[2017-04-17] Bitcoin is booming in India as ‘Digital Gold’

[tyz]

Bitcoin is booming in India as ‘Digital Gold’ among other underlying benefits

Bitcoin is gaining a lot traction in India. Bitcoinist spoke with Sunny Ray, co-founder of India’s Bitcoin exchange UnoCoin, to better understand what is fueling this growing trend in the country. Bitcoin is going places. After conquering China and catapulting it to the front line of Bitcoin’s trading and mining sector, it is now starting to get traction in other countries like Japan and South Korea.
Now, Bitcoin is also showing signs of a growing adoption rate in India, a country that has been deeply impacted by the demonetization policies implemented.

http://bitcoinist.com/bitcoin-boom-india-digital-gold/

[LuanX3]

That's great news. More and more countries are really realizing its potential and they are recognizing that it could change how we view finance today. This could bring bitcoins into new highs and when we do solve the current issues with blockchain transaction fees for sure we're golden.

[panju1]

The Government doesn't think so. It is considering measures to regulate it.
Some politicians have alleged that Bitcoin is a ponzi scheme. So the regulatory environment is uncertain in India now.

[strategics]

The Government doesn't think so. It is considering measures to regulate it.
Some politicians have alleged that Bitcoin is a ponzi scheme. So the regulatory environment is uncertain in India now.

Things may not be so bad after all considering the regulatory framework release from U.A.E turned out just fine. They are also considering the legal status in which bitcoin is clearly treated as a form of currency and permitted to be used as such in the UAE.

Let's hope that they don't pay much attention to Kirit Somaiya's claim of Bitcoin being a Ponzi scheme.

[Kemarit]

The Government doesn't think so. It is considering measures to regulate it.
Some politicians have alleged that Bitcoin is a ponzi scheme. So the regulatory environment is uncertain in India now.

Things may not be so bad after all considering the regulatory framework release from U.A.E turned out just fine. They are also considering the legal status in which bitcoin is clearly treated as a form of currency and permitted to be used as such in the UAE.

Let's hope that they don't pay much attention to Kirit Somaiya's claim of Bitcoin being a Ponzi scheme.

Of course Kirit Somaiya's anti bitcoin stance will always be there as a remainder to Indian government to to take consideration. But the government should be neutral and just put regulations in place and not totally ban bitcoin in India. Because bitcoin ecosystem is thriving in there and will put impact in the financial markets in india. Somaiya's stance against bitcoin is baseless and for sure didn't know how bitcoin works and what attributes it could bring to their country that will lead financial freedom to its citizens.

[strategics]

The Government doesn't think so. It is considering measures to regulate it.
Some politicians have alleged that Bitcoin is a ponzi scheme. So the regulatory environment is uncertain in India now.

Things may not be so bad after all considering the regulatory framework release from U.A.E turned out just fine. They are also considering the legal status in which bitcoin is clearly treated as a form of currency and permitted to be used as such in the UAE.

Let's hope that they don't pay much attention to Kirit Somaiya's claim of Bitcoin being a Ponzi scheme.

Of course Kirit Somaiya's anti bitcoin stance will always be there as a remainder to Indian government to to take consideration. But the government should be neutral and just put regulations in place and not totally ban bitcoin in India. Because bitcoin ecosystem is thriving in there and will put impact in the financial markets in india. Somaiya's stance against bitcoin is baseless and for sure didn't know how bitcoin works and what attributes it could bring to their country that will lead financial freedom to its citizens.

I believe governments shouldn't be insecure and look at bitcoin as a thriving opportunity for its people to grow economically in an evenly distributed manner.

Looking forward to see Unocoin incorporate even more merchants.

[olyaru]

The Government doesn't think so. It is considering measures to regulate it.
Some politicians have alleged that Bitcoin is a ponzi scheme. So the regulatory environment is uncertain in India now.

Things may not be so bad after all considering the regulatory framework release from U.A.E turned out just fine. They are also considering the legal status in which bitcoin is clearly treated as a form of currency and permitted to be used as such in the UAE.

Let's hope that they don't pay much attention to Kirit Somaiya's claim of Bitcoin being a Ponzi scheme.

Of course Kirit Somaiya's anti bitcoin stance will always be there as a remainder to Indian government to to take consideration. But the government should be neutral and just put regulations in place and not totally ban bitcoin in India. Because bitcoin ecosystem is thriving in there and will put impact in the financial markets in india. Somaiya's stance against bitcoin is baseless and for sure didn't know how bitcoin works and what attributes it could bring to their country that will lead financial freedom to its citizens.

I believe governments shouldn't be insecure and look at bitcoin as a thriving opportunity for its people to grow economically in an evenly distributed manner.

Looking forward to see Unocoin incorporate even more merchants.

I do not believe that bitcoats are developing and thriving in India now. Until recently, the government of this country expressed a lack of confidence in this currency. It can not all change quickly. India is a promising country for bitcoin, but in a few years

[erikalui]

RBI hasn't said this and Unocoin is just a bitcoin exchange website in India. India's bitcoin market is not that huge as well and hence it's nothing positive until now. Without it being regulated or legalized, it's not worth discussing the adoption rate. Other countries are taking better steps towards Bitcoin while India is still way behind.