Daily Management Review

Bitcoin kicking into gear in India


After the People's Bank of China checked cryptocurrency exchanges and introduced restrictions on withdrawals, bitcoin received support in other countries such as Japan and South Korea. India, the country heavily influenced by the demonetization policy, also showed growing acceptance of the cryptocurrency.

Growing demand for bitcoin in the country can be seen not only in the media reports, but also in statistics presented by the most popular bitcoin exchange of India, Unocoin.

Bitcoin received much attention after the country’s government introduced the demonetization policy back in November 2016. Since then, much has changed.

"We think that this is the least connected with demonetization, but most likely with the main advantages of cryptocurrency. The range of use: the preservation of value is a precedent number one (digital gold), the second is internal remittance (as opposed to a four-day wait and 10% commission fee), then p2p payments, online purchase of goods. And so on", - said the exchange’s co-founder Sunny Ray.

Moreover, not only Unocoin is confirming widespread acceptance of bitcoin in the country. The volume of trade on the LocalBitcoins also reflects this growing trend.

"We conclude that, although demonetization itself could have been a catalyst for the growth of bitcoin's popularity in India, it simply revealed one of the many advantages that bitcoin possesses. In this case it is lack of centralized control and excellent confidentiality, provided by the crypto currency", - added Ray.

The largest Indian bitcoin exchanges, including Zebpay, Unocoin, Coinsecure and Searchtrade, in February announced creation of an industry-wide organization called Blockchain and Virtual Currency Association of India. This is reported by India Times. 

At the moment, the association is in the process of registration, and the first meeting was held in February in Mumbai.

It is assumed that the four companies will soon be joined by other crypto-currency companies. The association believes that the total number of participants can exceed two dozen.

The organization’s main goal to establish a single specialized body for interaction with regulators. In addition, its activities will be aimed at making bitcoin-trading safer. To do this, members of the association will, among other things, conduct explanatory work on the risks of financial pyramids and other "gray" schemes.

Previously, the Reserve Bank of India (RBI) issued a document warning the country’s residents about possible risks of the crypto currency. In particular, users were asked to pay special attention to the unpredictability of bitcoin trade before proceeding with any action. 

At the same time, the Ministry of Human Resources Development of India (HRD) is actively working to raise awareness of digital currencies. Also late last year, India's finance minister said that digital currencies are the new rule that society needs to adopt. 

source: indiatimes.com

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