BitIndia wants to boost digital currency use in India, gets support from John McAfee
Oct 05, 2017 Posted / 25853 Views
With a population of of nearly 1.3 billion people, it is not surprising that India captures the imagination of the world. Of late, India is famous for its Information Technology (IT) industry, which is growing at the CAGR of 9.5 per cent to become worth nearly US$ 300 bln by 2020. It then comes as no surprise that India will also have its share in the financial technology pie. After the demonetisation happened in November 2008, Bitcoin and digital currencies have been receiving a boost in India, with nearly 10 percent of the world’s cryptocurrency being traded in the country according to thequint.com.
Digital India opens up new possibilities
Ever since the demonetisation happened last year, the government in the country has been determined to turn the country into a digital economy which is fuelled by cashless payments. Cryptocurrencies certainly can help India go ‘cashless’ but this has not really been tried out in India yet. BitIndia is planning to use this untapped potential and transform the Indian landscape when it comes to digital money. According to them at the moment only 0.5 percent of the Indian population uses Bitcoin and they have plans to take that number to as high as 20 percent. BitIndia will enable Indians to have their very own cryptocurrency exchange and a wallet that would be simple and easy to use for the majority of the population. In a way they intend to create a comprehensive product that will take care of all the needs of the local population when it comes to storing, trading or paying with digital currencies in the country.
BitIndia crowdsale endorsed by John McAfee on Twitter
BitIndia are holding a public pre-token swap starting October 11, 2017 until November 11, 2017. The public token swap is due to begin on November 11, 2017 and last till December 11, 2017. During the crowdsale a total of 134 BitIndia tokens will be released, which are built on the ERC20 platform. The minimum purchase amount is 50 tokens, while the maximum has been set at 40,320,000 tokens. Interestingly the private pre sale which went live on September 20, 2017 was endorsed by John McAfee known for the McAfee antivirus, who sent out a tweet announcing the event. John McAfee is a partner and advisor to BitIndia and is also known for his support of cryptocurrencies and their promotion.
Investors can profit from the initiative
BitIndia token holders will be receiving a 10 percent share and percentage from the projected profit on a pro-rata basis. As there will also be fee generated from transactions, the token holders also stand to receive 10 per cent of this amount. BitIndia will be launching a wallet as well as an exchange to push the usage of crypto in India and wallet transactions will also generate some revenue of which 10 percent will be passed on to token holders. It is planned that every three months BitIndia will conduct buybacks that can lead to scarcity of tokens and raise token value for investors in the long term.
Ushering in a digital future for India
India is a country of immense possibilities and when it comes to digital currencies, it is a fertile ground for any pioneer. BitIndia holds advantages as it is going to be the first cryptocurrency exchange that will cater to the needs of the huge Indian population. They are also making efforts to tailor their products and services to the Indian markets and provide access to cryptocurrencies to Indians no matter where they live in the huge subcontinental country.
In the coming days, BitIndia will assume legal structure by October and the wallet is due to be released by November. The plan is to start token trading by December 2017 and the launch of exchange is scheduled from April 2018. If everything falls in place BitIndia will empower Indians to take their rightful place in the world’s cryptocurrency markets. It is expected BitIndia can ensure that 25 percent of global blockchain trading takes place on Indian soil by the year 2022.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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