Topic: INDIA Arbitrage and regulations (Read 862 times)
In a perfect world you would partner with a bank who could navigate all the legal FIAT and money exchange rules for you. You would essentially just use their charter/business. It is only a matter of time before massive regulations come sweeping in. Why not try to do it the right way at first and have a bank or possibly banks lobbying for you to parliament?
In india there is no law work for bitcoin ............indian government just taking views from public what he can do and what indian minister said in parliament written below .....
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC
AFFAIRS
RAJYA SABHA
UN
STARRED QUESTION NO. 2960
TO BE ANSWERED ON 28
th
MARCH, 2017/
CHAITRA 7, 1939 (SAKA)
FINANCIAL RISK DUE TO VIRTUAL CURRENCIES
QUESTION
2960:
DR. K.V.P. RAMACHANDRA RAO:
Will the Minister of
FINANCE
be pleased to state:
(a) whether Government shares the reported comment of RBI that virtual currencies pose a
financial risk; and
(b) if so, how will it address the problem while pushing for a cashless economy?
ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ARJUN RAM MEGHWAL)
(a)
& (b)
:
Reserve Bank of India, vide, its Press Release dated February 01, 2017 has advised
that it has not given any license / authorization to any entity / company to operate such schemes
or deal with Bitcoin or any virtual currency. As
such, any user, holder, investor, trader, etc.
dealing with Virtual Currencies will be doing so at their own risk.
Reserve Bank of India had issued cautionary advice to the users, holders and traders of
Virtual Currencies (VCs) including Bitcoins about the potential financial, operational, legal,
customer protection and security related risks that they are exposing themselves to , vide, its
press release dated December 24,2013.
The creation, trading or usage of VCs including Bitcoins, as a medium of payme
nt is not authorized by any central bank or monetary authority. No regulatory approval, registration or
authorisation is stated to have been obtained by the entities concerned for carrying on such
activities.
The absence of counter parties in usage of VCs including Bitcoins, for illicit and illegal activities in anonymous/ pseudonymous systems could subject the users to unintentional
breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws
.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC
AFFAIRS
RAJYA SABHA
UN
STARRED QUESTION NO. 2960
TO BE ANSWERED ON 28
th
MARCH, 2017/
CHAITRA 7, 1939 (SAKA)
FINANCIAL RISK DUE TO VIRTUAL CURRENCIES
QUESTION
2960:
DR. K.V.P. RAMACHANDRA RAO:
Will the Minister of
FINANCE
be pleased to state:
(a) whether Government shares the reported comment of RBI that virtual currencies pose a
financial risk; and
(b) if so, how will it address the problem while pushing for a cashless economy?
ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ARJUN RAM MEGHWAL)
(a)
& (b)
:
Reserve Bank of India, vide, its Press Release dated February 01, 2017 has advised
that it has not given any license / authorization to any entity / company to operate such schemes
or deal with Bitcoin or any virtual currency. As
such, any user, holder, investor, trader, etc.
dealing with Virtual Currencies will be doing so at their own risk.
Reserve Bank of India had issued cautionary advice to the users, holders and traders of
Virtual Currencies (VCs) including Bitcoins about the potential financial, operational, legal,
customer protection and security related risks that they are exposing themselves to , vide, its
press release dated December 24,2013.
The creation, trading or usage of VCs including Bitcoins, as a medium of payme
nt is not authorized by any central bank or monetary authority. No regulatory approval, registration or
authorisation is stated to have been obtained by the entities concerned for carrying on such
activities.
The absence of counter parties in usage of VCs including Bitcoins, for illicit and illegal activities in anonymous/ pseudonymous systems could subject the users to unintentional
breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws
.
Paypal or Wiretransfer would be the best way to send money out of India.
Can you share the name of your company?
Can you share the name of your company?
Hi, Our business is an international bitcoin trading business and we have access via API integrations into the leading global exchanges. We can source 1000s of coins a day at best prices. We are trading successfully in a number of countries and we want to create a partnership in India where we send coins there to sell at a premium. Does anyone know how we can take deposits from the India bank out of the country in USD and how we can explore the legal regulations. We want to trade $1m a week but need to take the money out, and we are happy to pay taxes and costs. Any advice would be appreciated as we can't seem to get the information anywhere.
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