What to do if BitCoin Exchanges are forced to close down on April 20

Marma Kalari

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Quote from: krishnapramod on May 05, 2017, 09:28:07 AM

Quote from: niisarearning on May 05, 2017, 03:04:33 AM

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

The inter-ministry committee would give their verdict between the 15th and 20th of this month. The possibility of bitcoin getting a legal status is high, but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.

The decentralization and privacy factors are still not there as all the exchanges running in India run with strict KYC regulations and what i am expecting is additional taxes being levied on bitcoin users but i am not confident with the ruling party as they could come up with weird regulations and restrictions as they take more care about cows life than human life . Tongue

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Quote from: lordquanta on May 05, 2017, 09:46:25 AM

Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

Government is already taking their cut, as you call it from exchanges and exchanges are taking fees from us but the thing is govt will double it or worse, kyc will be more sophisticated or you may say tedious as they are running their aadhar to pan link process right now. All in all some good news for us and some bad for companies who run exchanges.

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Quote from: niisarearning on May 05, 2017, 07:37:51 AM

...
Sorry Its supposed to be 5th its my mistake...
...

Hahaha I am having a bad day at trying to get someone into a fight xD good spirit you got there!

Quote from: krishnapramod on May 05, 2017, 09:28:07 AM

Quote from: niisarearning on May 05, 2017, 03:04:33 AM

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

...but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.
...

Strict guidelines to be followed, will be done by exchanges. So I guess as customers we don't have much to worry about. BTC cannot be centralized, it would need great deal of attention, investment and planning which our officials evidently lack. China has tried it in the past but they were slammed head first.

Quote from: lordquanta on May 05, 2017, 09:46:25 AM

Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

Govt. is already getting their cut in form of VAT and will collect in form of GST and I believe a bill won't be drafted and passed just for collecting taxes on Bitcoin. They will just pull cryptos under their existing structure.

lordquanta

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Let's wait till 15May. Mostly Govt would ask for their cut and let the game continue.

krishnapramod

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Quote from: niisarearning on May 05, 2017, 03:04:33 AM

I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

The inter-ministry committee would give their verdict between the 15th and 20th of this month. The possibility of bitcoin getting a legal status is high, but it would most probably come at a heavy price in the form of taxes. Strict RBI guidelines, FEMA act, strict KYC regulations, in short RBI would eventually take away the decentralization factor from BTC.

https://www.change.org/p/finance-minister-mr-arun-jaitley-make-bitcoins-and-cryptocurrencies-legal/u/20059439

niisarearning

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Quote from: S_D on May 05, 2017, 04:32:58 AM

Quote from: niisarearning on May 05, 2017, 03:04:33 AM

I am reading the whole thread on 15th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

You are from the future? Huh

Assuming you are not from future and you wrote this on 5th of May 2017 here's whats happening:

Cause we are sheep and there's no one to tell us, there were some news here and there that it's now not in pro of banning bitcoins in India and trying to regulate the exchanges. However no official statement has been made by the govt. yet.

So sit tight and watch.

Sorry Its supposed to be 5th its my mistake and yes there was lots of rumours around that issue . Even i don't have any clarity on that again i am editing my post if anybody having information please let us know

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Quote from: niisarearning on May 05, 2017, 03:04:33 AM

I am reading the whole thread on 15th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

You are from the future? Huh

Assuming you are not from future and you wrote this on 5th of May 2017 here's whats happening:

Cause we are sheep and there's no one to tell us, there were some news here and there that it's now not in pro of banning bitcoins in India and trying to regulate the exchanges. However no official statement has been made by the govt. yet.

So sit tight and watch.

niisarearning

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I am reading the whole thread on 5th may 2017 no body said anything about government stand after april 20 discussion in this forum . Whats the future for bitcoin in india . there is no clarity on that

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you can always move to wallet and wait until many other country legalize.

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Quote from: btvGainer on April 13, 2017, 07:44:11 AM

Lets hope government never ban it and if they do,we should be given some time to sell our btc.
I would like to see what Indian exchanges are doing in this regard.

Xd why they will give time ,it is not governed by them!
I think government are now looking in virtual currency because of demonatisation.maybe they are seeking holder who hide black money in digital cash.

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Lets hope government never ban it and if they do,we should be given some time to sell our btc.
I would like to see what Indian exchanges are doing in this regard.

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Quote from: newIndia on April 12, 2017, 12:29:25 PM

Quote from: Blackshadow007 on April 12, 2017, 11:17:13 AM

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .

I think, instead of selling on LBC for cash, it safer to sell on LBC for Bank transfer through NEFT/RTGS/IMPS.

And yes, stay away from PayPal, as the buyer can reverse your payment after a month.

If you don't want to be tracked by anyone then Cash is best option . And Gaypal can have chargeback after 8 years not only 1 month lol

http://www.paypalsucks.com/forums/showthread.php?fid=6&tid=31812

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Quote from: Blackshadow007 on April 12, 2017, 11:17:13 AM

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .

I think, instead of selling on LBC for cash, it safer to sell on LBC for Bank transfer through NEFT/RTGS/IMPS.

And yes, stay away from PayPal, as the buyer can reverse your payment after a month.

Blackshadow007

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Quote from: Wapinter on April 12, 2017, 06:52:33 AM

Quote from: Blackshadow007 on April 11, 2017, 10:21:17 PM

Quote from: Forbiddenone on April 09, 2017, 12:27:21 AM

Quote from: Blackshadow007 on April 08, 2017, 10:54:10 PM

Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

I don't think so .. cause MP Visa card provided by Offshore bank . Anyways best option is sell btc in LBC for cash .. but for god sake never ever for Gaypal lol .. You don't wanna get a sweet email for your longest running Gaypal account one day , " Sorry we cannot have you as our customer " - permanent ban .

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Quote from: Wapinter on April 12, 2017, 06:52:33 AM

Quote from: Blackshadow007 on April 11, 2017, 10:21:17 PM

Quote from: Forbiddenone on April 09, 2017, 12:27:21 AM

Quote from: Blackshadow007 on April 08, 2017, 10:54:10 PM

Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

Guys don't sweat it, if at all govt. bans cryptos (which is unlikely to occur too quickly) we shall get time to wind up!

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Quote from: Blackshadow007 on April 11, 2017, 10:21:17 PM

Quote from: Forbiddenone on April 09, 2017, 12:27:21 AM

Quote from: Blackshadow007 on April 08, 2017, 10:54:10 PM

Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

Yes but it can be traced.Government will know how yoi loaded your Visa card and you could be in trouble.
The best option would be to sell btc to someone outside India and receive payment through PayPal or western union.

Blackshadow007

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Quote from: Forbiddenone on April 09, 2017, 12:27:21 AM

Quote from: Blackshadow007 on April 08, 2017, 10:54:10 PM

Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Who told you i need bank to cash out my bitcoin lol , please read what i wrote . You move your bitcoin to your MP Account and simply withdraw to your MP VISA CARD and then use that card on any ATM and you get cash to your hand . Of course all these will need some fees but who cares when you will have all other ways closed and the only way to enjoy your coins

polynesia

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Quote from: btvGainer on April 08, 2017, 07:57:18 AM

Friends do not jump to false conclusions even before decision is made.There is a possibility that panel.
1.Leave it to RBI to decide.
2.Invite financial experts and IT experts advice before deciding on anything.
3.Ask general public for their views.
4.Set next date for further discussion.
And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

No possibility of the moon just because of Indian government's decision - either way.
The most probable outcome is the appointment of a committee which will give its decision in the next decade.

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Quote from: Blackshadow007 on April 08, 2017, 10:54:10 PM

Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Its not that simple as you think ,there is a seperate department for digital payment as new government focus on motive of "cashless india".if by chance,exchange are forced to close,you will not able to use bitcoin transaction to banks without proper records for your payment.

Blackshadow007

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Quote from: newIndia on April 08, 2017, 09:20:45 AM

Quote from: btvGainer on April 08, 2017, 07:57:18 AM

And there is also a possibility that they recommend Government to make laws to regularise cryptocurruncy and bitcoin and if that happens. ..well bitcoin will touch the Moon

Global bitcoin price does not depend on India. They ban it or not, Bitcoin will continue to grow globally. In worst case, we may have to sell in Japan, where Bitcoin is legal, and get that money to India through normal banking channel.

not really , if it bans in india lol there is plenty of ways to cash out actually . Most good option is Moneypolo visa card . Simply send btc to your MP account and then withdraw via your MP Visa card in Local ATM Cheesy

Topic: What to do if BitCoin Exchanges are forced to close down on April 20 (Read 7184 times)