Topic: [2018-02-19] Indians Look to Buy Bitcoin Overseas as Regulations Tighten (Read 124 times)

I don't get the point of these news. The regulations have been the same. Every person has to compete KYC norms in Indian Exchanges. Secondly the government hasn't made any such rules to create a database of all users. Its better if the government comes with rules at the earliest instead of people assuming things and also creating unnecessary FUD.


It was true a few months back when Bitcoin reached $18000 (11,61,000) here in India it was at Rs 14,50,000. That was a lot of difference to arbitrage trade. But if you check today's price there is hardly any difference. But I don't expect it to stay the same. It is also one of the the main thing the government fears.

If you do have a friend overseas who is willing to buy bitcoins for you, then it does make sense. It is not just because of the increasing regulations, it is because bitcoins are cheaper in international exchanges compared to India. There is no let up in demand in India, in spite of the tough stand taken by the Government. So bitcoins usually trade at a premium in India. With people looking to friends abroad to buy Bitcoin, this should decrease.

As cryptocurrency regulations start to pile up in India, a new trend is emerging for Indians to acquire cryptocurrencies from abroad, such as from relatives or friends with overseas accounts.


The Indian government has recently intensified its efforts to strengthen the country’s regulations on cryptocurrencies, promising that a regulatory framework for them will be announced soon. Earlier this month, the Indian tax authority issued notices to 100,000 crypto traders asking them to pay taxes.

The Blockchain and Cryptocurrency Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as creating a database of crypto users and transactions, to comply with the government’s mandates. The Times of India elaborated:

"With Indian exchanges like Unocoin, Zebpay, Coinsecure, keen on increasing regulation and scrutiny into transactions, bitcoin aficionados say buying from US exchanges is a more popular alternative for purchases."

As regulations tighten in India, bitcoin “enthusiasts are now tapping into their own NRI [non-resident Indian] network of friends and family members,” the news outlet added.

L R Dinesh is a bitcoiner who buys expensive items using bitcoin on overseas online sites. He told the publication, “For the online tech community, there are some who receive bitcoins as payment for gadget and video game reviews. But for regular purchases, one has to get a relative or friend with an overseas account to send over bitcoins.”

https://news.bitcoin.com/indians-buy-bitcoin-overseas-regulations-tighten/