In spite of having a great 2017, the end didn’t seem to be equally well for the cryptocurrencies with Bitcoin’s price dropping significantly in the aftermath of hacking of virtual wallets and several countries taking up a tough stand to bring upon its regulation. At such a time cryptocurrency dealer Pluto exchange, has announced the launch of an application targeted at Indian crowds recently to help them take up crypto trading using their smartphones.
Bharat Verma, the founder and Chief Executive officer of Pluto Exchange revealed in a press conference held at New Delhi that, “The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks. All other apps already in the market do transactions using bitcoin addresses, which are long and prone to error while copying. Pluto Exchange will change this scenario by enabling transactions using mobile numbers only, which are just 10 digits. Our company is bringing new initiatives that will increase the pros and decrease the cons of investing. This app will let everyone do easy transactions of Bitcoins from their mobile numbers only.”
Users can engage in unbridled bitcoin transactions using the four-digit personal identification number. A range of transactions encompassing remittances, payments, payroll deposit, supply chain finance, business-to-business commerce, loyalty programmes, trading and asset management shall be facilitated by the application.
Verma pointed out during his speech that the supreme banker of India was pretty concerned about the usage of virtual currencies which have fallen prey to extreme volatility off late. He said that, “The RBI considers bitcoins as de-centralised trading that is completely unregulated.. so their status is not clear.” There is a total of 15 bitcoin exchange forums operating in India with the majority being set up in the past two years. The value of Bitcoins in New York has increased by 1600% in 2016 and is presently being traded at $15000. India has also evolved into a hotbed for cryptocurrencies with people investing anything between 3000 INR and several lakhs for acquiring the same. Bitcoin is presently being traded at Indian exchanges at a premium price exceeding 10 lakh INR.
The finance ministry of India has also issued warnings regarding the extreme speculative nature of these virtual tokens which have become an easy cash out option for cybercriminals off late. We can only expect that Indian regulators will follow in the footsteps of their South Korean counterparts to bring upon stringent crypto regulations for safeguarding investors from hacking assaults and money laundering.
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