India suddenly announced that bitcoin is legitimate
The leading bitcoin exchange Zebpay revealed that the India Government Committee began to support bitcoin.
In April the 14th, the Ministry of finance of India (MinistryofFinance) cross industry commission (Inter-DisciplinaryCommittee) investigation of the legal status of bitcoin actively, consider the supervision of the market.
India bitcoin exchange efforts
In the past three years, India’s three largest bitcoin exchange Zebpay, Coinsecure and Unocoin run self regulatory trading platform, strictly abide by the rules of AML and KYC, although the digital currency industry and the lack of market regulation.
India bitcoin exchange self regulatory efforts that the government of India began to think about and digital currency bitcoin industry, although some politicians have criticized the lack of encryption currency knowledge too.
In March the 24th, the India BJP KiritSomaiya was severely criticized by members of Parliament, because he will bitcoin described as a Ponzi scheme.
The Treasury and the Reserve Bank of India (ReserveBankofIndia) Somaiya in the letter, bitcoin is a Ponzi maze. But Somaiya is unable to understand the structure between the Ponzi scheme and bitcoin some basic differences, and criticism.
Bitcoin legalized in India
Although some politicians hold negative attitude, the India government decided to regulate the market, provide a fair environment for bitcoin exchange, these exchanges have invested a lot of resources, standardization of the market and industry.
In April, India is one of the largest bitcoin exchange CEO Coinsecure MohitKalra said, the India government has finally started to seriously consider the supervision of the bitcoin market.
Finally, the industry has encountered some positive things. Government agencies have taken seriously in the industry. Over the years we have been trying to get their attention, glad everything happens at the appropriate. Coinsecure we saw great growth of users and trading volume. For three months we trend is optimistic about the future”.
In June the 20th, CNBCIndia announced that the government of India committee decided to support the supervision of bitcoin, is currently set up task groups, to create a variety of regulatory framework, short-term plan to complete the bitcoin legalization.
Before the India government announced the news, ARKInvest encryption currency director ChrisBurniske said, India trading volume on the rise. Burniske previously disclosed, India bitcoin trading market with about 11% of the global bitcoin trading against the u.s..
Burniske June the 15th twitter wrote:
Hello, India. We have been waiting for you! Curious about this will make bitcoin where.
India bitcoin legislation may greatly increase the bitcoin transactions in India and related activities.