After the RBI warning that bitcoin trading could be in violation of provisions of foreign exchange laws in the country, Enforcement Directorate officials raided offices of rbitco.in and buysellbitco.in. Apparently, buysellbitco.in was the biggest bitcoin trading exchange in India. Trading on bitcoin exchanges in India has been halted post the RBI directive as traders await a clear policy on bitcoins.
Till then, trading on these may well be illegal! What goes against trading in bitcoins is the lack of regulation which makes it an easy avenue for money laundering. Those trading in bitcoins may also find themselves on the wrong side of anti-terror financing laws.
Till then, trading on these may well be illegal! What goes against trading in bitcoins is the lack of regulation which makes it an easy avenue for money laundering. Those trading in bitcoins may also find themselves on the wrong side of anti-terror financing laws.
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