Bitcoin and Indian Rupee
Last month, India accounted for 10% of world trade in USD / Bitcoin
Chris Burnish (ARK’s Blockchain) posting a chart on the main crypto-currencies exchange markets on Twitter, on Tuesday, highlighted India’s growing role in the global market, with India accounting for 10% of Total trade in June.
He further added that he was “curious” to see how this would affect the course of the Bitcoin.
Trading activity is steadily increasing in India.Despite warnings from the Indian central bank as well as figures from the current government, interest of Indian investors is increasing in Bitcoins.
The growing uncertainty about the rupee has given a firm foothold to the Bitcoin among Indian investors seeking to protect their wealth. Data collected by Coin Dance show a strong upward trend in the volume of Bitcoins exchange on LocalBitcoins, we can observe a recent rise linked with the brief drop in Bitcoin at the end of May, which had seen its price plunge below $ 2000.
The Indian banking industry is in fact not left behind with Bank Chain, announced in February 2017, for the integration and operation of the Blockchain by Indian banks.
Bank-Chain is India’s first Blockchain based Banking product which has already been started for implementation.
Read full article: India’s First Blockhain based Banking product, BANK-CHAIN kicks off
Though government and other organizations have warned against use of Bitcoin in India, it’s increasing popularity is boosting the demand for it.
With widespread increase in popularity, recognition by various governments of different countries, the government of India has also started to think about it seriously.
The government had established am inter-disciplinary committee to review and examine virtual currencies like Bitcoin. Based on the results of the committee, the government will give it’s decision regarding legality and regulation of Bitcoin in India.
Also, the government asked the citizens of India to share their views on it’s portal, mygov.in (click here to read more details)
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This article was contributed by author Bhargavi Sayee and modified by author at KryptoMoney.com for quality purpose.