Bitcoin has been on a wild ride since the beginning of 2017. It started the year off trading at around $900 and has since tripled in less than 6 months. With daily volumes at over $2 billion, the currency shows no sign of slowing down.
India has always been an interesting region for bitcoin. Even though people at large are still unaware about the cryptocurrency, the small number of people who do understand and are interested in Bitcoin has been growing rapidly.
According to the Economic Times (a leading Indian newspaper), there are more than 2500 Indians investing in Bitcoin every day, despite the warnings from the central bank. It is important to note that buying bitcoin in India is legal. However, it is not regulated by the central bank, the Reserve Bank of India (RBI).
On December 24, 2013, the RBI issued a press release on virtual currencies (like Bitcoins, Litecoins, Ethereum, Dogecoins, etc.) stating that creation, trade, and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority.
After the recent wannacry attack, Indian government finally looks serious to tackle bitcoin and other cryptocurrencies. Last month, they sought public opinion on whether or not to regulate bitcoin. It seems like the government is in the process of drafting regulations around cryptocurrencies.
Regardless of what government comes up with, there is no way they can completely ban bitcoin. People are buying bitcoins in India and will continue to do so.
Up until two years ago it wasn’t very easy for an average Joe to get hold of bitcoins in India. Today, however, there are several exchanges from where Indian citizens can legally buy bitcoins. Few exchanges outside of India also let Indians buy bitcoin.
According to the Economic Times (a leading Indian newspaper), there are more than 2500 Indians investing in Bitcoin every day, despite the warnings from the central bank. It is important to note that buying bitcoin in India is legal. However, it is not regulated by the central bank, the Reserve Bank of India (RBI).
On December 24, 2013, the RBI issued a press release on virtual currencies (like Bitcoins, Litecoins, Ethereum, Dogecoins, etc.) stating that creation, trade, and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority.
After the recent wannacry attack, Indian government finally looks serious to tackle bitcoin and other cryptocurrencies. Last month, they sought public opinion on whether or not to regulate bitcoin. It seems like the government is in the process of drafting regulations around cryptocurrencies.
Regardless of what government comes up with, there is no way they can completely ban bitcoin. People are buying bitcoins in India and will continue to do so.
Up until two years ago it wasn’t very easy for an average Joe to get hold of bitcoins in India. Today, however, there are several exchanges from where Indian citizens can legally buy bitcoins. Few exchanges outside of India also let Indians buy bitcoin.