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I suppose in theory, but does anyone know of a reliable Indian bitcoin exchange that is easy for Indian businesses to use? Edit. A quick check suggests this is
by danieltillett 10y ago
I suppose in theory, but does anyone know of a reliable Indian bitcoin exchange that is easy for Indian businesses to use?
Edit. A quick check suggests this is a very expensive way to go given the price of bitcoins in India. Also to buy bitcoins in India you basically have to set up a bank account and go through the whole KYC process. This does not look like a low friction option for Indian companies.
- sayelt 10y agoLocalbitcoins should allow you to buy BTC other than with a bank account. https://localbitcoins.com/country/IN https://localbitcoins.com/country/IN
- danieltillett 10y agoThis is not really a low friction or cheap solution.
- sayelt 10y agoWhy not?
- danieltillett 10y agoI answered it in the response to the OP. A wire transfer would be cheaper and have lower friction.
- sayelt 10y agoThat's bullshit. Banks are the ones with the highest friction and fees.
- danieltillett 10y agoThe bitcoin spread is over 25% right now in India. That combined with the paperwork requirement needed for a business to buy bitcoins does not make for a low friction experience.
- sayelt 10y agoWhat paperwork do you need as a business to buy bitcoin?
- danieltillett 10y agoThanks to the RBI you need to go through the full KYC process - basically the same as setting up a business bank account. This in not low friction.
- sayelt 10y agoWith banks you always go through KYC/AML, this is nothing to do with bitcoin, and everything to do with banks.
- danieltillett 10y agoWell everything to do with the RBI regulations on bitcoin in India. The end outcome is that bitcoin is not a viable option to solve the India payment problem.
- sayelt 10y agoIf your legal system is fucked, that's not bitcoin's fault.