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Virtual Money, E-currencies in India

The biggest tragedy is when ignorant people, with very limited information or experience make the rules and these rules are used to persecute legitimate business owners. For example, in India, there are number of rules restricting the use of Paypal. However, these people do not realise that Paypal is just one virtual currency.

There are many other virtual currencies popular in different parts of the world - Bitcoin, Payza, Webmoney, PerfectMoney, SolidTrust, EgoPay, Moneybookers (Skrill). Many of these virtual currencies cannot be converted into Indian rupees easily. There are some websites which only pay using these currencies, so what does the account holder in India do? What are rules for points which can be bartered, for gift cards. Usually rules are formulated by experts in a particular field, but when people with limited exposure make the rules, it only serves to sabotage and harass legitimate business owners, and the biggest loser is the nation's economy.



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