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CryptoCurrency is allowed in Indian ?

Discussion in 'CryptoCurrency' started by Nut-Nights, Aug 12, 2014.

  1. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    Any new notification from RBI for Indians ? Any Indian doing CryptoCurrency related thing ?
     
  2. WebStarr

    WebStarr Regular Member

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    RBI doesn't want anyone to deal/trade/invest in virtual or cryptocurrency in India. However there is still no specific guidelines or rules regarding the same.

    Many Indians are dealing/trading cryptocurrency without mentioning btc it in their bank statements. LBC has many Indians dealing in crypto as well as other forums.
     
  3. prab1996

    prab1996 Elite Member

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    Wait next 50 years and rbi will issue a notification.
    -=-
     
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  4. Patel

    Patel Senior Member

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    Unocoin is India's biggest exchange, they recently just got 250k from Barry Silbert. Yes its allowed in India, the banks just gave a warning though, as it's risky.
     
  5. IAmNotLegend

    IAmNotLegend Regular Member

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    RBI issued a notification long back, it never said anything about not dealing in crypto's rather it said to be cautious. Indian cryptocurrencies websites paused their exchange for few months to comply it with RBI guidelines, and now they are running. If such sort of ban is put on by RBI than it is sure to make a headline in the front columns of print media.
     
  6. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    Any indian buying and selling CC ? Got any legal issue ?
     
  7. IAmNotLegend

    IAmNotLegend Regular Member

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    Of course if your CC is used for illegal activities, if you supply them your won real CCs. Else if you are doing it via supplying fake info's to the bank, then that's the first thing you will be prosecuted for.
     
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  8. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    yeah i know that. I just want to know how many indians are doing cc buy and selling.
     
  9. jmh777

    jmh777 Registered Member

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    It's right up their ally so I would suppose a lot.
     
  10. gary2

    gary2 Jr. VIP Jr. VIP Premium Member

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    well in dec 2013 RBI said no to all virtual currencies as a result all stopped trading in India and then the deputy governor of RBI seemed reluctant to concede that it was the banks job to regulate digital currencies and Unocion started operations again...After all this Bitcoins association in India has asked the government to be specific with digital currencies guidelines in India...this is the latest
     
  11. JoeMongan

    JoeMongan Jr. VIP Jr. VIP Premium Member

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    I am not from India but the whole point of Crypto should negate worrying about RBI. :)
     
  12. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    A very few countries in Asia support Bitcoin. I am not sure Indian is one of them or not.
     
  13. IndianGrad

    IndianGrad Junior Member

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    I want to buy bitcoins in India. What's the best way which charges least margins? Localbitcoins margin are on the higher side...
    Or does anyone here trade in bitcoins?
     
  14. divok

    divok Senior Member

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    you'll have to find trustworthy sellers who are willing to exchange bitcoin via paypal. atm Localbitcoin is your best bet. moreover prices are on lower side , so you'll make profit.
     
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  15. IndianGrad

    IndianGrad Junior Member

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    Ok. Isn't there a buy sell thread or an exchange group here as well?
     
  16. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    Any update on India CC buying and selling rules ?
     
  17. Nut-Nights

    Nut-Nights Jr. VIP Jr. VIP

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    Bump .