On Bitcoin, India's Government And Tech Companies Find Common Ground

[Dudeperfect]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

[gilangIDR]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

If more and more countries can accept bitcoin and make a regulation about the use of bitcoin in the country of course this is very positive news. With this bitcoin more reliable and more widely used by people. India is a developing country with a large population. This is very beneficial because the existence of bitcoin will grow rapidly in India. We must wait until this news really happened and India apply it.

[MingLee]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

I'm kind of surprised that the governments and businesses were able to actually find something in common with their interests, typically you never hear of that happening within any country to be completely honest. I don't follow Indian politics but this sounds like something that might have been quite a feat. Or the two of them may be more dependent on each other than we know, you never really know with some countries.
Good to see there is progress being made. I wish them well and I hope the continue to develop the Bitcoin economy within their borders.

[haroldtee]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

It is a positive news indeed and I am sure the Indian government is well informed to know that Bitcoin has huge advantages compared to the negative rubbish being spewed by some online. Good for them, and I hope it is the beginning of a huge development for them.

[ladydark]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

I heard that india has already shown green flag to legalize bitcoin two days before.That would definitely be a great news for the bitcoin community.If indians start using bitcoins,for sure,there would be a great increase in demand for bitcoins triggering its price.

[Kakmakr]

This will explode when the scaling issues are sorted out. India needs a "Currency for the Poor" with low fees and micro transactions. The micro economy is huge and poverty rates are extremely high, so people cannot afford the high fees banks charge and are effectively pushed out of the banking sector. According to the Modified Mixed Reference Period (MMRP) concept proposed by World Bank in 2015, India's poverty rate for period 2011-12 stood at 12.4% of the total population, or about 172 million people; taking the revised poverty line as $1.90.

Bitcoin can definitely make a difference in India, once the scaling solutions are in place. < Miners & Developers should give it wings to fly >  ^smile^

[BurstIncomeAsset]

This will explode when the scaling issues are sorted out. India needs a "Currency for the Poor" with low fees and micro transactions. The micro economy is huge and poverty rates are extremely high, so people cannot afford the high fees banks charge and are effectively pushed out of the banking sector.

Maybe Dogecoin would do it for them?

[sumit513]

I feared that this government would ban it given its history of banning almost everything.

[cafucafucafu]

It is very positive news for the developing country like India where there is tremendous potential as compared to that of saturated economies. I believe we are going to see something positive steps from the government side which will make the usage of bitcoin and other cryptocurrencies very easy.

* On Bitcoin, India's Government And Tech Companies Find Common Ground.

I am pleased to know that despite attempts of painting bitcoin in the negative shade, the government is not taking any hard and fast decision. Let's hope the best.

The thing is that, although the Indian government is legalizing bitcoin and all that, it does come at a cost. It basically means that your transactions will be tracked online by the Indian government, when you're dealing with bitcoins, especially if you are selling/buying bitcoin for fiat currencies, in this case, the Indian rupees.

Personally i think that p2p exchanges work much better and more efficiently than exchanges. For example, the Chinese currently are basically using only p2p exchanges as the exchanges are defunct in their country. The people that are finding "common ground" with the government aren't Indian people but rather representatives of the exchanges in India.

This is good news overall, maybe i'm just being too worried, but legalizing bitcoin is more like regulating it because it has grown out of hand for the Indian government to just let it sit there. It has really never supported the technology, otherwise it would have been legalized a long time ago, and i wouldn't be surprised at all if it turned out that the indian government will do something similar to China's fund checks...

[gentlemand]

If they 'legalised' it and Bitcoin really started to take off there I'd give it a few weeks before they came down on it like a ton of bricks.

This is a country that does everything it can to restrict gold, let alone what they did with bog standard cash. Why would they let BTC get anywhere when it's potentially just as much of a threat?

[Lieldoryn]

Even if bitcoin will be recognized in India on the official level as it will help people. Buy goods with bitcoin is very difficult. The price of micro transactions is very high and the buyer will bear the fixed costs. Bitcoin price is a constant roller coaster ride and this creates inconvenience for sellers. I'm sure it is too early to say.

[buwaytress]

I suppose it's about time for a softened tone from the Indian authorities. They might have known that whatever their stance, it won't change how they've actually contributed to the spread of adoption in India. No such thing as bad publicity, they say.

[IamAltcoinfan]

Its good that some bitcoin private companies started Digital Assets and Blockchain Foundation India (DABFI) to regulate and educate people in india about bitcoin Hope it will change the crypto currency view in india.

[digaran]

What does it mean for us? more transactions and higher fees? if so no thanks. are they going to engage in mining as well to become a major player in that field? what could India possibly offer to Bitcoin to make them a worthy companion?
Did you know there are tons of helium3 on the moon which are very useful as rocket fuel? but all of it is on the moon where we have no access currently but when we start going into space and other bodies in solar system then the first people building factories on moon will definitely benefit the most.
So no more new people for crypto please, we need to take it all for ourselves and never share it with any body else.

[Dudeperfect]

Yes, I agree with everyone on the statement that it would benefit in the case if we could somehow manage bitcoin to be cost friendly for the micro transaction. It's not only about India but who will pay the extra amount if he can get it technically for free? There are lots of commodities like milk & bread which are available at the price of bitcoin transaction fees so if a person is using cash or fiat currency then he will get more benefit our of it. I think government's move will benefit the users having the transactions with a comparatively large amount.

This is another piece of news, India Inches Closer to Developing Cryptocurrency Rules.