Topic: Bitcoin In India Under attack :- global community please help - page 4. (Read 6905 times)
December 27, 2013, 05:15:07 AM
India the next country lining itself up for an economic tsunami
December 27, 2013, 03:57:51 AM
So the bank of India has the power to arrest people?
The central bank of the US only has the power to start wars and choose our leaders but even they cannot arrest people...yet.
The central bank of the US only has the power to start wars and choose our leaders but even they cannot arrest people...yet.
December 27, 2013, 03:42:44 AM
i have setup a IRC channel for every one to get together and find a solution to this. would like it if the international community would help this small group https://bitcointalksearch.org/topic/m.4163880
https://localbitcoins.com/
December 27, 2013, 03:42:37 AM
I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.
I dont know but a few ideas would help alot.
The only solutions I can think of is either defect or go underground. Governments that really want to stop something will use fear campaigns and well orchestrated physical force attacks. It's difficult for individuals to fight against that unless supporters exist in great numbers and are willing to make great sacrifices. In other words, it's hard for the people of a country to stop public physical violence against the citizens without an uprising. I don't know that you will get the necessary local support for an uprising to defend a financial instrument. I wish you good luck with your fight.
December 27, 2013, 03:39:11 AM
I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.
I dont know but a few ideas would help alot.
Are the authorities actually raiding bitcoin exchanges, like the OP mentioned? If the raids are violent and someone can get good photographic evidence (especially with a bitcoin logo in situ), then perhaps it would get some western media attention. The people of the world will side with those whose freedoms are oppressed.
I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.
I dont know but a few ideas would help alot.
I'm not sure what you think the global Bitcoin community can do about government oppression. If I had the power to stop any kind of global oppression I doubt India would be the country that I start with.
Bitcoin In India Under attack :- global community please help
After the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
They has started raiding the only manual exchanges in the country. http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like they want to go after the users too.
i have setup a IRC channel for every one to get together and find a solution to this. would like it if the international community would help this small group https://bitcointalksearch.org/topic/m.4163880
After the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
They has started raiding the only manual exchanges in the country. http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like they want to go after the users too.
i have setup a IRC channel for every one to get together and find a solution to this. would like it if the international community would help this small group https://bitcointalksearch.org/topic/m.4163880
The article doesn't say anything new. Just states Bitcoin and other crypto's aren't backed by any Central banks. Which is exactly one of the good things about it. Don't worry about it.
Wikipedia says that under FEMA any foreign exchange activity is illegal unless expressly permitted. This is a very unusual and harsh law by English law standards (which India follows because it used to be an English colony).
http://en.m.wikipedia.org/wiki/Foreign_Exchange_Management_Act
Looks like bitcoin will stay strictly black market in India for the foreseeable future.
http://en.m.wikipedia.org/wiki/Foreign_Exchange_Management_Act
Looks like bitcoin will stay strictly black market in India for the foreseeable future.
Those who have used online bank transfers to buy BTCs will now be in trouble. But still, I don't know how far they will go. There are tens of thousands of people who posses Bitcoins in India.
I am unaware of the legality of bitcoins in India, but the article says, "... to trade in this illegal but virtual currency." Is this a typo, or is BTC actually illegal in India?
I understand from the article the raid was triggered because the use of bitcoins in trade violated "foreign exchange" (which I assume to be trade with money over international borders.)
Then there's the ED official who says, "No country has legalised Bitcoin as of now because of its opaque nature." I don't know that any country has "legalized" bitcoins, but some countries an exchange of value need only not be illegal to be fine. And I'm not sure what sort of takeaway we can expect from the "opaque" claim. It tells me that the official speaking is ill informed on what bitcoins are and how they function -- perhaps that opacity is education?
So, the article suggests that India's central bank sets the regulations on what transactions can be made across international lines, "...in clear violation of Foreign Exchange Management Act (FEMA) rules of the country as central bank does not provide permission to indulge in such transactions." Does this mean that India's central bank can give permission to bypass this FEMA?
I understand from the article the raid was triggered because the use of bitcoins in trade violated "foreign exchange" (which I assume to be trade with money over international borders.)
Then there's the ED official who says, "No country has legalised Bitcoin as of now because of its opaque nature." I don't know that any country has "legalized" bitcoins, but some countries an exchange of value need only not be illegal to be fine. And I'm not sure what sort of takeaway we can expect from the "opaque" claim. It tells me that the official speaking is ill informed on what bitcoins are and how they function -- perhaps that opacity is education?
So, the article suggests that India's central bank sets the regulations on what transactions can be made across international lines, "...in clear violation of Foreign Exchange Management Act (FEMA) rules of the country as central bank does not provide permission to indulge in such transactions." Does this mean that India's central bank can give permission to bypass this FEMA?
Sad but not unexpected.
India has strong capital controls to try to stem flight.
http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india
We should expect strong resistance from corrupt regimes everywhere. But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet.
I expect zero coin will to be a key weapon in fighting corrupt regimes.
India has strong capital controls to try to stem flight.
http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india
We should expect strong resistance from corrupt regimes everywhere. But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet.
I expect zero coin will to be a key weapon in fighting corrupt regimes.
right now shit is hitting the fan in india.
Sad but not unexpected.
India has strong capital controls to try to stem flight.
http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india
We should expect strong resistance from corrupt regimes everywhere. But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet.
I expect zero coin will to be a key weapon in fighting corrupt regimes.
India has strong capital controls to try to stem flight.
http://www.economist.com/blogs/freeexchange/2013/08/capital-controls-india
We should expect strong resistance from corrupt regimes everywhere. But this is Bitcoins mission in action - providing modern financial tools to the other 6 billion people on the planet.
I expect zero coin will to be a key weapon in fighting corrupt regimes.
Bitcoin In India Under attack :- global community please help
After the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
They has started raiding the only manual exchanges in the country. http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like they want to go after the users too.
i have setup a IRC channel for every one to get together and find a solution to this. would like it if the international community would help this small group https://bitcointalksearch.org/topic/m.4163880
Update:-
http://timesofindia.indiatimes.com/city/ahmedabad/Bitcoin-may-be-used-by-hawala-traders-Officials/articleshow/28067184.cms
Looks like The government is starting to demonize bitcoin users.
Now they have started calling all bitcoiners Gang
http://www.thehindu.com/business/Economy/bitcoin-gang-gets-67-new-ecurriences-value-grows-to-13-bn/article5515128.ece
I am starting to re-think why i would want to stay in such an ignorant country.
After the RBI (our central bank released the press release )http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
They has started raiding the only manual exchanges in the country. http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187
And looks like they want to go after the users too.
i have setup a IRC channel for every one to get together and find a solution to this. would like it if the international community would help this small group https://bitcointalksearch.org/topic/m.4163880
Update:-
http://timesofindia.indiatimes.com/city/ahmedabad/Bitcoin-may-be-used-by-hawala-traders-Officials/articleshow/28067184.cms
Looks like The government is starting to demonize bitcoin users.
Now they have started calling all bitcoiners Gang
http://www.thehindu.com/business/Economy/bitcoin-gang-gets-67-new-ecurriences-value-grows-to-13-bn/article5515128.ece
I am starting to re-think why i would want to stay in such an ignorant country.
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