Can Bitcoins be regulated by RBI? What are the consequences going to be? - page 2.

Fernandez

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Quote from: deadley on June 12, 2014, 12:33:06 PM

Quote from: BitCoinDream on June 12, 2014, 12:27:09 PM

Quote from: btcxindia on June 12, 2014, 11:55:20 AM

In India, commodity futures /forwards is regulated by FMC( Forward markets committee), which is under Minister of Agriculture. How it possible, agriculture ministry regulate Bitcoin?

Hence Bitcoin will never be considered as commodity.

What about Gold, Silver and other metal selling on MCX & NCDEX ? Does it come under FMC too ?

Gold, Silver or other metals and agriculture Commodities trading in MCX and NCDEX, all come under FMC. and stock market comes under SEBI.

So its still not clear where Bitcoin is?

Its like gold, silver; but is not government controlled.

deadley

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Quote from: BitCoinDream on June 12, 2014, 12:27:09 PM

Quote from: btcxindia on June 12, 2014, 11:55:20 AM

In India, commodity futures /forwards is regulated by FMC( Forward markets committee), which is under Minister of Agriculture. How it possible, agriculture ministry regulate Bitcoin?

Hence Bitcoin will never be considered as commodity.

What about Gold, Silver and other metal selling on MCX & NCDEX ? Does it come under FMC too ?

Gold, Silver or other metals and agriculture Commodities trading in MCX and NCDEX, all come under FMC. and stock market comes under SEBI.

BitCoinDream

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The revolution will be digital

Quote from: btcxindia on June 12, 2014, 11:55:20 AM

In India, commodity futures /forwards is regulated by FMC( Forward markets committee), which is under Minister of Agriculture. How it possible, agriculture ministry regulate Bitcoin?

Hence Bitcoin will never be considered as commodity.

What about Gold, Silver and other metal selling on MCX & NCDEX ? Does it come under FMC too ?

Benson Samuel

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Landscaping Bitcoin for India!

Quote from: btcxindia on June 12, 2014, 11:55:20 AM

In India, commodity futures /forwards is regulated by FMC( Forward markets committee), which is under Minister of Agriculture. How it possible, agriculture ministry regulate Bitcoin?

Hence Bitcoin will never be considered as commodity.

fmc can come into place in the event of volatility is what I am told.

Edit: This would not come up though as Bitcoin is not controlled by any government.

btcxindia

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bitcoin exchange in India

In India, commodity futures /forwards is regulated by FMC( Forward markets committee), which is under Minister of Agriculture. How it possible, agriculture ministry regulate Bitcoin?

Hence Bitcoin will never be considered as commodity.

EternalWingsofGod

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Quote from: nandubatchu on June 10, 2014, 05:06:53 AM

BUT HAVING A BITCOIN ATM IS NOT ILLEGAL RIGHT?

No, it is not illegal except where Bitcoin is illegal
Everyone else says its OK

Benson Samuel

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Landscaping Bitcoin for India!

Quote from: Fernandez on June 11, 2014, 01:32:46 AM

Quote from: nandubatchu on June 10, 2014, 05:06:53 AM

BUT HAVING A BITCOIN ATM IS NOT ILLEGAL RIGHT?

Why do you keep posting in red caps? Can't you type normally like others?

Agreed. Stop typing in Caps and do not use red in everything.

Fernandez

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Quote from: nandubatchu on June 10, 2014, 05:06:53 AM

BUT HAVING A BITCOIN ATM IS NOT ILLEGAL RIGHT?

Why do you keep posting in red caps? Can't you type normally like others?

nandubatchu

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BUT HAVING A BITCOIN ATM IS NOT ILLEGAL RIGHT?

Fernandez

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Quote from: Benson Samuel on June 07, 2014, 12:26:39 AM

Quote from: EternalWingsofGod on June 06, 2014, 11:57:51 PM

Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

It has to. They have taken notice and action in the last 12 months, something has to give in the next 12 Cheesy

Consider it an optimistic number.

We can cash out our riches after 12 months then Cheesy

That or we move to Hong Kong.

dashingriddler

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If govt did not change, it would have been faster.

Benson Samuel

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Landscaping Bitcoin for India!

Quote from: EternalWingsofGod on June 06, 2014, 11:57:51 PM

Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

It has to. They have taken notice and action in the last 12 months, something has to give in the next 12 Cheesy

Consider it an optimistic number.

EternalWingsofGod

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Maybe they will listen many polling stations so if enough people petition there could be a change.

Read Benson 12 more months where did that quote come from?

Benson Samuel

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Landscaping Bitcoin for India!

Has not been defined.
RBI have the powers to get Bitcoin under their wing, but doing something like that would be the same as legalizing it outright.

12 months more at the most and we should have a better framework to work under.

Fernandez

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Quote from: Benson Samuel on June 02, 2014, 11:19:51 PM

Quote from: deadley on June 02, 2014, 02:15:09 PM

Quote from: Benson Samuel on June 01, 2014, 05:18:10 AM

Quote from: deadley on May 31, 2014, 02:55:47 PM

Quote from: nandubatchu on May 31, 2014, 01:30:46 AM

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

They have?

So Bitcoin is just like any commodity in India then?

deadley

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Quote from: Benson Samuel on June 02, 2014, 11:19:51 PM

Quote from: deadley on June 02, 2014, 02:15:09 PM

Quote from: Benson Samuel on June 01, 2014, 05:18:10 AM

Quote from: deadley on May 31, 2014, 02:55:47 PM

Quote from: nandubatchu on May 31, 2014, 01:30:46 AM

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

RBI will not care till we are doing trading or holding Over the Counter. But when time for vending machine/ATM they will really take step to stop that.

Benson Samuel

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Activity: 1890

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Landscaping Bitcoin for India!

Quote from: deadley on June 02, 2014, 02:15:09 PM

Quote from: Benson Samuel on June 01, 2014, 05:18:10 AM

Quote from: deadley on May 31, 2014, 02:55:47 PM

Quote from: nandubatchu on May 31, 2014, 01:30:46 AM

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

RBI have already stated that they are not an authority for Bitcoin. I do not know why everyone is still chasing them.

deadley

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Activity: 2562

Merit: 1064

Quote from: Benson Samuel on June 01, 2014, 05:18:10 AM

Quote from: deadley on May 31, 2014, 02:55:47 PM

Quote from: nandubatchu on May 31, 2014, 01:30:46 AM

If btcxindia.com can start a realtime btc-exchange, why aren't they planning to put up some ATM in highly populated places?

see this post : http://blog.coinbase.com/post/87144103922/update-on-edu-giveaway-over-20-000-college-students

If you dont know setting up ATM is not an easy process in India, you need to take permission from RBI for setting ATM.

There is a workaround for ATM in India.
Automated Vending machines are far less regulated. This could be the approach that works.

However, if RBI does not classify BTC as a commodity, this will not work.

Benson, using anything as currency is regulated through RBI. RBI dont allow even easily cash card, Cash card also has limit like 5000 so how RBI will allow Bitcoin which value more then 35k Per Bitcoin.

dashingriddler

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Activity: 1258

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Quote from: nandubatchu on June 01, 2014, 12:26:34 PM

BITCOINS WILL BE ACCREDITED AS COMMODITY ONLY IN MY OPINION. BECAUSE IT IS LIMITED IN QUANTITY AND CAN BE MINED ANYWHERE. THESE ARE THE PROPERTIES OF COMMODITIES EXCLUSIVELY. WHAT ARE YOUR OPINIONS?

There are many other features in bitcoin which will make it better than a commodity but govt dont like them usually

nandubatchu

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BITCOINS WILL BE ACCREDITED AS COMMODITY ONLY IN MY OPINION. BECAUSE IT IS LIMITED IN QUANTITY AND CAN BE MINED ANYWHERE. THESE ARE THE PROPERTIES OF COMMODITIES EXCLUSIVELY. WHAT ARE YOUR OPINIONS?

Topic: Can Bitcoins be regulated by RBI? What are the consequences going to be? - page 2. (Read 3327 times)