Just a quick question. Does anyone have an estimate of the bitcoins that are traded by Indians or in India? A ball park figure would suffice.
Topic: Setting up BTC <--> INR exchange in India - page 3. (Read 5484 times)
Hi,
I was introduuced to bitcoin by a friend in an MMORPG I play. Was interested in looking at it's status in India. Looks like things are in a nascent stage. I have been exposed to a few projects which could have easily incorporated a bitcoin kind of system in them. If someone is setting up an exchange in India, I would love to be updated about it. If there is some help that is needed let me know. I'm sure as a community, we can set up different aspects, right from the exchange to a market place to kick off this thing in India.
I was introduuced to bitcoin by a friend in an MMORPG I play. Was interested in looking at it's status in India. Looks like things are in a nascent stage. I have been exposed to a few projects which could have easily incorporated a bitcoin kind of system in them. If someone is setting up an exchange in India, I would love to be updated about it. If there is some help that is needed let me know. I'm sure as a community, we can set up different aspects, right from the exchange to a market place to kick off this thing in India.
This is very interesting.
Thanks benson!
I would at least like to know an approximate ETA for such an exchange, if nothing else.
Thanks benson!
I would at least like to know an approximate ETA for such an exchange, if nothing else.
It will be ready during the first half of next year.
It is currently at a POC state.
This is very interesting.
Thanks benson!
I would at least like to know an approximate ETA for such an exchange, if nothing else.
Thanks benson!
I would at least like to know an approximate ETA for such an exchange, if nothing else.
I know who is working on it, but not aware of any more details.
The project is still at a nascent stage.
The project is still at a nascent stage.
ermm.. sooo Who is working on it?
Or is this information confidential? in which case nevermind.
I will check with him if he can come on to the forum and post about it.
He had requested that no further information about this project be shared from my side.
well if any one wants to start a collaboration to setup a system, which would work for bitcoin lets start to discuss and have a model created, we can in a few month role it out and test it, if that model works then will be good if it has any fault we can modify the model and try to see if other things would be required to make it work. remember the economy and social interaction in india is very different we need to incorporate, the digital with the physical.
I know who is working on it, but not aware of any more details.
The project is still at a nascent stage.
The project is still at a nascent stage.
ermm.. sooo Who is working on it?
Or is this information confidential? in which case nevermind.
I know who is working on it, but not aware of any more details.
The project is still at a nascent stage.
The project is still at a nascent stage.
Do you know who are doing this . and what market penetration they are focusing on.
An exchange for India is currently being built.
I am not sure about recent developments, but have been told that its release is not too far away.
I am not sure about recent developments, but have been told that its release is not too far away.
I like this idea , i know we have no exchange in India yet , i am from delhi and looking for options to get a basic exchange setup here. may be we all can network together and see if we can do some thing about it, i have been looking at the indian law , the law seems to be regulating currency and payment systems issued by a country or a specific company, payment system regarding credit cards and payment system like the ones created by pay pals. but with bit coin it is decentralized not issued by any particular person or government, i believe that the Indian government would not have any jurisdictional authority, if we look at the sale and purchase of bitcoine as a product rather than a mode of currency , what the person does after the purchase will be his responsibility,
Another added bonus is that all bit coin transaction is in the public domaine and if the government cries that they cant know that transaction happens then our response would be to have them pull up the transaction records and connect the dots them self.
Guys tel me what you think of this , and do pm and lets see what we can build.
Another added bonus is that all bit coin transaction is in the public domaine and if the government cries that they cant know that transaction happens then our response would be to have them pull up the transaction records and connect the dots them self.
Guys tel me what you think of this , and do pm and lets see what we can build.
A good idea. Hope we see an exchange soon. Are all the bitcoiners from Bangalore here? (I know at least 3 are 
)
)We need to start spreading a bit more.. Maybe we should target Bitcoin in Mysore as well.
I have been fortunte enought to have hosted escrow for a few transactions.
There is tremendous scope in Escrow.
There is tremendous scope in Escrow.
What i could advice you is become a escrow you could deposit money from the buyer and when the buyer receives the bitcoins you can release the funds to the sellers and work around with mt gox exchange rate..
A good idea. Hope we see an exchange soon. Are all the bitcoiners from Bangalore here? (I know at least 3 are )
)
You could also look at a few monetary systems like Ripple or Hawla.
http://bensonsamuel.com/bitcoin-3/a-decentralized-monetary-system-for-a-decentralized-currency/
http://bensonsamuel.com/bitcoin-3/a-decentralized-monetary-system-for-a-decentralized-currency/
The legality states that only Banking companies can accept cash deposits.
This is why a system like Mt Gox is not yet possible in India unless you can obtain a Banking/MSB licence.
With Brick and Mortar establishments being the weakest link in the Bitcoin economy, Anything centralized will be stopped by the authorities.
Getting rid of them will become easier in a few years for sure. Bitcoin is not a short-term plan for India.
In the mean-time, if someone can work around cash based pre-paid cards(Regulated as well) as a way to purchase them and get money from point A-B, That may be the low hanging fruit for India.
http://bensonsamuel.com/bitcoin-3/reserve-bank-of-india-regulations-on-bitcoin-in-india/
Also check out localbitcoins.com
Mt Gox is not an intermediary, they make a cut and accept deposits, which get them into quasi-banking.
This is why a system like Mt Gox is not yet possible in India unless you can obtain a Banking/MSB licence.
With Brick and Mortar establishments being the weakest link in the Bitcoin economy, Anything centralized will be stopped by the authorities.
Getting rid of them will become easier in a few years for sure. Bitcoin is not a short-term plan for India.
In the mean-time, if someone can work around cash based pre-paid cards(Regulated as well) as a way to purchase them and get money from point A-B, That may be the low hanging fruit for India.
http://bensonsamuel.com/bitcoin-3/reserve-bank-of-india-regulations-on-bitcoin-in-india/
Also check out localbitcoins.com
Mt Gox is not an intermediary, they make a cut and accept deposits, which get them into quasi-banking.
Hi guys,
I am thinking of setting up a bitcoin exchange exclusively for Indians. Still working out the legalities of this. However, there are two options. Need your suggestions:
1. We will sell/buy BTC directly from users.
2. We will act as an exchange like MTGOX and act as an intermediary between the users.
Please point me to the right information for setting up something like this.
The idea is to make it easier to buy and sell bitcoins in India. Apparently it is easy to obtain bitcoins here but quite difficult to get rid of them.
Regards
I am thinking of setting up a bitcoin exchange exclusively for Indians. Still working out the legalities of this. However, there are two options. Need your suggestions:
1. We will sell/buy BTC directly from users.
2. We will act as an exchange like MTGOX and act as an intermediary between the users.
Please point me to the right information for setting up something like this.
The idea is to make it easier to buy and sell bitcoins in India. Apparently it is easy to obtain bitcoins here but quite difficult to get rid of them.
Regards
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