Despite Guidelines from the RBI, Bitcoin Operators in India are Enthusiastic

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Despite Guidelines from the RBI, Bitcoin Operators in India are Enthusiastic
Despite Guidelines from the RBI, Bitcoin Operators in India are Enthusiastic

Despite Guidelines from the RBI, Bitcoin Operators in India are Enthusiastic

ForexMinute earlier reported that the Reserve Bank of India had issued some guidelines regarding the use of Bitcoin in financial transactions and warned users about the inherent risks involved. However, now, it looks that there is not much impact of the measure as after suspending their operations for a few weeks amid growing regulatory glare, several Bitcoin companies have started offering their services.

Albeit there is slight change in the way the Bitcoin companies are operating in India as according to the market observers with keen eye on the industry, many Bitcoin operators have cautious this time. The first name that has come in press is that of Unocoin which has resumed operations. The company, however, says that it is offering its services only for trial.

Cautious but Steady Operation

Whatever they say, even trial basis will attract eyes from the Enforcement Directorate which earlier raided some Bitcoin companies. Earlier, tax authorities and the Enforcement Directorate initiated action against some Bitcoin operators. The new Bitcoin companies must be careful not to offend the governmental authorities to take action on them and that is why most of these are cautious this time.

Bitcoin enthusiasts are happy about the restoration of Bitcoin in the country which saw a major setback after many entities were suspended thanks to pressure from the government agencies. The welcome development in Bitcoin in India is that many Bitcoin operators and even some corporate houses have recently stepped up their lobbying for a clear regulatory framework on digital currencies in India.

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Unocoin is Optimistic and Careful This Time

Unocoin which has started its services on a trial basis says that it is running on trial basis wherein strict buying and selling limits are applied on all accounts. The company is definitely careful about the guidelines that were issued by the RBI and the notice about the limits in the website it a further indication of the same.

Currently, Unocoin is collecting 0.5 per cent of trade value from customers on every Bitcoin buy and sell operations. However, it will also contribute one per cent of trade value to Bitcoins Alliance India (BAI) which is a new grouping formed by Bitcoin operators in India. The newly founded group is aiming to further the agenda of crypto currency in India.

Apart from Unocoin, a new company BitQuick.in too has started its services and claims that it will be offering Bitcoin buying and selling services to customers directly to their own banks.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com