India Enters Bitcoin Era

[btcxindia]

http://epaper.newsindia-times.com/2014_06_20/#7/z

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[gondel]

Nice to hear that!
It is enormous market and can help of the development of the community. There are also many pepole from India who are with very high software knowledge, not every indian is a call center support agent!
BR

[Gianluca95]

This is a good news absolutely !

A long time ago India banned bitcoin, now India enters in Bitcoin era, that's fantastic 

[Mr Crabs]

I think Bitcoin will blossom in some of the third world countries. It's use might even overtake the western worlds eventually.

[nwfella]

Ohm nava shiva satoshi ya!  :p

Definitely need some good news right now with all the bad news bears stuff going on with BTC.  The more countries that hop on board the more likely bitcoin is to "make it".

[Swordsoffreedom]

Welcome to Bitcoin India, I knew there were some people using it a year or two ago since there was an exchange thread here on the forums but this seems like the appropriate time for an introduction .

Its a good read and also a nice way to design a webpage

It's like reading a newspaper in design and Indians are contrarians sounds like a nice statement as well, I hope to see increasing worldwide adoption and India is one of the places in the world that needs more bitcoin nodes as  well so I hope that the adoption keeps rising and people keep rising to the challenge of starting new companies in that countries developing industry.

To Bitcoin

[Magic8Ball]

This is a good news absolutely !

A long time ago India banned bitcoin, now India enters in Bitcoin era, that's fantastic  

I do not think India banned Bitcoin. Think it was like the regular China bans Bitcoin stories.

[bryant.coleman]

I do not think India banned Bitcoin. Think it was like the regular China bans Bitcoin stories.

India has banned banks from dealing with Bitcoin businesses. That is similar to China. And I have already posted here that the current governor of the Reserve Bank of India is hostile to Bitcoins (Raghuram Rajan).

[btcxindia]

This is completly wrong statement. There is no ban on Bitcoins in India. Please don't spread wrong statements over here.Till now there is no official statement  either govt agencies or RBI.

Here Iam providing the last statement in upper house of parliament in India. Please read this

http://bitterco.in/rbi-examining-legal-security-aspects-virtual-currencies-says-p-chidambaram/


Regards,
BTCXIndia

[boumalo]

This is completly wrong statement. There is no ban on Bitcoins in India. Please don't spread wrong statements over here.Till now there is no official statement  either govt agencies or RBI.

Here Iam providing the last statement in upper house of parliament in India. Please read this

http://bitterco.in/rbi-examining-legal-security-aspects-virtual-currencies-says-p-chidambaram/


Regards,
BTCXIndia

RBI issued an advisory but nothing close to a ban

[bryant.coleman]

Here Iam providing the last statement in upper house of parliament in India. Please read this

http://bitterco.in/rbi-examining-legal-security-aspects-virtual-currencies-says-p-chidambaram/

None of the directives issued by P Chidambaram are valid now. He is no longer the finance minister of India and his party was routed in the parliament elections. Good riddance, I'd say. This lowlife issued orders to raid the first Indian Bitcoin exchange. 

[btcxindia]

As I said that was the last statement. Then after there is no new statement either from govt agencies or RBI. How can you conclude Bitcoin has banned in India.

Indian Bitcoin market is too small as of now. If it is potential, then RBI stand may come across.

As per the current scenario "BITCOIN is legal but not yet regulated".

[btcxindia]

Dear Friends,

Please go through this , you may conclude about Bitcoin stand in India;

http://cis-india.org/internet-governance/bitcoin-legal-regulation-india

[Magic8Ball]

This is completly wrong statement. There is no ban on Bitcoins in India. Please don't spread wrong statements over here.Till now there is no official statement  either govt agencies or RBI.

Here Iam providing the last statement in upper house of parliament in India. Please read this

http://bitterco.in/rbi-examining-legal-security-aspects-virtual-currencies-says-p-chidambaram/


Regards,
BTCXIndia

RBI issued an advisory but nothing close to a ban

I do not think India matters much at this stage anyway.

They will adopt soon enough.

[bryant.coleman]

I do not think India matters much at this stage anyway.
They will adopt soon enough.

Agreed. India is not as important as China to the Bitcoin sector. The GDP is only around 1.8 trillion, which is around one-fifth of that of China. Also, computer literacy and awareness is quite low. It will take a lot of time for the Indians to get familiar with Bitcoins.

[niothor]

I do not think India matters much at this stage anyway.
They will adopt soon enough.

Agreed. India is not as important as China to the Bitcoin sector. The GDP is only around 1.8 trillion, which is around one-fifth of that of China. Also, computer literacy and awareness is quite low. It will take a lot of time for the Indians to get familiar with Bitcoins.

Slovenia has only 45 billions and Bulgaria 51 in GDP , but if those two make the same movements as the PBoC made in China you can expect double digits bitcoin price.

[acs267]

Didn't some people from India already move into the Bitcoin Era? You know, with the local languages and stuff? Better not be any Pariahs! (Just joking. Think it's actually stupid, ya know.)

[bryant.coleman]

Slovenia has only 45 billions and Bulgaria 51 in GDP , but if those two make the same movements as the PBoC made in China you can expect double digits bitcoin price.

Is it that hard for the exchanges to shift their HQ? BTC-E made the shift from Kiev to Bulgaria last year, and nothing happened. Bitstamp can also relocate to some non-EU nation, if the need arises.

[crunck]

I though they already banned bitcoin trading/Exchanging already before. Anyway This should be a good move for bitcoins since India is a large market and should have good potentials.

[niothor]

Slovenia has only 45 billions and Bulgaria 51 in GDP , but if those two make the same movements as the PBoC made in China you can expect double digits bitcoin price.

Is it that hard for the exchanges to shift their HQ? BTC-E made the shift from Kiev to Bulgaria last year, and nothing happened. Bitstamp can also relocate to some non-EU nation, if the need arises.

They moved with no problems because it was a planned moved , they didn't get kicked out of the country with their funds and ban accounts frozen.

If those two countries do this , it will mean there is no safe spot in the eu for any bitcoin exchange.

The FUD wave will drive the price to double digits in less than 1 hour because in this situation both bitstamp and btc-e would be frozen.

Who is going to support the price?

[bryant.coleman]

^^^ Then they better move their HQ to some country with liberal financial laws, such as St Kitts or the Cayman Islands. Bulgaria is a part of the EU, and the authorities will have to abide by the EU anti-money laundering laws. Sooner or later, there is going to be problems.

[niothor]

^^^ Then they better move their HQ to some country with liberal financial laws, such as St Kitts or the Cayman Islands. Bulgaria is a part of the EU, and the authorities will have to abide by the EU anti-money laundering laws. Sooner or later, there is going to be problems.

In case of btc-e , that might be indeed better for them. They are already a bit shady.

But for Bitstamp I doubt there would be any real problems.
They are already exaggerating with their paper requirements.

This of course, with the current laws.