follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: Regulatory Loophole Helps Startups in India Accept Bitcoin Without Breaking law  (Read 537 times)

Offline Cordillerabit

  • Legendary
  • *
  • *
  • *
  • Activity: 2877
  • points:
    1163
  • Karma: 94
  • Proud to be here
  • Trade Count: (0)
  • Referrals: 33
  • Last Active: March 23, 2024, 02:12:14 AM
    • View Profile

  • Total Badges: 27
    Badges: (View All)
    Sixth year Anniversary Fifth year Anniversary Fourth year Anniversary
As the Indian government is working on the regulatory framework for cryptocurrencies, startups in the country are finding a way to accept bitcoin and other cryptocurrencies without breaking the law.


The country’s finance minister Arun Jaitley announced during his Budget speech last month that “the Indian government considers cryptocurrencies illegal and vowed to stamp out their use,” Tech Circle wrote and elaborated:

Quote
However, Jaitley did not specifically state that trading in cryptocurrencies was illegal, which is why it continues to be business as usual for Indian cryptocurrency exchanges such as Zebpay and Unocoin.

Partnership with Unocoin
Regulatory Loophole Helps Startups in India Accept Bitcoin Without Breaking the Law“Truebil will be accepting bitcoin payments at its brick-and-mortar stores using Unocoin’s POS application,” the publication clarified. The company itself does not display any prices in bitcoin and does not accept payment in the digital currency online. Its co-founder and marketing head Shubh Bansal told the publication that “this move is perfectly legal,” emphasizing:


Quote
We are not accepting the [crypto] payments directly…Unocoin as our partner will receive the ‘crypto-assets’ from the consumer and then change it into a fiat currency before depositing it in our bank account. This brings it under the legal purview of existing laws.

Is This Arrangement Really Legal?
The news outlet asserted that legal experts have doubts about this arrangement. Prashant Phillips, a partner at law firm Lakshmikumaran & Sridharan told the publication that “Such transactions would most certainly be on the government’s radar.”

While acknowledging that there is no specific provision to penalize crypto transactions, “the government has clearly indicated that it considers the validity of such dealings to be on par with ponzi schemes,” he explained, adding:

Quote
If a formal notice is passed declaring such transactions as ponzi schemes, then such transactions may be punishable in terms of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

Source

Altcoins Talks - Cryptocurrency Forum


 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod