Unocoin new Bitcoin Exchange in India has been launched in Bangalore on 15th December. It is currently running on a ‘trial basis’ and new verified users are limited to buying/selling 10 BTC per day.
Recently RBI issued a warning to Indian Bitcoin users for trading in Bitcoin and other virtual currencies citing price volatility and the dangers of bitcoin investment schemes. However Mr Vikram Nikkam, a director of parent company Unobit Solutions Pvt. Ltd, said “full cooperation with financial regulations was a key point in gaining acceptance. Local banks were receiving client monies and making payments without issue”. He said
Rules and Regulatory Compliance
To become verified, users need to have an Indian PAN (Personal Account Number) and card, which are required for all all documents pertaining to financial transactions in India. They must also supply a full name and contact details with proof of address, and an optional photo. Transfers are handled via linked bank accounts.
Users can send and receive bitcoins without limits, and users who trade local currency for bitcoins regularly for 60 days or more are elevated to Gold User status, with higher limits.
It’s also possible to send bitcoins to a friend via email whether the recipient has an existing bitcoin wallet with Unocoin or not. If not, they would be invited to sign up with Unocoin to claim the amount.
Another popular exchange in India is buysellbitco.in, which also verifies account holders are Indian residents with PAN cards, and gives prices in local currency. It fixes exchange rates for one hour at a time, and also trades in litecoin.