Quote from: simple_love on February 28, 2016, 11:44:23 AM

hi all.

i recently heard about bitcoin and have been curious since.

from my research, i have understood that bitcoin can be classified as currency or commodity.

if it is a commodity, it can be sent abroad without much hassle. but if it is a currency, it would come under FEMA.

what i don't understand is, if we today send bitcoins abroad and buy something for example (of amounts less than today's FEMA restrictions on fiat money), and tomorrow govt. declares that bitcoin is a currency, how would things work then? does it function retrospectively? if for example, they say a tax of 30% is to be levied on all bitcoin transfers made abroad, does that mean people who didn't know about this and made international transfers will be under trouble?

can someone help me understand the various possibilities of developments?

also, i am not clear about FEMA itself. what does it serve to protect?

while it is correct that all this depends on the government's response, there is no reason we shouldn't discuss the possibilities. that could foster some adoption and would stop people from doing stupid things that will harshly affect the bitcoin ecosystem in India.

I had studied about FEMA informally in the past and documented it, but if you are looking for half serious answers under THIS current regulatory regime, you SHOULD talk to a lawyer.
Everything else is just a study!