05 Oct '12, 1am

Reserve Bank of India regulations on Bitcoin in India

1.) When I buy a prepaid credit card, the plastic has no value — the value instead comes from the promise that that card can swiped (redeemed) for purchases up to the promised value stored. When I buy a silver round (bullion), I am buying a commodity. Nobody has promised that I can redeem that silver in exchange for anything. Bitcoin is more like a commodity in this sense. It really isn’t a prepaid payment. Nobody is promising me that my bitcoins have any value or can be redeemed for anything. Therefore, I haven’t prepaid for anything. 2.) Also, since the data for the transaction I created is mine (I created with my software running on my computer) that might be protected as free speech. I have a write to create and transmit that data. 3.) As far as foreign exchange rules — since a coin’s origin is not known (and generally would have a pedigree including many sources of mi...

Full article: http://bensonsamuel.com/2012/10/05/reserve-bank-of-india-...

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