Author

Topic: Bitcoin under attack in India (Read 1335 times)

legendary
Activity: 2226
Merit: 1052
December 27, 2013, 02:49:29 PM
#13
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.

That makes running any service illegal in India that accepts Bitcoin !!! Is it so ?

No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements.



How on earth one will know the tax of Bitcoin unless he converts it to FIAT ?
newbie
Activity: 41
Merit: 0
December 27, 2013, 01:35:08 PM
#12
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.


thats the point. when you open a business and dont care about laws and regulation you get punished.

You are right. Governments don't like people to keep secrets. If Gupta had done some more research to follow foreign exchange regulations in India, his business would have still been running.
sr. member
Activity: 252
Merit: 250
December 27, 2013, 01:24:20 PM
#11
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.

That makes running any service illegal in India that accepts Bitcoin !!! Is it so ?

No, you can run a business in India that accepts Bitcoin as payment provided you pay your taxes and abide by any laws and regulatory requirements.

legendary
Activity: 1096
Merit: 1067
December 27, 2013, 01:20:27 PM
#10
Didn't he also use a false business address.
legendary
Activity: 1162
Merit: 1007
December 27, 2013, 12:37:30 PM
#9
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.

That makes running any service illegal in India that accepts Bitcoin !!! Is it so ?

I guess they just need to keep their bitcoins in India  Cheesy

But seriously, laws like this are comical as we move into the information age.  One pays duty importing $500 of electronics into Canada, but one can import $1,000,000 of source code over email a lot easier. 
legendary
Activity: 2226
Merit: 1052
December 27, 2013, 12:33:31 PM
#8
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.

That makes running any service illegal in India that accepts Bitcoin !!! Is it so ?
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
December 27, 2013, 12:25:44 PM
#7
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.


thats the point. when you open a business and dont care about laws and regulation you get punished.
legendary
Activity: 2226
Merit: 1052
December 27, 2013, 12:09:01 PM
#6
I would like to know how and where is Mahin Gupta at this moment ? Is he detained or questioned only at home ? Any news ?
hero member
Activity: 658
Merit: 500
Small Red and Bad
December 27, 2013, 06:30:17 AM
#5
Currently nobody's been arrested, nothing happened and nobody attacks BTC. Why should we care?
sr. member
Activity: 252
Merit: 250
December 27, 2013, 06:15:38 AM
#4
is this mean bitcoin are illegal in india?
Bitcoins are not illegal in India. The act of using any store of value to transfer funds out of India and bypass regulatory and capitol control laws is illegal.
newbie
Activity: 7
Merit: 0
December 27, 2013, 05:22:56 AM
#3
is this mean bitcoin are illegal in india?
sr. member
Activity: 252
Merit: 250
December 27, 2013, 05:14:27 AM
#2
http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187

Quote
We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested

Your post is misleading, it is not Bitcoin but Gupta that is breaking the laws of India.

legendary
Activity: 2394
Merit: 1216
The revolution will be digital
December 27, 2013, 04:02:36 AM
#1
http://www.dnaindia.com/india/report-first-time-in-the-country-ed-raids-a-bitcoin-seller-in-ahmedabad-1941187

Quote
We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested
Jump to: