Topic: Setback for Bitcoin in India; raids at websites’ offices (Read 775 times)
Yes old news
According to Enforcement Directorate of India, Buysellbitco.in and RBItco were violating Foreign Exchange Management; both Bitcoin websites have suspended services
World’s most debated virtual currency – Bitcoin, manages to make it to the headlines once again. The Directorate General of Economic Enforcement or Enforcement Directorate of India raided the offices of Buysellbit.co.in and RBItco post under the charges of violation of Foreign Exchange Management Act (FEMA), according to reports by Indian website Medianama. The raids were conducted by Enforcement Directorate in Ahmedabad, the capital city of North Western Indian state Gujarat.
The report further states that the enforcement agency pointed out that around 1,000 transactions were made by 400 people through the Buysellbitco.in alone. Post the raid, both RBItco and BuySellBitco.in have suspended their services.
The raid comes close on the heels of an advisory issued by Reserve Bank of India (RBI) on the trade of virtual currencies such as litecoins, bbqcoins, dogecoins and Bitcoin. In the light of growing Bitcoin transactions and constant fear of a potential international black market through Bitcoin, The advisory warned that RBI be will not regulating any such virtual currencies.
The advisory also warned people who were dealing with the currency in India of the risks involved, saying that they’re exposing them to financial, legal, operational and security related risk. Followed by the warning a number of Bitcoin dealers suspended their services.
READ MORE.....
http://sg.news.yahoo.com/setback-bitcoin-india-raids-websites-offices-120348062.html
World’s most debated virtual currency – Bitcoin, manages to make it to the headlines once again. The Directorate General of Economic Enforcement or Enforcement Directorate of India raided the offices of Buysellbit.co.in and RBItco post under the charges of violation of Foreign Exchange Management Act (FEMA), according to reports by Indian website Medianama. The raids were conducted by Enforcement Directorate in Ahmedabad, the capital city of North Western Indian state Gujarat.
The report further states that the enforcement agency pointed out that around 1,000 transactions were made by 400 people through the Buysellbitco.in alone. Post the raid, both RBItco and BuySellBitco.in have suspended their services.
The raid comes close on the heels of an advisory issued by Reserve Bank of India (RBI) on the trade of virtual currencies such as litecoins, bbqcoins, dogecoins and Bitcoin. In the light of growing Bitcoin transactions and constant fear of a potential international black market through Bitcoin, The advisory warned that RBI be will not regulating any such virtual currencies.
The advisory also warned people who were dealing with the currency in India of the risks involved, saying that they’re exposing them to financial, legal, operational and security related risk. Followed by the warning a number of Bitcoin dealers suspended their services.
READ MORE.....
http://sg.news.yahoo.com/setback-bitcoin-india-raids-websites-offices-120348062.html
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