Can Bitcoins be regulated by RBI? What are the consequences going to be? - page 3.

Benson Samuel

legendary

Activity: 1890

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Landscaping Bitcoin for India!

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.

deadley

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Activity: 2562

Merit: 1064

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.

nandubatchu

newbie

Activity: 24

Merit: 0

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

Fernandez

legendary

Activity: 1008

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After all the seizure, what happened? Whats the status now?

My few Bitcoins are in storage, but if I want to cash out someday I need to know how the government sees it.

amitrwt

full member

Activity: 140

Merit: 100

Quote from: nandubatchu on May 28, 2014, 12:38:49 PM

WHY NOT? IF BITCOINS ARE NOT ILLEGAL IN INDIA, THEN WHY CANT I PUT AN ATM? THERE ARE EXCHANGES WHY NOT ATM?

Great Initiative if you plan to do so, must keep in mind that there are not many people indulged in bitcoins here in India so its gonna be hard for you to manage that ATM. and apart from that RBI has not yet cleared their stand on btc.

Quote from: ?? on ??

Have no clue anyone will ever allow them

Why sir ? why you think so..?

nandubatchu

newbie

Activity: 24

Merit: 0

WHY NOT? IF BITCOINS ARE NOT ILLEGAL IN INDIA, THEN WHY CANT I PUT AN ATM? THERE ARE EXCHANGES WHY NOT ATM?

nandubatchu

newbie

Activity: 24

Merit: 0

CAN I BUY A BITCOIN ATM IN HYDERABAD, INDIA AND PLACE IT IN CENTRAL OR PRASADS?

nandubatchu

newbie

Activity: 24

Merit: 0

An excellent article on legality of Bitcoins in India : http://cis-india.org/internet-governance/bitcoin-legal-regulation-india?janrain_nonce=2014-05-08T08:33:12ZejYK7A&openid.ns=http%3A%2F%2Fspecs.openid.net%2Fauth%2F2.0&openid.mode=id_res&openid.op_endpoint=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fud&openid.response_nonce=2014-05-08T08%3A38%3A13ZWJFyRNAba4lb0Q&openid.return_to=http%3A%2F%2Fcis-india.org%2Finternet-governance%2Fbitcoin-legal-regulation-india%3Fjanrain_nonce%3D2014-05-08T08%3A33%3A12ZejYK7A&openid.assoc_handle=1.AMlYA9XLXJvbE-ohFxY-Gpj0VH6xKv_7dlhExmjRkokjHSIQ6yvV906B_LL48A&openid.signed=op_endpoint%2Cclaimed_id%2Cidentity%2Creturn_to%2Cresponse_nonce%2Cassoc_handle&openid.sig=gYR%2FOjalez0UQ3KD2Bn%2FMnBgvbM%3D&openid.identity=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fid%3Fid%3DAItOawn86KSdK2eYvL5PKYDSfBGLvYSOPB5S9Vw&openid.claimed_id=https%3A%2F%2Fwww.google.com%2Faccounts%2Fo8%2Fid%3Fid%3DAItOawn86KSdK2eYvL5PKYDSfBGLvYSOPB5S9Vw

nandubatchu

newbie

Activity: 24

Merit: 0

Presently, the government of India has left us nowhere to identify the legal status of Bitcoins to promote acceptance of the technology. So people please (especially merchants) help understanding the benefits of the tech and raise voice : https://secure.avaaz.org/en/petition/Reserve_Bank_of_India_Legalize_the_use_of_Bitcoin_as_a_mode_of_payment_or_currency_platform/

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