Indian Bitcoin traders confused over legality of trades
Bitcoin Traders are confused over the legality of Bitcoin trading. The Indian operator buysellbitco.in stoped operations after RBI issued a warning note.
RBI didnot said that trading in bitcoins is illegal but warned and indicated that it can be illegal in some situation.
Due to lack of clarity on this entire issue bitcoin traders have taken a back step and waiting for more clear view of RBI on legality of Bitcoins.
However charm of bitcoin is not flattering in other countries of world. Bitcoin is still strong and a good exchange rate with doller is prevailing.
Indian traders have to wait for some more time to know the stand of RBI on trading.
Bitcoing controversy is rounding at all newspapers and statutory authorities. Bitcoins are really a complex things for centeral Banks.
A virtual currency not backed by any institution is difficult to permit for trading.
RBI is worried of money laundering, money laundering is possible because of these coins. Suppose someone mine the coins in Pakistan and redeem in India.