Dec 2017

Bitcoin implementation in India

by Kem in BlockChain category

India is the seventh largest economy in the world and enjoys a special gold. So not surprising. The “digital gold”  bitcoin is gaining popularity as Indians begin to see the value of their assets. This new digitization.

Bitcoin adoption in India is taking longer than other countries. Bitcoin adoption has increased dramatically until the end of 2016. Indian Prime Minister Narendra Modi has announced a $ 1,000 and Rupee 500 counterfeit bond on November 9, 2016 to combat Fraud Funding of terrorists and black market

This movement This is the first step in Modi’s vision of India becoming a cashless society. This led to an increase in the use of electronic payment systems. Nature is a peer-to-peer online payment system,   bitcoin has benefited from this, and it is no coincidence that India’s bitcoin exchange , ZebPay, Coinsecure, and Unocoin are experiencing new users at this early stage. Get Bitcoin to India

Bitcoin Economy in India

Zebpay, Coinsecure, Unocoin, Bitxoxo and BTCXIndia are the 5 largest Indian stock exchanges and help locals buy a bit of coin using rupees. The international peer-to-peer bitcoin exchange is also popular among local Bitcoin communities as it can be seen from the volume of trading. LocalBitcoins Which has been steadily rising since mid-2016.

With the recent rally in Bitcoin exchange Bitcoin in countries of interest to the user. Co-founder Zebpay Saurabh Agrawal said, “Every three months, our volume. Has been doubled. And the trend is continuing. “Unocoin reported similar increases by reporting 5,000 new messages per day in late November, up from 3,000 a day two months earlier.

As in most parts of the world, most bitcoin is bought as an investment rather than as a currency used in everyday life. However, many Indian independent professionals. Long-distance workers have begun to receive Bitcoin paychecks from a partnership between BitCage and BitTorrent Bitocage.

The Reserve Bank of India and fund provident funds.

The Reserve Bank of India (RBI) is testing blockchain technology to improve its financial performance. It appears that the central bank is still hesitating. Will strive to control the currency  cryptocurrencieshowever, until today, was also of the opinion that both the statement issued to the strict control. cryptocurrencies Or will it create? cryptocurrencies It’s my own.

The recent announcement of the RBI’s attitude about Bitcoin came on Dec. 5, when the RBI issued a statement which reiterated earlier warnings about the risk of currency investment. cryptocurrencies

“The significant panic in the valuation of VC shares and the rapid growth of the offering. Initial Coin Offerings (ICOs) RBI reiterated concerns raised by the release of the previous press release “

These warnings about using Bitcoin become standard among central banks around the world. And despite RBI’s bitcoin comments over the past few months, But there are no specific laws covering. Direct-coil

Bitcoin Investor Punishment and ICOs

While the central bank still decides on how to handle cryptocurrencies  to come Tax Department of India has clearly taken on the Bitcoin suspected to be taxed appropriately.

In light of recent bitcoin price increases . The taxpayer believes that many bitcoin traders have not reported their income. As required by law “Income tax officers are gathering evidence to establish the identity of investors and traders, the transactions they carry, the identity of the counterparty, and the relevant bank accounts used by each other,” ITDI officials told the Press Trust. of India (PTI)

In addition, officials from the Securities and Exchange Commission of India (SEBI) have told NDTV that while the company has used a method of obscuring the error. “SEBI can not allow gullible investors to be taken to sit with unlawful contracts with these exchanges, and those who claim in the” mint “currency their number is skeptical. You have to indulge in fraudulent activities without having to do any virtual currency coins that require a very complicated algorithm. ”

In particular, SEBI intends to suppress the initial offering of coins with the use of investors. In particular, SEBI intends to suppress the initial offering of coins with the use of investors.

Although such exchanges will be in accordance with the KYC / AML guidelines and bitcoin investors will declare their income is not normal. However, it seems that the rules are not friendly. Probably just one corner in the most promising bitcoin country in the world.

Bitcoin Economy of India and its wider meaning

India’s demand for Bitcoin has been one of the driving forces for Bitcoin’s rise in value over the past twelve months. In addition, the potential for India – due to its enormous population – is a key driver for continued success.

So suppress the community. The cryptocurrency of India combined with stringent regulations. Not only does it slow down the bitcoin of India, but it is universally accepted as well.