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

[adv.kanishk]

hahaha....Samuel I understand that you are not enquiring the same about yourself but for start-up guys. See I would not be able to tell the amount of fee we would charge as it totally depends on the nature of work and the involvement the client wants us to put in. But I am sure I can provide my legal services to the start-ups keeping in mind that they are setting up their businesses. If they are comfortable they can also pay in bitcoins. Let me know about the start-up guys who require my services, would be glad to be of assistance. Hope you know my contact details

Yes. Bitcoin can be regulated by RBI only and they may regulate it or ban it. BBut they would be required to do so with proper reasoning and that is for sure.

In case of any clarification please do let us know.
Regards
--
Kanishk Agarwal
Advocate
CriTaxCorp
Criminal-Taxation-Corporate
www.critaxcorp.com
+919971666252
+919999966252

A quick suggestion, most of the startups are wary about legal fees that can be incurred with such a consultation.
It would be awesome if people also had some idea of what they may face in the event that they need to go all the way.

Samuel I am a bit confused whether you are asking about legal consultation for my services or fighting it after RBI refusal. For the former our consultation and opinions can be acquired by paying in bitcoins as well as by normal mode. We are also looking into various prospectives for the start ups in form of VC funding. Secondly, for the latter it will be hard to tell about the legal fee structure to fight it out in courts but, I think indian counterpart of this forum should definitely create a pool of money for any such anomaly that comes its way because in supreme court this kind of matter would definately have to be argued by a senior advocate and they charge quite well.

Agarwal, I have some pretty strong backing, so this is not for me at the moment.
I do think that this is a good service and not too many people have come into the forums to offer the same, even though there are several legal houses in India, who are working on Bitcoin.
Wish you all the best and you can count on me to help back any venture that you bring forward

[nandubatchu]

Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?

[adv.kanishk]

We can definitely look into it. You may contact us for providing opinion on the same, as it requires extensive research.

[subvolatil]

Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?

Yup you can have vending machines. so you will be only selling bitcoins  no purchase. 

[nandubatchu]

I am interested in the new product (Bitcoin vending machine) from Skyhook - www.projectskyhook.com so will that be legal to establish one in India?? Mr. Kanishk can you look into this?

[highkart]

Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?

Yup you can have vending machines. so you will be only selling bitcoins  no purchase. 

I am still a little doubtful on that. Even if the machine is only dispensing the btc on acceptance of cash , there is no way to stop somebody to covert their black money to btc and transfer out of india. And there is no way to KYC the person.

I feel there is more study to be needed to implement btc atm in India.

This is just a thoughtful opinion, legal experts can provide a better solution.

Regards,
Amit

[subvolatil]

Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?

Yup you can have vending machines. so you will be only selling bitcoins  no purchase. 

I am still a little doubtful on that. Even if the machine is only dispensing the btc on acceptance of cash , there is no way to stop somebody to covert their black money to btc and transfer out of india. And there is no way to KYC the person.

I feel there is more study to be needed to implement btc atm in India.

This is just a thoughtful opinion, legal experts can provide a better solution.

Regards,
Amit

Its not a ATM it a vending machine, and you are looking at this  as if a person is  doing to stuff a vending  machines wit more than 1 crore in cash and  transferring it out.

Vending machines wont be able to handle more than 20k transaction a  day, that is taking into account security and physical space.

in your terms i can buy a soda bottle off a vending  machine take it abroad and sell that soda for cash and poof laundered money worth a soda. I'm a genius.

[highkart]

Ok if the Bitcoin ATMs are not allowed as they are not entitled as currency yet in India, we can establish Bitcoin vending machines right now. Inserting fiat and taking bitcoin transferred. Is it legally acceptable in present conditions?

Yup you can have vending machines. so you will be only selling bitcoins  no purchase. 

I am still a little doubtful on that. Even if the machine is only dispensing the btc on acceptance of cash , there is no way to stop somebody to covert their black money to btc and transfer out of india. And there is no way to KYC the person.

I feel there is more study to be needed to implement btc atm in India.

This is just a thoughtful opinion, legal experts can provide a better solution.

Regards,
Amit

Its not a ATM it a vending machine, and you are looking at this  as if a person is  doing to stuff a vending  machines wit more than 1 crore in cash and  transferring it out.

Vending machines wont be able to handle more than 20k transaction a  day, that is taking into account security and physical space.

in your terms i can buy a soda bottle off a vending  machine take it abroad and sell that soda for cash and poof laundered money worth a soda. I'm a genius.

Hmmm this make sense to a certain extent. Just haven't thought this way, still will recommend a legal consultation.

Regards,
Amit

[adv.kanishk]

We can surely look into the whole transaction and the applicable provisions on the same. Provisions, formalities, licenses and permission regarding the establishment of a ATM needs to be looked into then we can try and bifurcate the same in a manner that bitcoin vending machine are classified differently. It is a long query and wholesome opinion I can look into it. You can PM me.