Bitcoin and India – A Risky Combination

Bitcoin India RiskyThere has been a lot of friction in the Indian market with regard to bitcoin. Bitcoin is not illegal in India, clarified Jincy Samuel. In addition to the consumer sector, bitcoin can be used by devices to charge for data in nano-transactions. For instance, there is CoinSecure, a Bitcoin wallet and exchange, which aims to reduce the hurdles customers face in Indian rupee compatibility and block chain access. Its development centre can be found in Bengaluru, head office in Delhi, and marketing office in Mumbai.  It seems that India may be an aspiring Bitcoin hub in Asia.

However, GreenCoinX founder Nilam Doctor thinks bitcoin and India maybe a risky combination. Canada-headquartered GreenCoinX develops GreenCoinX (crypto currency symbol- XGC), the world’s first and only identifiable crypto currency. The concept of GreenCoinX originally came from Nilam Doctor in 2012. The company received seed funding from Canada’s GreenBank Capital Inc in July 2014.It now claims that it has removed the biggest obstacle that has so far removed barrier to adoption of cryptocurrency largely.

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In an online interview, Nilam stated,

“In India, entrepreneur based in Mumbai and Bangalore, are accepting bitcoins at a rapid pace. In fact, India has a Bitcoin community of around 80,000 in which around 50,000 people actually own bitcoins. However, after a warning issued by the Reserve Bank of India that called bitcoins volatile and risky, many Bitcoin operators shut down indefinitely.

Bitcoin is risky. Before you think of using bitcoin / digital currency please make sure that you do a full KYC of your customer. Your business should be legit and should be respected the same way.

The growth in India will be mainly ruled by the government’s intervention on digital currencies, because bitcoin is still considered as a channel for hawala, and money laundering and not for storing value. It will be very difficult to judge the growth of bitcoin in India. If a digital currency is identified to a person / company then its acceptance will be better in the Indian scenario.”

In a recent report, Reserve Bank of India said, “the key technical concept of ‘blockchain’ can help check counterfeiting.” With India set to become one of the largest Internet and mobile markets in the world, the potential for profits in fin-tech seems alluring for a wide range of startups.

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Get the latest in Asian Bitcoin news here at Coin News Asia.