Progressive change in technology has been felt in every sphere of life: be it in an economy, legislative system or others. India is the world’s third-largest economy and is set to grow at a rate that may surpass that of China within a few years. Change the behavior of nature and adoption of the modification by people in the process leads to growth. Bitcoin is a currency that runs electronically and generated by an individual or a group of people named as the miner. Bitcoin does not have any physical appearance and only can be traded online through bitcoin exchanges. Several analysts and investors see the virtual currency as our future currency.
Bitcoin was first introduced in India in December 2012. Since then, many exchanges have come and gone. India has a long way to go before it can be considered one of the top trading markets for cryptocurrencies. There is lethargy among the masses: the struggle to earn enough money to feed themselves three meals a day is so consuming, that it leaves no room for existential, self-questioning.
The basis for the existence of Bitcoin and other cryptos lies in the conviction that every human’s civil rights need to be supported. This kind of intellectual inspiration can only happen when the idea of Bitcoin is publicized among the masses, and education about cryptocurrencies starts from the grass-root level. The Government has taken some steps toward a brighter future for Bitcoin. The introduction of cryptocurrencies at school and college levels indicates that Bitcoin is making its entry into Indian market.
Government officials have released information that within the next year, Bitcoin may be legalized as a ‘regulated currency’ in India despite all the blockades in front of Bitcoin for the Indian market. Details have not been discussed as of yet, but the entrance of Bitcoin in the third largest economy of the world is something that will surely intrigue most Bitcoin enthusiasts.
The four well known and present bitcoin exchanges in India are Bitxoxo, Unocoin, Coinsecure, and Zebpay. These exchanges along with few others came together and formed a bitcoin association called Digital Asset and Block Chain Foundation of India, or DABFI.
The main agenda of an association is to spread the knowledge about crypto-currency and its pros and cons and also the risks associated with it and the growth of the crypto-currency market in the country.
- Broad guidelines for regulating the trade of virtual currency and other coins have been created.
- The affiliation is a platform to shape an atmosphere for upcoming startups, established corporations and banks to make use of blockchain for his or her operations in the close to long run.
- The association is a platform to form an environment for upcoming startups, established companies, and banks to use blockchain for their operations in the near future.
- It also collaborates with the authorities on regulation and taxing of crypto-currencies in India.
- All exchanges operating in India use the KYC (Know Your Customer) and fulfill AML (anti-money laundering) norms and the same is verified by the exchange.
