Something cool that I had noticed in most other local communities is that they are ruthless in starting up.
No regulations, etc even matter at this stage apart form money conversion and even that has got several workarounds based on limits, etc.
If our community can get a bit more ruthless and enable/ support/ help any legit business that comes up, I am sure that we can grow way faster in India.
I partly agree with you here Benson. But again, once you start getting the volumes, if your startup is dependent on the banking infrastructure, then yes you have to start thinking about it well in advance.
If your startup can survive independent of the Indian authorities, then you don't even have to bother about the rules and regulations initially.
For instance, taking btc exchange as an example, other countries have some internationally accepted modes of payments like Online Fund Transfer abroad, ACH, WU and MG by which the exchange can flawlessly operate initially until the paperwork is completed. (example : buying and selling through coinbase exchange)
AFAIK, in India even paypal has to comply with RBI regulations and the payments received to that paypal account has to be withdrawn to the local bank at the end of everyday. That makes our situation a tad more diff than the start ups in other countries.
Well, there is nothing out officially as yet mate.. We need to grow merchant acceptance before we can challenge anything.
Without startups and places to link into/ spend money at, there will be no merchant acceptance or growth.
Without that, there is no case to present to anyone. This stems the growth factor.
buysellbitco.in, madovercoins.com, coinmonk.com, indiabitcoin.com, inrbtc.com, etc are really the pillars of our community in India. These are not enough cases to persuade a country/ bank/ company/ individual to adopt.
Any thoughts?