Topic: **IMPORTANT**URGENT** Support needed to defend the stance of bitcoin in India - page 3. (Read 8273 times)

1. i cannot disclose it for now
2. they have some understanding of bitcoin. if we take a step back and examine - every regulatory authority / act will have one or the other issue with bitcoin which would affect their smooth operation - rbi, irs, ed, forex, combating of funding terrorism, money laundering, capital controls, drugs, ngo mis-use and what not.

so there is enough reason for authorities to bother about bitcoin.

Yes i thought his comments would mean something to them as well.

yes they had the name of the customer. unocoin never gave the list of customers to any one.

Hi Sathvik,

Please update us about the second meeting when it happens. Few points:
1. Who is this authority? why not make their name public?
2. It doesn't seem like a big deal, in case they only wanted info; which every LEA is authorized to do (with proper warrants of course). Apart from that whats the issue?

1. it is very surprising, they discard the thoughts of Raghuram Rajan, Governor of Reserve Bank of India!!!

I remember Christine Lagarde, International Monetary Fund Chief saying, we all listen very carefully to what Raghuram Rajan says,
not only in India, but the world listens to him. and that clip was aired on national television and it was not "personal opinion"
were they really government officials??

2. did they already had the name of that customer?? or they picked him up after you gave the list of customers??

Yes - it was discarded saying it is more of the personal opinion.

It is NOT related to high volume trading. It is related to a set of specific set of transactions by a specific customer.

Sathwik, as u r online right now I'd like to ask u 2 quick Qs...

i. Did you show them the video where RBI governer is speaking positively about bitcoin ? If yes, what is their response to that ?

ii. Is the 'incident' u mentioned, for which all these processes are taking place, involved with high volume trading or specifically related to something illegal ?

I want to add my little input to this discussion. This ORGANISATION wants to know where the bitcoins are coming from. Greenpeace is being shut down by the government especially because they were receiving foreign funding. Funding which as per the government is meant to destabilise the coountry.

In the same stance, this probably means the government is really interested about every rupee that is flowing into the country, where it is coming from and what it is being used for. If that is the case, i think the government will end up banning bitcoins as well. It is a highly likely scenario which i have been thinking about since this topic came up. And like it was mentioned in this post before, this is something that cannot be controlled, regulated, etc. It is not possible. In which case, the only way to deal with it is to ban it.

Now the question a lot of people will have is, but it is not banned anywhere else in the world, how will it be banned in India. India will generally follow the precedence, not set it. But in my experience, especially when it comes to national security and protecting the country, India has set the precedence for a lot of things, which other countries realise and acknowledge much later, and implement it later on. So it is quite possible that the precedent gets set here.

This is my worst case scenario opinion.

Best case scenario:
It is given the seal of approval by authorities and rules formed and everyone is happy.

If you have done anything illegal - whether you have used or bought bitcoins or not - you could go to jail.
In other words - bitcoin is not illegal - but what you do with bitcoin could be illegal

Sending your KYC documents is not illegal. It is required as a part of our self regulation for you to trade bitcoins on Unocoin. I believe it is same with most of the trading platforms or exchanges in India and abroad.

Executives of any kind of business can get questions by authorities. This do not make your association with such business illegal.

Yes I am here to address your concern - i have not left this thread orphan inspite the reason for this thread creation was quite different.

again gibberish,

LEGAL or ILLEGAL??

when your lawyers Nishith Desai Associates came up with thick 46 page booklet, you guys were shouting from rooftops,
that Bitcoin is NOT ILLEGAL IN INDIA and then why all this drama and use of tongue twisting language.....?

I think my language confused you. Let me put it this way.

In the conversations about bitcoin, when i mention bitcoins are not illegal - i am not getting confronted.
when i say there are no regulation for bitcoin in india as of now - i am not getting confronted.

I mean to say, the officers are agreeing with me when i say these.

Few of their arguments are "The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong (which they need not do in case of regulated transactions), jurisdictional controls can be violated and cannot be controlled (as in sending bitcoins out of country and getting them into the country)."

so my argument is "Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control." - as in make us that point of control.

YES bitcoin platforms and exchanges can get regulated - see the news today http://www.dfs.ny.gov/about/press2015/pr1505071.htm

thanks at least you recognize this is not popcorn stuff. it is people's savings in question
here and possible jail, social embaraasment etc. you are the ceo i guess.

the only illegal thing i might have done, is sending my pan card, voter id and linking my bank account,
and buying my bitcoins with unocoin.com whose executives are facing questioning by authorities.

pls ceo unocoin.com, address the concerns, it is very important. there are many customers like me watchign
this thread

quoting:



you say:Bitcoin is legal or illegal is not the basic question.

If that is not the basic question, WHAT IS?? This rings serious warning bells. First the Nishith Desai Associates comes up with
thick 46 page booklet, telling the world it is not illegal in India and now it is like, anyone can get screwed and land up in jail for Bitcoins in India

Simply put, I don't want to land in jail for just being a customer of unocoin.com.......do unocoin.com provides any legal
protection measures to there customers, because not everybody can afford top lawyers??

Regards,

no it is not popcorn stuff. and there is no loss of money.

i m trying to address ur concerns. no plans of such white paper. you need not worry about approaching a lawyer unless you have done something illegal with bitcoins.

makes no sense to me, now i know why you are the ceo, because you can twist words to suit your purpose. sir, i am a common man and have invested in unocoin.com and none of my concerns raised above have been answered. pls answer in simple, easy to understand english. please 

So what next?

Bitcoin is not illegal - agreed. There is no regulation for bitcoin - agreed.

The bitcoin technology has bought up new issues - need for questioning the users to identify from where he got bitcoins and to where he sent bitcoins if something goes wrong, jurisdictional controls can be violated and cannot be controlled.

Attempting to regulate something that cannot be controlled makes less sense. regulation can come up only if there are points of control.