3A33%3A12ZejYK7A&openid.assoc_handle=1.AMlYA9XLXJvbE-ohFxY-Gpj0VH6xKv_7dlhExmjRkokjHSIQ6yvV906B_LL48A&openid.signed=op_endpoint%2Cclaimed_id%2Cidentity%2Creturn_to%2Cresponse_nonce%2Cassoc_handle&openid.sig=gYR%2FOjalez0UQ3KD2Bn%2FMnBgvbM%3D&openid.identity=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fid%3Fid%3DAItOawn86KSdK2eYvL5PKYDSfBGLvYSOPB5S9Vw&openid.claimed_id=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fid%3Fid%3DAItOawn86KSdK2eYvL5PKYDSfBGLvYSOPB5S9Vw

[nandubatchu]

CAN I BUY A BITCOIN ATM IN HYDERABAD, INDIA AND PLACE IT IN CENTRAL OR PRASADS?

[nandubatchu]

WHY NOT? IF BITCOINS ARE NOT ILLEGAL IN INDIA, THEN WHY CANT I PUT AN ATM? THERE ARE EXCHANGES WHY NOT ATM?

[amitrwt]

WHY NOT? IF BITCOINS ARE NOT ILLEGAL IN INDIA, THEN WHY CANT I PUT AN ATM? THERE ARE EXCHANGES WHY NOT ATM?

Great Initiative if you plan to do so, must keep in mind that there are not many people indulged in bitcoins here in India so its gonna be hard for you to manage that ATM. and apart from that RBI has not yet cleared their stand on btc.

Have no clue anyone will ever allow them

Why sir ? why you think so..?

[Fernandez]

After all the seizure, what happened? Whats the status now?

My few Bitcoins are in storage, but if I want to cash out someday I need to know how the government sees it.

[nandubatchu]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

[deadley]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

[Benson Samuel]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

[nandubatchu]

BITCOINS WILL BE ACCREDITED AS COMMODITY ONLY IN MY OPINION. BECAUSE IT IS LIMITED IN QUANTITY AND CAN BE MINED ANYWHERE. THESE ARE THE PROPERTIES OF COMMODITIES EXCLUSIVELY. WHAT ARE YOUR OPINIONS?

[dashingriddler]

BITCOINS WILL BE ACCREDITED AS COMMODITY ONLY IN MY OPINION. BECAUSE IT IS LIMITED IN QUANTITY AND CAN BE MINED ANYWHERE. THESE ARE THE PROPERTIES OF COMMODITIES EXCLUSIVELY. WHAT ARE YOUR OPINIONS?

There are many other features in bitcoin which will make it better than a commodity but govt dont like them usually

[deadley]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

[Benson Samuel]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

[deadley]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

RBI will not care till we are doing trading or holding Over the Counter. But when time for vending machine/ATM they will really take step to stop that.

[Fernandez]

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

They have?

So Bitcoin is just like any commodity in India then?

[Benson Samuel]

Has not been defined.
RBI have the powers to get Bitcoin under their wing, but doing something like that would be the same as legalizing it outright.

12 months more at the most and we should have a better framework to work under.

[EternalWingsofGod]

Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

[Benson Samuel]

Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

It has to. They have taken notice and action in the last 12 months, something has to give in the next 12
Consider it an optimistic number.

[dashingriddler]

If govt did not change, it would have been faster.

[Fernandez]

Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

It has to. They have taken notice and action in the last 12 months, something has to give in the next 12
Consider it an optimistic number.

We can cash out our riches after 12 months then

That or we move to Hong Kong.