How Bitindia can tap 1.3 Billion people through the Blockchain
Aug 18, 2017 Posted / 4831 Views
BitIndia is a decentralised platform, which is basically a software in India, for trasferring and transaction of money, which will discard the third party agents. It has not only introduced BitIndia Wallet for cyrptocurrencies like Bitcoin,Ethereum and RIPPLE, but is also setting up the largest cryptocurrency exchange in the world. Its pre-ico sale is scheduled on 1st September 2017.
This is the first platform with distinguished features that will enable a safe and secure experience for the users in India.
Indian authorities are considering a regulatory framework for the future of digital currencies. India’s leading financial official Mr Arun Jaitley, has thus confessed about the adoption of bitcoin and the growing popularity. The Finance minister has said that the last few years have shown a 'notable growth' of the bitcoin market in India. He further added, while in a written response to the lower house of the Indian Parliament, that 'there is increasing evidence of cryptocurrencies like bitcoin being used in the country', according to The Hindu. Bitindia being such a convenient platform for cryptocurrencies in India can thus make the most use of the opportunity if bitcoins becomes legal and gets accepted with a formal framework. It can be thus possible for Indians to invest in Bitcoins.
Jaitley reportedly stated two main categories of bitcoin operators and adopters in India. The people in the public domain includes a self regulated digital currency exchanges while the other operate with bitcoin through unofficial social media platforms and mobile apps, the official stated. Jaitley, is the central financial person representing the ruling government which imposed for the first time a divisive demonetization drive by which it effectively wiped out 86% of India’s cash overnight last year has previously called for 'less cash transactions and an increase in digital currency' utilization in the country.
In March, India’s Ministry of Finance established an intergovernmental committee to propose, look for and research and a regulatory framework for digital currencies in India.
The committee’s proposal is assured to persuade the authority based future of bitcoin and other digital currencies in the country. While the facts of the panel’s report remain hidden, the committee has allegedly submitted its conclusion and suggestions to the finance minister last week.
There have been recommendations that rather than a currency by India’s capital bitcoin could be regulated as a security, markets regulator SEBI.
The events may come at a time when bitcoin is experiencing a surge in popularity in the country. Earlier in May, Zebpay , a bitcoin exchange crossed a noteworthy milestone of 500,000 installs of its application. Following the rising demands saw the bitcoin exchange enforce buying limits on the bitcoin purchases. Another Indian exchange, Coinsecure, had to close its services for the time being after being not capable to cope with the 'exponential growth' of bitcoin users on its platform. Meanwhile, bitcoin prices are now above $4,000, an extraordinary high for the cryptocurrency’s value. Bitcoin prices are now up by 3,000% this year.
Zebpay which is a bitcoin exchange, is currently the only available alternate way to buy and sell bitcoins in India which faces criticism due to slow working and user issues. But with the coming in of BitIndia people will be entitled to use the modern design application with lighning speed to exchange cryptocurrencies in the fastest and the most advanced way possible. Also BitIndia Wallet would allow exchanging Bitcoins, Ethereum and Ripple through the local currency.
Thus, with such a growing platform we can expect and keep hopes for the growth of Bitcoin,Ethereum, Ripple and other cryptocurrency usage and investments in India.
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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