Quote from: SaShiRaJaVu on May 11, 2019, 09:10:18 AM

Quote from: legendster on May 09, 2019, 06:03:52 PM

Quote from: SaShiRaJaVu on May 09, 2019, 07:29:09 AM

Yes "Gods own country" Wink

, i will tell you this, it is not illegal to run crypto based business ..

Then you are misinformed. According to RBI rules no business is allowed to commercially exchange cryptos for Indian fiat. Ask the Unocoin guy. Or the Koinex team or even Zebpay.
How can you run a business with something that is not recognized as a form of payment? You can't pay taxes, the Tax dept would be out to get you and you'd be fucked.

So how do you think Wazirx is running their business, rules and regulations have interpretations and people will find a way that will not directly break the law, if the regulations says that dealing with virtual currencies is illegal and there will be consequences if you overcome that restrictions, then there is a major problem and you might even go to jail for dealing with virtual currencies. Unocoin, Koinex and Zebpay have registered their business with the Indian government and no one will dare to overcome those restrictions even with the interpretations as they might end up in trouble, look at Zebpay now they started their business again as they registered outside and that is the case with Wazirx, you cannot find any detailed information about them, i know they are running from India and they are not having any licence to run the platform in India, if these sort of restrictions are implemented we will see more exchanges popping up in the dark.

So the main thing the government has to understand is that, whether they need to have a grip on the situation by allowing registered companies running the platform and the government can monitor the activities or drive everyone underground as you really cannot restrict anyone dealing with virtual currencies.

@legendster, hopefully you understood the difference between illegal to use and restrictions to banks dealing with companies dealing with virtual currencies.

Please understand RBI and Govt are two different entity. Currently, RBI has banned its licensed banks to deal with entities that deal in crypto. RBI notice was to the bank & not to the citizen. So crypto is not illegal under the law even though everyone perceives it because of the ban by banks. Also, this is the case in many counties where Banks don't allow or are not comfortable dealing with entities that deal in crypto. I mean why not? the war is against Cryptocurrency vs Fiat.

So try to spread the right information, setting up the company outside does not mean you can do criminal activities in India, it just makes it easy to have foreign money via VC. Most of the Indian startups including Flipkart are registered outside for the same reason.

Cryptocurrencies are currently treated as digital assets, it is like buying and selling a piece of software and in the crypto world, we consider as an equivalent of currency.