Is it still banned ? If so, is there a workaround ? Apart from Paypal, what are the other ways to receive money ?
this looks like a well researched article (2 years old one!) => Reserve Bank of India regulations on Bitcoin in India
however it looks like there is no clear status of ban.
edit: see also (again a 2013 article) => Revisiting â The Legality of Bitcoin in India
interesting search results => bitcoin rbi site:gov.in
Hmmm. So no real ban as such. I wonder why our authorities are so ignorant about the rest of the world.
Since the authorities do not control the supply (minting) and circulation of Bitcoins, none of the authorities will ever accept them.
However, just because authorities do not accept something as a âcurrencyâ doesnât stop it from being used as currency by the individuals.
But I do have one issue with Bitcoin, is it really that difficult to mint/create, what about backdoor/trapdoor algorithms? The whole benefit about freedom from Govt controller fiat money rests on this point.
Hate to say this but freedom from fiat money is not possible (unless your paying in gold or barter only). both bitcoin and real currency derive their value from a âvirtualâ source. for currency the backing comes from the government. thatâs why currency notes have a âi promise to pay the bearerâŚâ part signed by the appropriate official.
For bitcoin it comes from itâs perceived value to the individual. this value is either in the form of anonymity, country neutral currency or future value on an exchange (i.e. itâs value in fiat currency).
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I will answer what I had in mind, but before that: can you tell why would you be interested in BitCoin?
Wasnât the owner arrested few days back? Saw it on BBC news ticker.
Bitcoin doesnât have an owner as such. No one even knows who created it.
My bad⌠Not owner