Legally sell mined crypto assets in India

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: Minuex on February 11, 2018, 10:49:57 AM

The biggest problem miners in India have is where to liquidate the crypto assets they mine ( selling on the exchanges is an issue since there is no purchase so it is open to interpretation as to where they were acquired, no proof of purchase may be considered as purchase from grey market by authourities)

Im working on a solution to LEGALLY solve this issue and genuine miners, how many people here are interested

Its not that hard to sell your mined altcoins here. All you need to do is mine > exchange it to a locally supported Crypto : Btc / Ltc / Doge / Xrp /Eth and get paid in your bank, or cash.
I am however curious to find out, what kind of "legal" solution you have thought up. So keep me in the loop if you can.

newjobsonline

newbie

Activity: 53

Merit: 0

KYC is mandatory in every exchange.

Not in p2p deals.

thats why we use escrows.

I dont know the Seller and the Seller dont know me, and we dont have to .

We know the Escrow and we both trust in him. thats how this works

RESPECT

Legion13

member

Activity: 321

Merit: 23

Quote from: Minuex on February 11, 2018, 10:49:57 AM

selling on the exchanges is an issue since there is no purchase so it is open to interpretation as to where they were acquired, no proof of purchase may be considered as purchase from grey market by authourities)

Can you explain what this means. You can always exchange your Crypto to fiat as there is no need you have to purchase on Bitcoin on the exchange itself. Any Indian exchange works. And if you want to be more cautious or Don't want to go through KYC (Which is mandatory for any exchange in India) there is always LocalBitcoins to the rescue. The price may be a little lesser over there though.

Furthermore new regulations are to be set by the government in a couple of months so it should set a clear path for Crypto trading or exchanging in India.

newjobsonline

newbie

Activity: 53

Merit: 0

you dont have issues if you mine your own assets.

the miner itself gives you proof that the crypto belongs to you ( there is no other place where you could have gotten those btc, coz there are signed by your own miner)

I can buy all the btc you can provide from your miners, with no usage of platforms of any kind. using only Escrow services provided by trusted escrows in this same forum.

RESPECT

Minuex

newbie

Activity: 2

Merit: 0

The biggest problem miners in India have is where to liquidate the crypto assets they mine ( selling on the exchanges is an issue since there is no purchase so it is open to interpretation as to where they were acquired, no proof of purchase may be considered as purchase from grey market by authourities)

Im working on a solution to LEGALLY solve this issue and genuine miners, how many people here are interested

Topic: Legally sell mined crypto assets in India (Read 187 times)