How Bitcoin Could Save Journalism and the Arts
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This conference, the first of its kind in India, provided an overview of the state of the virtual currency industry today and its future potential. A panel of top venture capitalists also discussed what business opportunities are on the horizon for Bitcoin.
The conference which had more than attendants, complemented the increasing light on Bitcoins in the country, and served bitcoin micropayments india a forum to discuss efforts for convincing the government and RBI that Bitcoin is here to stay. A supporter, blueocean market intelligence attended the event.
Here is bitcoin micropayments india short recap of the highlights and observations:. Referring to the ITAthey pointed out that Bitcoin is an Electronic Document that is not digitally signed, and various service providers are intermediaries with certain legal obligations.
It is the perception bitcoin micropayments india Bitcoin is a currency and can be used for money laundering that creates a regulatory concern. If the community does not take steps bitcoin micropayments india prevent criminal grade anonymity overtaking the Bitcoin transactions, regulatory backlash is inevitable. They urged the community to take appropriate and comprehensive steps to initiate a dialogue with the RBI and clarify the nature of Bitcoin, as well as the measures that the community is willing to take on addressing the regulatory concerns.
Operators said that if defined appropriately with respect to regulations, Bitcoin micropayments india can be used for micropayments in bitcoin micropayments india country. Nevertheless, they will follow the US, where authorities have decided to subject Bitcoins to money laundering rules applicable to all other financial transactions.
Buttercoin, the International Bitcoin Exchange backed by Google Ventures, is already in talks with the Indian financial bitcoin micropayments india to set up white labeled Bitcoin exchanges for them. One of the beneficiaries of the proliferation of Bitcoin micropayments india is remittances, which NRIs non-resident Indians send back to their dependents in India. Bitcoins will increasingly gain popularity in India. According to SourceForgethe online platform that connects customers to open-source projects such as Bitcoin and facilitates downloads, there have been 35, downloads in India since the launch of Bitcoin.
Ironically, the origin of Bitcoins came out of the need for a currency free of all regulations, however its value and awareness is rising on hopes that these very same regulators are taking note of its importance in the country.
Right now, there is no regulation that says owning or transacting in Bitcoins is illegal. For the same reason, the crypto-currency is circulating unregulated in India. Digital currency enthusiasts present at the conference, reinforced the need for a local digital currency to help bitcoin micropayments india businesses and also reach the people at the grassroots level.
At blueocean, we plan to keep a pulse on this activity, so stay tuned for more insights and news around the digital currency and payments space. Here is a short recap of the highlights and observations: Leave a Reply Click here to cancel reply. Heralding the Virtual Currency Revolution.
