Indian Cryptocurrency Sector Is Making Strides Under Clouds Of Speculation
Bitxoxo, the fastest growing Indian Bitcoin exchange has already crossed the 1,00,000 users milestone in its trading platform. The company recently divulged its action plan which included adding approximately 10,000-20,000 users on a monthly basis to its portal of existing user base. This has paved the way for growth surge in user numbers. Hesham Rehman, the CEO and co-founder of Bitxoxo feels that they have made significant contributions in ushering Bitcoin awareness in Indian subsoil. With increasing interest in Bitcoins, Indian cryptocurrency markets is experiencing regular growth.
As per latest cryptocurrency news, constant urge to reach the brim of technological excellence is bringing upon widespread acceptance of the latest virtual currency modes. User numbers are also on a constant uprise which showcase the increasing popularity of cryptocurrency among masses.
The reaction of Indian authorities to these virtual currency forms mas been somewhat mixed. Earlier in 2017, the indigenous finance ministry showcased complete disregard towards the crypto form. But a proposal for bringing the Bitcoin market under proper regulation is being drafted simultaneously.
Kumar Gaurav, an eminent Blockchain speaker and influencer feels that the Indian government is taking strides to get a step closer to digitalization by washing away corruption from its system through implementation of projects such as UPI and Aadhar. However irrespective of the advanced banking structure in the Indian subcontinent its contemporary market of virtual currencies have not shown signs of significant improvement for being considered as a premier payment tool.
Gaurav feels that such cryptocurrencies are being increasingly used in fostering speculative transactions and illegal money laundering. Unregulated betting is deemed illegal in India. Indian government is trying its level best to get into the core of the cryptocurrency functionalities. However it surely will take considerable time before the same can be considered to be a safe haven for financial transactions.
Blockchain applications are experiencing tremendous growth in Indian government’s operations. Off late, 53 million people was moved by Auxesis Group to the State government’s Blockchain network.
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