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Best Ways to Invest in Direct Plans IiAS asks shareholders to vote against Raymond's proposal to sell premium...Despite the Reserve Bank’s call for caution to people against the use of virtual currencies, a domestic Bitcoin exchange today said it is adding over 2,500 users a day and has reached five lakh downloads.Zebpay, an app-absed Bitcoin exchange, said it has had five lakh downloads on the Android operating system and is adding more than 2,500 users every day.This, it said, highlights the “growing acceptance of Bitcoins as one of the most popular emerging asset class.”The company said it launched operations in 2015 to simplify Bitcoin trade along with providing a seamless experience to Indian audience.Claiming that the country was at the cusp of a new financial revolution, the company’s co-founder and chief operating officer Sandeep Goenka said customers are opening up to non-traditional investments measures and it is targeting to take the total downloads to over 1 million by September 2017.The company statement said that it has already raised $1 million in a round of funding in last January.“Any user, holder, investor or trader dealing with virtual currencies is doing it at their own risk,” the RBI had cautioned on its website in February this year.RBI has been repeatedly flagging concerns on virtual currencies like Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks.“I believe its potential is being overstated.ethereum foundation

We can see that in these types of solutions for virtual currency, there is no central bank or monetary authority,” then deputy governor R Gandhi had said on March 2 this year.“Value seems to be a matter of speculation.Legal status is definitely not there.While this is a purported objective of a VC, it puts a natural limit for its progression.And finally, the usage of VCs for illicit and illegal activities has been reported as uncomfortably large,” Gandhi had said.rate of litecoin mining  » Business » Note ban raises Bitcoin hopes, but RBI plays safeExchanges believe its legal status may now change, with the government pushing for digitised transactions.free bitcoin hack apkThe central government’s demonetisation drive has come as a sign of encouragement for Bitcoin exchanges.bitcoin forum irc

The crypto currency-cum-payment system has been denied a legal or currency status till now by the Reserve Bank of India.The exchanges now believe this might change, with the government push for digitised transactions.This has led to a spike in the crypto currency’s price and it is quoting at a premium in India vis-a-vis international markets.A unit of Bitcoin is quoting above $760 (around Rs 51,000), a 52-week high.ethereum chart graphIn Zebpay, its largest exchange in India, it is quoting at Rs 56,000-57,000, a premium of 10 per cent.ethereum documentationSandeep Goenka, co-founder of Zebpay, said: “Bitcoins are now legal and regulated in most Western countries.bitcoin hardware mining calculatorWe believe the government’s intent to push digital money means Bitcoins would be given regulatory status sooner rather than later.precio bitcoin en 2009

We are reaching out to all regulatory bodies for this.” Bitcoin and other crypto currencies have found acceptance globally.Various authorities in Japan, Singapore, Australia, the European Union and the US have recognised it in some form or the other.For example, New York’s superintendent of financial services has started giving a licence for crypto currency businesses.The European Court of Justice, the EU's highest court, has ruled that Bitcoin transactions are exempt from value added tax under the provision concerning transactions relating to currency, bank notes and coins used as legal tender.bitcoin acquistiEY, the global consultancy, will start accepting fees in Bitcoins from January in Switzerland.Many traders are accepting Bitcoins against sale of goods.In India, however, RBI is holding back.As crypto coins or Bitcoins aren’t defined under the Foreign Exchange Management Act, the central bank is not willing to grant it a currency status.

When asked, an RBI spokesperson referred to its statement of December 2013, where the apex bank had warned users that virtual currencies are stored in digital media, are prone to losses arising out of hacking, loss of password, compromising of access credentials, malware attack and so forth (see box).Being digital in nature, they are stored in digital/electronic media and are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack, etc There is no established framework for recourse to customer problems/disputes/charge backs, etc There is no underlying product or backing of any asset for virtual currencies.Their value seems to be a matter of speculation.Due to huge volatility in the past, users are exposed to potential losses In India, Bitcoin trading exchanges allow their usage to recharge mobile plans and buying of gift vouchers on their websites, apart from other uses.Goenka believes Bitcoin has the potential to leapfrog India's financial infrastructure.