Topic: Challenges to create Exchange in India? - page 2. (Read 5578 times)
localbitcoins.com for now
Micro sales seems to be the best option for now.
mtgox sales been good to me for more then a year, who need exchange which cannot exchange.
I meant micro sales for India. And I guess that we are talking about the people who do not have easy access to Mt Gox.
Any body in India can have easy access to Mtgox, send your coins there, sale and you will get your money in bank in 4-5 days.
same in the other way, if you have account in good bank in branch with forex exchange, you can go to bank and send your money to mtgox. never been a problem for me and I sent thousands of dollars to Mtgox from my saving acc.
that is almost funny how every week someone with exceptional programming skills appearing here and starting with great idea to make exchange. Good luck!!
Micro sales seems to be the best option for now.
mtgox sales been good to me for more then a year, who need exchange which cannot exchange.
I meant micro sales for India. And I guess that we are talking about the people who do not have easy access to Mt Gox.
Micro sales seems to be the best option for now.
mtgox sales been good to me for more then a year, who need exchange which cannot exchange.
I agree.
From the perspective of SEBI what is the implication of exchanging BTC\INR. Do you see a challenge there?
From the perspective of SEBI what is the implication of exchanging BTC\INR. Do you see a challenge there?
It can come under SEBI's regulatory wing but not too sure.
As far as my research covered, Securities exchanges need over 50L INR as a deposit. This was recently raised from 10L.
We have tooooo many bylaws in India for even a seasoned advocate to help with.
We either need to go with micro sales or treat Bitcoin as a commodity and sell loaded wallets, etc.
Until Bitcoin gains some form of Critical Mass in India, It will be very difficult to predict its entry time.
Once Critical Mass is achieved, people will start to take notice and form views around them.
But this is the chicken or the egg problem again. How do we gain critical mass without an exchange?
Micro sales seems to be the best option for now.
Once Critical Mass is achieved, people will start to take notice and form views around them.
But this is the chicken or the egg problem again. How do we gain critical mass without an exchange?
Micro sales seems to be the best option for now.
ML is last thing to be concerned. Banks will report to Financial Investigation Unit in Delhi in case of cash deposit more then 10L. So what ... nobody cares. Cause 5 mil such cases reported per year. Plus Indian FIU will cover up for any India trails in Western banks, from thousands of requests per year, they will sent 4-5 reports per year. Do you think our babas will give a work in FIU to wrong people, never. So, ML is last thing to be cancer about. these numbers may be outdated, search if you need fresh ones.
If you are confident about it, go ahead and start one. I know that a lot of initiatives in India have not taken form only due to a lack of confidence in the regulation.
I think that the bitocean.in platform may be for sale, so a ready made exchange for India is already around.
It is a gamble hoping that no one will get caught.
out regulations practice very prohibitive, it resulted in criminalization of everything. Highly successful companies are getting sold and people moving abroad, who still can, that is one of major trend and ground reality of India business. Those still here, receiving notices from Indian government to pay taxes in amounts like 1000-2000 crores frequently and if they did not pay, be sure accounts will be frozen. But ML used by both sides, so it is safe.
Bitcoins can be good instrument for such businessman on the move. take for example gutka barons, those guys sitting on trucks of cash with no use at all. If you know where to look btc can be very useful in India.
Me starting exchange, maybe ... let me rent warehouse first for storing all that cash.
ML is last thing to be concerned. Banks will report to Financial Investigation Unit in Delhi in case of cash deposit more then 10L. So what ... nobody cares. Cause 5 mil such cases reported per year. Plus Indian FIU will cover up for any India trails in Western banks, from thousands of requests per year, they will sent 4-5 reports per year. Do you think our babas will give a work in FIU to wrong people, never. So, ML is last thing to be cancer about. these numbers may be outdated, search if you need fresh ones.
If you are confident about it, go ahead and start one. I know that a lot of initiatives in India have not taken form only due to a lack of confidence in the regulation.
I think that the bitocean.in platform may be for sale, so a ready made exchange for India is already around.
It is a gamble hoping that no one will get caught.
ML is last thing to be concerned. Banks will report to Financial Investigation Unit in Delhi in case of cash deposit more then 10L. So what ... nobody cares. Cause 5 mil such cases reported per year. Plus Indian FIU will cover up for any Indian money trails in Western banks, from thousands of requests per year , they will sent 4-5 reports per year, to FIUs in another countries. Do you think our babas will give a work in FIU to wrong people, never. So, ML is last thing to be concerned about. these numbers may be outdated, search if you need fresh ones.
Benson, you mean to say opening an bank account that is linked to exchange would come under AML? and that's one challenge?
Yes, that is correct.
Not for smaller transactions, but the bank can run an inquiry and freeze the account very easily.
We have seen one example of an Inquiry in India already, although no damage done.
What we need is an exchange independent of banks. It has to be based on some cash transfer/ p2p mechanism. This seems to be highly regulated in India.
Another option is for someone with a Non - India bank account to setup shop and allow WU/ Moneygram/ etc deposits.
I am seeing few Bitcoin exchanges India where the orders Buy|Sell pairing manually.
What are the challenges that are blocking to automated pairing Buy|Sell orders of Bitcoins?
Why there are no Auto paring Bitcoin exchanges in India?
Regulatory hurdles for exchanging BTC\INR, that you can think of?
What are the challenges that are blocking to automated pairing Buy|Sell orders of Bitcoins?
Why there are no Auto paring Bitcoin exchanges in India?
Regulatory hurdles for exchanging BTC\INR, that you can think of?
We have a problem in India with domestic money transfers. Unless there is a bank account, money cannot be transferred to the exchange.
BTC buyers may not find it easy(or expensive) in conversion process INR->USD->BTC and back BTC->USD->INR. Idea is to have an automated exchange locally in India where users can quickly\easily buy BTC->INR or INR->BTC. Not just exchange, considering merchant support it makes sense to have local exchange.
nobody need that BTC->INR or INR->BTC, volume for such transactions will be very low. That will be just another born dead exchange. But for INR-USD-CRYPTO volume is tremendous!!!! Indian government been busy printing rupees ...
what people really need here is reliable channel to transfer INR to btc-e in usd, that will open possibility to buy cheap bitcoins on btc-e and sale it later on mtgox. If you can provide such service, you will be in business 100% guaranteed. Also OKpay -->btc-e will do fine, one Indian service which offer OKpay charging quite high rate 60 inr per 1 usd.
I am seeing few Bitcoin exchanges India where the orders Buy|Sell pairing manually.
What are the challenges that are blocking to automated pairing Buy|Sell orders of Bitcoins?
Why there are no Auto paring Bitcoin exchanges in India?
Regulatory hurdles for exchanging BTC\INR, that you can think of?
What are the challenges that are blocking to automated pairing Buy|Sell orders of Bitcoins?
Why there are no Auto paring Bitcoin exchanges in India?
Regulatory hurdles for exchanging BTC\INR, that you can think of?
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