Appeal to the public supervision of bitcoin, India may be the next step to legalize bitcoin

Appeal to the public supervision of bitcoin, India may be the next step to legalize bitcoin

India may be in the near future to legalize bitcoin, because of feedback from citizens and businesses seemed to support virtual currency regulation.

The government of India asked the public virtual currency

According to the online review web site of the India government as part of the show, since its launch in May 21st, these 10 days, the government received nearly 4000 submissions.

The research content is: virtual currency (VCs) should be banned, supervision or observation? If the virtual currency is recommended for regulation, then what measures should be taken to ensure the protection of consumers, and promote the development of which should regulators to monitor and supervise the virtual currency?

Not only that, it also asked, self effective supervision mechanism will be what kind of, and what should be taken to protect consumers in these cases.

Feedback from citizens and business organizations

Most of the reviews by the polls are very brief, but they do represent the bitcoin virtual currency and the generally positive view, some of which encourages all people to get through the profit tax.

For example, someone commented:

“Bitcoin, block chain is the financial, administrative, management, market and IT industry in the future. This technique has great potential for developing countries like India. India should follow Japan, accept this technology, rather than increasing barriers. If India increased regulatory burden on this technique, this does not limit the development of technology, but only to isolate India and the benefits of this technology. Like the Internet, technology will certainly continue development. We are now faced with a choice, either accept this technology, either behind others.”

Another said, government regulation will help to reduce corruption and the black market, and prove that it is beneficial to the overall economy in India.

TarkeshTambulkar wrote:

Bitcoin is the future of India, it will increase the India government tax, so it should be regulated.”

MelikaRajarao added: “the bitcoin regulation should improve the economic growth of India, the future can make India digital encryption currency to reduce poverty. If the government take measures to legal and regulatory bitcoin, bitcoin will then reduce corruption and money laundering.”

India commodity Bats Exchange Inc also made tradeoffs, commented:

“We propose that India should accept bitcoin as a legitimate financial instruments, and through a separate” virtual currency bill “to regulate bitcoin. India should encourage using virtual currency, because of the block chain technology is now recognized as the future of electronic financial transactions. The virtual currency can significantly reduce corruption, reduce transaction costs and eliminate the participation of third party’s potential is strong power to promote the legalization of virtual currency.”

But there are also some opposition, these people called bitcoin should be completely prohibited.

ManishRai wrote: “we must as soon as possible to ban on all kinds of encrypted currency. Encryption of money should be made illegal, greedy Indians (SIC) have hard earned money to invest the money, they will quickly lose money.”

Always speaking, the government survey response seems to be inclined to supervision, “legalization” bitcoin, among other comments that bitcoin is conducive to technology development in India, and should be like Japan, and the international trend is consistent.

10 new Internet users, 9 will be Indian

It is important to consider the special status of India citizens, and actual online reviews are what type. India is a developing country, there are many Internet activities are conducted in English, as many infrastructure barriers and language barriers relate to. It is more important to many people only via mobile phone.

India consulting firm KPMG and Google (KPMG) of a India Internet usage report on these problems are explored.

The report pointed out: “80% India network users in the use of English keyboard have difficulty. About 55% of Internet users find the high cost and limited Internet access is the key obstacle they often use the internet.”

But there are also positive news, the Internet in new India, seems to be catching up with the China.

The report pointed out: “in the past few years, the India Internet nationwide scale snowballed rapidly, now in India, India’s Internet users has exceeded the number of English users.”

The report forecasts the payment, online government services and electronic retailing, will be the fastest growing language users in India. (bitcoin will become the mainstream in India. May 31, 2017 – SunnyRay (@SunnyStartups))

At the same time, bitcoin seems to be India spread rapidly, this can be seen from the rising volume of transactions and the country more and more businesses use.

Leave a Reply

Your email address will not be published. Required fields are marked *