Bitcoin in India: mostly for speculation and low government attention


nnnIn the case of Asian countries, the development of block chains and digital currencies in India is relatively slow. Although the use of Bitcoin in India has increased, its popularity has improved, but the government is not enough attention to it, and some departments require the prohibition of the use of Bitcoin. According to the study, Bitcoin is mainly used for speculation in India, and people are not yet aware of the real significance of this new technology.n
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nAlthough the Indian government has been promoting the chain of blocks and digital currency regulatory environment initiatives, but the local people’s bit coins awareness continues to increase, the use of Bitcoin is also growing.n
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nBitcoin users increasen
nBitxox is India’s fastest growing bit currency exchange, its platform has reached 10 million users.n
nThe company said in its press release that its users will increase by 10,000 to 20,000 people each month, so that the total number of users accumulated so much now.n
nBitixoxo co-founder and CEO Hesham Rehman describes the increase in users:n
nn”We are always committed to making people have a sense of investment in Bitcoin, and India is ready to accept currency changes as it has begun to accept the technology, which will become a new member of the same portfolio. More welcome and trust.We believe that the number of users will continue to rise.n
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nResponse is differentn
nIn 2017, Indian government agencies gave different responses to Bitcoin and digital currency.n
nEarlier this year, the Indian Ministry of Finance suggested that the Indian government banned the use of Bitcoin.n
nOn the other hand, the government is drafting a proposal for Bitcoin and digital currency regulation. Obviously, India has shown some real interest in digital money-related matters.n
nBlock chain spokesperson and influenter Kumar Gaurav told Cointelegraph that the Indian government hopes to eliminate corruption through projects such as UPI and Aadhar and make use of digital advance. However, given that India’s banking and payment systems are more advanced, digital money is not seen as a payment tool needed to solve any existing problems.n
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nSpeculationn
nGaurav points out that Indians use Bitcoin and other digital currencies primarily for speculation and money making.n
nGaurav explains that in India, betting or any unregulated investment is illegal. India is a capital control country, so the Ministry of Finance discourages the use of digital money.n
nGaurav said:n
nn”The Indian government is trying to understand the systems and technologies behind Bitcoin, and it will take some time for the government to decide where Bitcover is safe, and India’s Bitcoan ecosystem will make it impossible for the government to take bold action against Bitcoin and announce its Completely illegal. “n
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nTechnological development n
nThe Indian government has seen the industry that has created significant value that is emerging as a block-chain application. More recently, the Auxesis Group has moved the 53 million data for the Indian government to the block chain, which is currently addressing the problems of this large-scale implementation.n
nGiven the situation of Bitcoin in the Indian ecosystem, Gaurav does not expect to create a lot of short-term value. He pointed out that the government should have enough time to study Bitcoin and make a final decision on the investment in Bitcoin. At the same time, people can also enjoy this speculation.n

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