The perils of Indian shadow economy got a heavy blow in the form of the government’s demonetization drill which rendered a whopping 86% of the nation’s cash money impotent. 8th November 2016 marked an era of cash war which was a far-fetched plan of quelling illegal activities and cutting off fund flow directed at aiding terrorism. Severe cash shortage gave rise to a nationwide disillusionment. People in India were desperately looking for an heavyweight alternative and that’s exactly when they found the world’s first decentralized cryptocurrency i.e, Bitcoin.
The coming age of digital currencies wishes to spread the wings of banking to unbanked sectors and proper financial inclusion has received nationwide acceptance which boomeranged its value to 1,65,500 INR (as on 18/07/2017).
India constitutes 10% of global cryptocurrency trade as on May 2017. So let us take a detailed look at the background story of India serving as a hotbed of the bitcoin revolution.
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-)A report published by Reserve Bank Of India in 2015 zeroed on the importance of private blockchains and how they can transform back end banking operations and speed up payments.
-)Former RBI Governor Raghuram Rajan hinted at a probable use of this cryptocurrency in future at a December 2015 interview.
-)February 2017 witnessed a new wave of caution spread by the Reserve bank where they aimed to warn users of the risks associated with bitcoin usage.
-)But given its global acceptance paving way to a cashless economy, Indian government had formed an interdisciplinary committee earlier this year to examine virtual currencies such as Bitcoin.
-)The Government has initiated a discussion forum MyGov.in opening the floodgate to public opinion on virtual currencies which has already registered more than 4000 comments.
-)Start-ups like Unocoin, Coinsecure and Zebpay with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) systems in place have already started their operation on self-regulated trading platforms. They have also unified to set up the Digital Assets and Blockchain Foundation of India which plans to spread the cryptocurrency education among masses.
-) On July 27, Indian Finance Minister Mr. Arun Jaitley held a private meeting with country’s top officials to discuss about Bitcoins
-) According to a leading newspaper of India, trading of Bitcoins may come under the eyes of Securities and Exchange Board of India.
If grapevines are to be believed then Indian government is all set to provide a legal status to Bitcoin in view of its voluminous trading. And as far as its future is concerned, time will serve as the best judge.
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