BitQuick, an exchange for buying and selling Bitcoin, has launched its service in India despite recent raids on Bitcoin operators by the Enforcement Directorate (ED) and prevailing regulatory confusion.
The portal allows users to buy Bitcoin in India via NEFT, RTGS, or IMPS transfer and cash deposit.
Purchasing Bitcoin carries a 1% fee and selling is free, and from February 1, 2013 the buyer fee will be increased to 2%.
Transactions are limited to Rs 5,00,000 and are processed within 1 business day. No extensive verification procedures are required from BitQuick.in customers.
How BitQuick Works
Once a Bitcoin buy order is placed, payment instructions are sent to your email address. After payment is received by the seller, the Bitcoins are released either to your provided Bitcoin address or your generated BitQuick address. To sell, users need to simply fill out a short form, fund their escrow address and watch the deposits come to their bank accounts.
Buyers can purchase from sellers that have Bitcoins already securely stored in a personalized offline escrow address. Buyers can also generate a Bitcoin wallet. Sellers can modify the price of their sell orders to be statically priced or to follow the price of other Bitcoin markets.
Back in December 2013, the ED conducted raids on Mahim Gupta, an Ahmedabad based Bitcoin vendor, on violations of the Foreign Exchange Management Act (FEMA). Following this development, several other Indian Bitcoin services had halted operations.
Is Bitcoin legal in India? At this time, using a Bitcoin exchange in India is not illegal says BitQuick.
BitQuick.in is an official affiliate of their North American and European counterpart, BitQuick.co, which launched in August, 2013 and expanded operations to Taiwan in October, 2013 with BitQuick.tw.
Recently Laxmi Coin, another crypto currency, from India has submitted for RBI approval and intends to launch soon.