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Topic: BTCXIndia Shutting Operation - page 3. (Read 5514 times)

sr. member
Activity: 452
Merit: 252
from democracy to self-rule.
May 08, 2015, 01:47:17 PM
#21
really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it

This! Bitcoin was invented to eliminate such barriers and authorities, be it even tech-savvy authorities like the US or China, cannot regulate bitcoin. It is technically not possible.

But my brother, this thread is not about that. This thread is specifically about BTCXIndia.
sr. member
Activity: 336
Merit: 250
May 08, 2015, 01:34:13 PM
#20
really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it
legendary
Activity: 1258
Merit: 1001
May 08, 2015, 01:18:48 PM
#19
What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.

That is a misleading statement.
+1
legendary
Activity: 1258
Merit: 1001
May 08, 2015, 01:17:31 PM
#18
yes it actually seems fishy. Maybe they are shutting down due to something else and putting the blame on the banks.
Sometimes there will be multiple reasons.
legendary
Activity: 1258
Merit: 1001
May 08, 2015, 01:13:14 PM
#17
Benson who are your bankers? may be btcxindia & unocoin can engage with them......

Regards,
Unocoin is not facing issues with any bankers right now
newbie
Activity: 58
Merit: 0
May 08, 2015, 12:19:42 PM
#16
as Benson said, they can always move their business to Axis, ICICI.....BTCXIndia.com is hiding something......
legendary
Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
May 08, 2015, 11:34:53 AM
#15
What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.

That is a misleading statement.
legendary
Activity: 2632
Merit: 1094
May 08, 2015, 11:33:48 AM
#14
What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.
full member
Activity: 271
Merit: 117
May 08, 2015, 11:19:02 AM
#13
This is very sad but at the same time the abrupt nature of this announcement makes me skeptic.
Can someone from BTCXIndia throw light on what they did to resist this?

This statement on their website is very lame : "We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today."

You will close down your business because "it seems"? And not even try to reach out to others in the domain?

I would expect, no one will misunderstand the current happenings as authoritive pressure against Bitcoin. It is as simple as survival of the banks and I believe BTCXIndia did not explore all banking alternatives. In any case, bitcoin users in general DO NOT need to panic. There are always direct trading alternatives like www.LocalBitcoins.com or www.100bit.co.in, where banks can not do anything. Shutting down of real time exchanges will at most hurt the INR-bitcoin traders, which I believe is a very small community. All the big traders have account in foreign exchanges and they'll remain unaffected. No entrepreneurship venture should be affected by this as changing bitcoin to FIAT is still as easy as before.
newbie
Activity: 32
Merit: 0
May 08, 2015, 11:17:23 AM
#12
yes it actually seems fishy. Maybe they are shutting down due to something else and putting the blame on the banks.
sr. member
Activity: 452
Merit: 252
from democracy to self-rule.
May 08, 2015, 10:54:09 AM
#11
This is very sad but at the same time the abrupt nature of this announcement makes me skeptic.
Can someone from BTCXIndia throw light on what they did to resist this?

This statement on their website is very lame : "We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today."

You will close down your business because "it seems"? And not even try to reach out to others in the domain?
newbie
Activity: 58
Merit: 0
May 08, 2015, 10:37:59 AM
#10
axis has some Government of India partnership, so you have some official government approval...sort of....
newbie
Activity: 58
Merit: 0
May 08, 2015, 10:36:31 AM
#9
thanks, I think btcxindia also uses icici, unocoin deals via hdfc- sure about that.
legendary
Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
May 08, 2015, 10:35:20 AM
#8
Benson who are your bankers? may be btcxindia & unocoin can engage with them......

Regards,

Axis and ICICI Bank.
newbie
Activity: 58
Merit: 0
May 08, 2015, 10:33:43 AM
#7
Benson who are your bankers? may be btcxindia & unocoin can engage with them......

Regards,
legendary
Activity: 1890
Merit: 1000
Landscaping Bitcoin for India!
May 08, 2015, 10:27:30 AM
#6
Quite shocking. One of the best sites shutting down. If banks are not comfortable then is it Coinsecure & Unocoin also shutting its operations in coming days?

Coinsecure will not be shutting down.
We have confirmed this with our banks as well.
hero member
Activity: 700
Merit: 500
May 08, 2015, 10:21:25 AM
#5
Quite shocking. One of the best sites shutting down. If banks are not comfortable then is it Coinsecure & Unocoin also shutting its operations in coming days?
newbie
Activity: 58
Merit: 0
May 08, 2015, 10:06:40 AM
#4
what the heck  Angry

can anybody from BTCXIndia.com throw some light??
legendary
Activity: 1148
Merit: 1000
May 08, 2015, 09:44:47 AM
#3
This is bad news all around. Bitcoin is not illegal in the country. The powers that be must see this as a real threat.
legendary
Activity: 2562
Merit: 1064
May 08, 2015, 09:36:16 AM
#2
Really sad to heard, Unocoin also facing so many problems and inquiring by authorities.

So much happening behind the scene.
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