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Will India take Bitcoin to $80000?

Oct 30, 2017 Posted /  8818 Views

 Will India take Bitcoin to $80000?

The Bitcoin trend is widely spreading in India. While tech expertise and young investors are keeping their eyes on the digital cryptocurrency, the government, as well is observing a course of action for its regulation. With the hopes to boost the financial status, the Economic Affairs in the Ministry of Finance department in India has formed an inter-disciplinary committee to study the structure on digital currencies. Also, the government has commenced a discussion on its forum MyGov to seek public opinion on virtual currencies. In spite of some initial apprehensions, the Indian government is interested in knowing how Bitcoin works as well as it is eager to establish resources to make frameworks.

The Bitcoin investors, companies, exchanges welcome these efforts with open arms. They consider that it will allow them to speak concerns over security as well the risks related to the use of Bitcoin, and will finally work towards making advancements in its infrastructure.

India looks forward to Bitcoin

Current price of Bitcoin, at the time of writing was 3,80,741.39 INR for one Bitcoin, and around $6,000 USD. The regulations related to Bitcoin and other virtual currencies are still in the initial period. There is a lot to come from the Indian market. The question arises, looking at the Indian population, if a majority of population gets into Bitcoins, then there can be boost in the volume of trade for Bitcoin, which will also give a boost in the prices of bitcoins. Government, companies, online platforms, restaurants etc are considering the utilization of Bitcoin. But everyone is waiting for the final affirmation from the government which will give an idea about the taxes, laws, regulations related to bitcoin.

Does India’s bitcoin future looks promising?

Bitcoin’s future in India seems promising. Service providers are looking forward to extend the vision of usage, with the hope that the government as well as the regulatory authorities gives them ample frameworks.

Presently, Bitcoins are used to do purchases through mobile apps and also to buy gift vouchers. In the upcoming days companies are considering to step up the infrastructure that can support remittances to India plus provide online financial solutions for the country's unbanked population.

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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Tags: bitcoin India Bitcoin future of bitcoin trade for Bitcoin

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