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India Will See An Explosion In Bitcoins Over Next 2 Years
Indian Economy & Market
|April 2017
“The first generation of the digital revolution brought us the Internet of information. The second generation — powered by blockchain technology — is bringing us the Internet of value: a new platform to reshape the world of business and transform the old order of human affairs for the better.” – Don Tapscott, Author of The Digital Economy
How you describe the Bitcoin community in India?
Currently, there are over 700,000 Bitcoin users in India and growing at an exponential rate. The trade volume per month is estimated at ₹ 500 crores and around 2000 Bitcoins are traded every day. The number of Bitcoins mined roughly on average daily basis is 1,800 and currently 16 million Bitcoins are mined out of a total of 21 million that will ever exist! The users include HNIs, tech savvy individuals, freelancers and a few corporates. They buy Bitcoins as an investment with the belief that the price will rise. Some buy as a hedge against currency devaluation. There are users who regularly buy and sell Bitcoins as a trading activity. Freelancers have started accepting Bitcoins as payment from their overseas customers. Recent government moves to push the nation towards cashless payments have sparked new interest in the peer-topeer digital cash system. Why the acceptance is very low? There is a perception that Bitcoin is illegal. This is a myth which needs to be broken. Bitcoin is legal in most developed countries in the world like USA, EU, Japan, etc. Even in India, Bitcoin is legal as per all existing Indian laws. This perception has been a challenge, but is changing fast as awareness is spreading.
India’s leading law firm Nishith Desai Associates and the Center for Internet and Society, both have published white papers. Digital Assets and Blockchain Foundation of India (DABFI) has started a petition campaign to be sent to Finance Minister and RBI Governor to announce Bitcoin and cryptocurrencies as legal.
Being a leading exchange what change you find after the demonetization?
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