Reserve Bank of India regulations on Bitcoin in India

Reserve Bank of India regulations on Bitcoin in India « Benson's Blog

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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@Beautyon_ » 12 Oct '12, 9am
Regulatory study of Bitcoin in India: [link] "If we keep fiat out of the system, then Bitcoin is unregulated in India"
@JuliusCaesar69 » 05 Oct '12, 5pm
Reserve Bank of India regulations on Bitcoin in India Via @AllBTC [link]
@Klose7 » 05 Oct '12, 3am
Reserve Bank of India regulations on #Bitcoin in India « @tusharsarode @pranesh_prakash [link]
@electricwings » 05 Oct '12, 1am
RT @bensonsamuel: RT @bensonsamuel: Reserve Bank of India regulations on Bitcoin in India [link]
@bensonsamuel » 05 Oct '12, 1am
Reserve Bank of India regulations on Bitcoin in India [link]
@UnoCoin » 06 Oct '12, 3am
RT @bensonsamuel: RT @bensonsamuel: Reserve Bank of India regulations on Bitcoin in India [link]
@BitCoinReporter » 05 Oct '12, 2am
Reserve Bank of India regulations on Bitcoin in India [link] #bitcoin