Quote from: GigaCoin on December 04, 2013, 08:42:51 PM

There are already a couple of exchanges established in India, i've been in touch and already been investigating potential there. The regulation is a hell hole which is the main hurdle that is why you didn't see any major exchange pop up. I believe recently some news came out that the government regulators are freaking out about bitcoin, just study the Gold climate there and you'll realize how hard the government makes it there for regular people to import and profit from gold.

and with bitstamp & BTC-e around it's easy enough for them to just trade there. Indians speak and read english so they don't need dedicated Indian websites. Also rupees are constantly depreciating so going to USD is also a plus for them.

Yea from what I can tell after being here for a month, the regulation would just mess everything up. The people are friend and smart but as usual the governments are screwing everyone. I was on first class in a train and an educated looking woman was sitting across from me, she had some ID cards and stuff showing she worked for the reserve bank and had a copy of the FT. I should have struck up a conversation about BTC but I was not feeling in the mood at the time. Maybe at the conf there will be some representatives.

I had problems here because there is a 10,000 rupee limit on the ATM per day. That is a lot of money in India and I certainly don't spend that much on a routine basis but I needed 30k rupee for renting a house by the beach. It took 3 days to get it out! Then the ATMs give 500 INR notes which are pretty big, and most places won't have change. So I had to learn how to carry stacks of 500s, 100s, 50s, 20s, 10s, and maybe a few 5s. Really a pain and it took me awhile to get everything sorted out as I am used to using plastic in the US - and of course everyone in the US can almost always make change for anything other than the largest bills. So I was thinking how useful BTC would be just from that basis. Not to mention the fact that the rupee's exchange rate just happens to be falling apart.

At the airports there are signs saying gold imports are limited. If you check Google News you can see people getting arrested for bringing it in and not declaring it. I've read that the rate is about $80-$120 more per ounce in India. So you would think BTC is perfect for them but it is a problem of education. Also if I were to sell BTC why would I really want the rupees? So I can see BTC commanding a premium in India - bifurcated exchange rates due to capital controls?