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Bitcoin Exchange Bitquick Launches Operations In India

Bitcoin exchange BitQuick has launched its Indian operations and is currently charging 1% escrow fee and no other charges for making the transfer. The site internationally charges 2%, which it’ll start charging Indians after Feb 1, 2014.

When we checked the service there were only a couple of people selling the virtual currency, that too in low denominations. The launch comes in the footsteps of Unocoin re-launching its service in India after halting operations following ED raid of various Bitcoin operators in the country. The Income Tax department had asked Unocoin founder Sathvik Vishwanath how they can go about imposing tax on Bitcoin miners in India. They had also asked him to charge TDS from those selling Bitcoins throug his service. BitQuick does not seem to be doing that, but they might be forced to do so sooner or later.

BitQuick acts as an escrow and holds on to Bitcoin of anyone who wants to sell and guarantees that the amount will be transferred within a day of making payments. As of now, Bitcoin enthusiasts can purchase the currency using NEFT or RTGS and there is even an option for cash deposit.

It is interesting to see companies in the Bitcoin domain getting back to business and new companies launching their business despite no clarity from government agencies. While Income Tax department has been going easy on companies as long as they have all their papers in order, they also mentioned that taxes will not be imposed officially on Bitcoin miners till RBI gives a go-ahead. RBI on the other hand has been silent since they posted a warning against the use of virtual currency

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