China Bans Bitcoin Executives from Leaving Country, Miners “Preparing for Worst”

Re:China Bans Bitcoin Executives from Leaving Country, Miner... by deepGem on Wednesday September 20, 2017 @02:18AM (#15291225)

How do you mean. So how can I buy bitcoins that aren't mined in India using INR. I probably will have to convert INR to USD by buying USD in India and then buy BTC using USD. No ? Some Indian BTC exchanges might be wrapping these transactions under the hood. No ?

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Re:China Bans Bitcoin Executives from Leaving Country, Miner... by burger_moon on Wednesday September 20, 2017 @11:14AM (#15294638)

You can buy bitcion offline. You meet in person with someone and hand them cash and they give you an address. wouldn't do it for huge sums because of the risk, but it is a common thing in the US at least.

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Re:China Bans Bitcoin Executives from Leaving Country, Miner... by anindha on Wednesday September 20, 2017 @11:55AM (#15295170)

Buying BTC using INR is as hard as buying USD using INR since you need to show the paper trail.

You can however buy computers and power using INR quite easily. The government won't know what you are doing with your computers and power.

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Re:China Bans Bitcoin Executives from Leaving Country, Miner... by pavel_lishin on Wednesday September 20, 2017 @03:14PM (#15297220)

> Buying BTC using INR is as hard as buying USD using INR since you need to show the paper trail.

What do you mean? To whom are you showing a paper trail? Do you have to account for cash withdrawals from a bank?

Do you have to show a paper trail if you take out some money from the bank, and use it to buy a motorcycle, or twenty barrels of grain, or ten iPhones?

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Re:China Bans Bitcoin Executives from Leaving Country, Miner... by anindha on Wednesday September 20, 2017 @03:38PM (#15297462)

As a business, yes. As an individual, yes if you are audited. Also those examples are relatively small amounts.

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