News for hackers. Stuff that matters.

A comment on First time in the country, ED raids a Bitcoin seller in Ahmedabad. Parent comment

Re:First time in the country, ED raids a Bitcoin seller in A... by rikacomet on Friday December 27, 2013 @09:12AM (#6970643)
the statement issues by RBI earlier, said that anyone who would be found to be dealing in bitcoin, would be considered violating FEMA. As someone said above, money laundering is a big issue in India. On the financial side of things, it is very hard even for seasoned "hawala" operators to launder any money. Bitcoin is undoing that in Indian context, no matter how you see it.

And the fact the silkroad used bitcoin, doesn't help things either.

[ Parent | on HN ]
Re:First time in the country, ED raids a Bitcoin seller in A... by ashray on Friday December 27, 2013 @09:17AM (#6970659) 

    the statement issues by RBI earlier, said that anyone who would be found to be dealing in bitcoin, would be considered violating FEMA
Where is this statement ? I only have: http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?pr...

Was there another statement from the RBI ?

[ Parent | on HN ]
Re:First time in the country, ED raids a Bitcoin seller in A... by rikacomet on Friday December 27, 2013 @09:26AM (#6970679)
Its there

"The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws. "

anti-money laundering = FEMA, there is no law called AML, there are two laws: FEMA & PMLA. As per the investigation, the right clauses are applied.

[ Parent | on HN ]