Topic: Popular Bitcoin Exchanges in India Shut Down - page 2. (Read 3321 times)
Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?
Localbitcoins is a p2p trading platform, they don't take any Fiat nor give any Fiat.
Buysellbitco.in is a different case, it's Mahin's personal buying/selling site
Hey why is it that Localbitcoin has not suspended their services and wait for RBI's further clarification. Or anyone expects that soon they would also follow the same?
The RBI regulations were just another warning, I thought.
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
I can see UnoCoin is up and running !!! INRBTC has given a clear message and buysellbitco is throwing 404 !!! I dunno why ? A clear message could have been better... i guess.
Hi Sidjorn,
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about BTC can and will be misused so why suspend operations now??
It is not about BTC can be and will be misused, it is more about how you can make sure, your platfrom and services can not be misused for such activities as per current set of regulations.
Regards
Quote
The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users, including the following:
The part
Quote
not authorised by any central bank or monetary authority
Which states that no country around the world has authorized it . it does not imply the RBI saying they need to authorize it.Quote
As such, they may pose several risks to their users, including the following:
Which states the dangers for users, using bitcoin.
Quote
breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.
Can be easily resolved by exchanges by implementing the KYC norms. the exchanges do not send money abroad so money laundering can be a problem unless KYC has not been maintained. CFT laws details
Quote
Exchanges can also work closely with The Financial Intelligence Unit (FIU)
Hi Sidjorn,
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about BTC can and will be misused so why suspend operations now??
Give it some time. this will be resolved.
The authorities and the regulators need to understand that if they rule against bitcoin it would go underground and would be much more dangerous.
Exchanges can ensure money laundering and terrorist cant use bitcoin's for their use.
Bitcoin records every transaction and can be used to track users properly. In a fact bitcoin is a better system to ensure money laundering does not happen.
Hi Sidjorn,
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
This comes as a huge surprise. Firstly isnt it just an advisory?? Secondly the most dangerous part of the notice was the funding terrorism part, everyone is pretty aware about BTC can and will be misused so why suspend operations now??
Hi Sidjorn,
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
We have not shutdown our operations. We are just taking further legal advise. We will resume soon.
Regards
How, then, are you buying bitcoins atm?
The RBI regulations were just another warning, I thought.
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Dont worry ;-) its nothing.
The RBI regulations were just another warning, I thought.
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Turns out major exchanges like INRBTC and Buysellbitco have suspended their activity.
Link: http://www.reddit.com/r/Bitcoin/comments/1tq4am/from_an_india_this_is_ridiculous_another_exchange/
What can we do about it?
I am surprised our government took action, so quick!
Jump to: