While mining and trading has been going on for quite some time and that too at a level similar to what most countries have, the prospect of exchanging Bitcoins into real world cash has been more or less difficult.
Ever since the whole hullabaloo over black money, trading is somewhat risky as it does put traders under the scrutiny of the authorities. There wouldn’t be anything wrong with it but reports of Bitcoins being used for funding the cause of anti-social elements has led to some inconvenience. The recent notice by the RBI [can be read here https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
has led to a lot of Indian Bitcoin exchanges shutting shop or temporarily suspending services. Few of them said services have restarted their services but the uncertainty of trusting a new player in the market always exists.
Ever since the whole hullabaloo over black money, trading is somewhat risky as it does put traders under the scrutiny of the authorities. There wouldn’t be anything wrong with it but reports of Bitcoins being used for funding the cause of anti-social elements has led to some inconvenience. The recent notice by the RBI [can be read here https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
has led to a lot of Indian Bitcoin exchanges shutting shop or temporarily suspending services. Few of them said services have restarted their services but the uncertainty of trusting a new player in the market always exists.
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