NEW DELHI: Experts involved or associated with the Bitcoin industry, maintain that it has emerged as a new attraction for Indians who are keen to augment their wealth, notwithstanding calls issued by the Supreme Court to the Reserve Bank of India (RBI) to put in place effective regulatory mechanisms to prevent money laundering in any form.
Commenting on the thriving bitcoin scene in India, Zebpay co-founder Sandeep Goenka said, "Investing in bitcoin has emerged as a significant trend in the past few months. We have enabled Indians to buy an international asset in a large scale and help them contribute to increase in wealth."
According to Goenka and others involved in this industry, the key benefits that most Indians see are as follows:
• According to leading crypto-currency exchanges in India, crypto-currency is gaining popularity, primarily as a financial asset.
• Many bitcoin startups in India believe remittances are a huge potential market for them
• Bitcoin transactions are more economical than digital transfers.
• Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
• Despite an 8.9 percent drop in 2016, India has retained its position as a top receiver of bitcoin-related remittances worldwide, as per a World Bank report.
Read more: https://economictimes.indiatimes.com/wealth/personal-finance-news/bitcoin-investments-new-attraction-for-indians-say-experts/articleshow/61700932.cms
