Indian leading bitcoin trading platform coinsecure raises
From exercising caution over Bitcoin cryptocurrency, the Government of India could finally be moving towards compliance.
Bitcoin investors would be taxed. RBI would issue guidelines regarding investment and purchase of Bitcoins. Returns from investment in Bitcoins would be taxed. He tweeted a chart tracking cryptocurrency trades that show India accounted for 16, It has also been ranked fourth on the Bitcoin cryptocurrency trading market. China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.
Bitcoin And The Indian Government Over the past few years, despite the lack of regulations in the Indian digital currency industry, a few Bitcoin exchanges have sprung up and started operating with self-regulated trading platforms with strict Know Your Customer KYC and anti-money laundering systems in place. These include startups like Zebpay, Coinsecure and Unocoin. These startups have also raised funding from investors and have slowly been building faith in the Bitcoin and digital currency sector despite skepticism from the government.
Inthe RBI published a financial stability report on disruptions in financial technology. The bank said that with its potential to fight counterfeiting, the blockchain is likely to bring about a major transformation in the functioning of financial markets, collateral identification, and payments systems. But in February this year, the RBI issued a cautionary press release, on the back of an earlier one issued in December The release warned users of the risk they are likely to already be aware of.
Namely, that the RBI does not regulate and has not licensed any virtual currencies in India. Hence, anyone using them does so at their own risk. Gandhi also raised concerns over virtual currencies. He said that cryptocurrency poses potential financial, legal, customer protection and security-related risks. Especially when regulators elsewhere are adopting proactive measures. As per a Trak. Consequently, in April this year, the Department of Economic Affairs in the Ministry of Finance in India formed the interdisciplinary committee to examine the framework on virtual currencies.
In addition, the government initiated a discussion on its forum, MyGov, to seek public opinion on virtual currencies. Clearly, despite initial reservations, the Indian government is keen on understanding how Bitcoin works and is willing to deploy resources to build frameworks. The self-regulated entity is working towards educating the masses about cryptocurrencies and informing them about best industry practices for businesses.
Authorities are now taking this technology seriously. We have been trying to get their attention for years now. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months. Legalisation would also allow Bitcoin startups to address concerns over security and risks pertaining to the use of Bitcoin and eventually work towards improving its infrastructure.
Such a stance by the government would show that they want to encourage innovations on one side and be at par with the digital needs of Indians on the other. Such legalisation also should be accompanied by the tailored regulations for this new technology to fully unleash its potential. Legalising would also help remove apprehensions around its reliability as a currency for the average Indian consumer. On the other hand there have been reports of Bitcoin trading amounting to money-laundering and that it propagates the financing of terrorist outfits.
More so, to assuage these fears, Bitcoin startups in India are implementing multiple security checks. Zebpay Co-founder Saurabh Agrawal told Inc42 how any regulation that comes in would be good for consumers. So we will have to see what they come out with, what kind of regulations they are looking at. But of course, any regulation which comes in is good for the consumers in terms of trading and holding Bitcoins. He added that Indians generally are showing greater interest in cryptocurrency because of surging Bitcoin prices.
And one of them is increasing trust in private money over stable currencies. Sanjay Mehta, an investor in Altcoins, alternative cryptocurrencies launched after the success of Bitcoin says. While Bitcoin is mainstream and many have heard about it, I have invested in half a dozen Altcoins which are point solutions using blockchain technologies. I have seen tremendous growth and benefits because of decentralisation of power.
I think that in the future people will have more trust in private money than government one. Today, the government is free to print as much money they want or withdraw which is what happened in demonetisation in India.
This is also because there is a central bank control. But, in the world of cryptocurrency because power is decentralised, while value is driven by supply and demand but float remains constant.
Just like the number of Bitcoins in circulation is not expected to be more than 21 Mn. Scope Of Bitcoins And Cryptocurrency With the government legalising it, Bitcoin service providers will also be able to expand the scope of usage.
Currently, Bitcoins are used to make purchases through mobile apps, buy gift vouchers, for airtime top up, and for paying bills. For India, the time is ripe to leverage the Bitcoin revolution. Especially when Bitcoin prices are surging through the roof. Last month, Bitcoin broke all its previous records when it achieved a new milestone. The reason for this achievement? Japan legalised the currency in mid-March this year. Thus unleashing a spike in Bitcoin trade which not only impacted the Bitcoin price in Japan but also led to a surge in global prices.
The sale is the latest capital-raising exercise by a technology startup creating its own digital currency and selling tokens to the public also known as an ICO or Initial Coin Offering. The company wants EOS to be used by large businesses, enabling corporations to automate processes, monitor assets, and create multiple applications. In fact in India, with thousands of new users flocking to Bitcoin every day, exchanges have been overwhelmed leading to downtime and slow processing of transactions last month.
Zebpay reports overdownloads of its mobile app and is adding about 2, new users every day. At the same time, doubts about Bitcoins are also abounding. Or will it attract unwanted attention if and when I choose to withdraw? Right now there are three reliable exchanges in India but once it is legalised, bigger and more reliable companies many get into this. Hence, the presence of reliable exchanges will further contribute to more trade by Indians.
The guess is that the apprehensions of Indian Bitcoin traders will hopefully be taken care of in the next month if indeed the government and RBI legalise it, thus enabling many Indians to legally partake and reap benefits from the global phenomena of Bitcoins and the underlying technology of BlockChain. However, even globally, Bitcoin has a long way to go. And how long do you ask? I am a robot.
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If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users. So, if Bitcoins are legalised in India, the following would happen: According to the MyGov site, nearly 4, comments were submitted in recent weeks.
Sathvik Vishwanath, co-founder and CEO, Unocoin told Inc42, Such a stance by the government would show that they want to encourage innovations on one side and be at par with the digital needs of Indians on the other. Legalisation will have other benefits too. Sanjay Mehta, an investor in Altcoins, alternative cryptocurrencies launched after the success of Bitcoin says, While Bitcoin is mainstream and many have heard about it, I have invested in half a dozen Altcoins which are point solutions using blockchain technologies.
Authors get paid when people like you upvote their post. You have completed some achievement on Steemit and have been rewarded with new badge s: For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.
The story, which was about to unfold for cryptocurrencies, later in the year, is nothing short of a fairy tale. The pain surges furthermore, if the cryptocurrency one wants to invest in, is not available to buy with the fiat currency of the country. But year has come about as a year of transformation, not only for the cryptocurrency market, but also for the Indian contribution to it. There are a lot of exchanges currently functional in India, and Indian investors have got a plethora of options to choose from.
Although, back in it was called Buysellbitco. The founding member of Buysellbitco. Saurabh Agrawal and Sandeep Goenkabefore rebranded the company to Zebpay. Involves minimum learning curve for the new user. Unocoin is one of the leading Bitcoin companies in India. Having started inUnocoin belongs to the league of early entrants into the Bitcoin space in India.
Today, majority of their operations are run from Bengaluru, Karnataka. Unocoin offers its services via website and as well as through mobile apps. Some big time venture capital firms have invested in Unocoin. Unocoin also provides a Merchant payment gatewaywhich enables online businesses to accept payments in the form of Bitcoin.
The team behind Bitxoxo. Company has its head office in Delhi, India. It is a pioneer in the Indian cryptocurrency space with a complete exchange, offering multiple cryptocurrencies on a single platform.
The head office of the company is operational in Mumbai, Maharashtra. ThroughBit is a startup, based out of Bengaluru. The company is totally bootstrapped till now and have plans of expanding into new geographies soon. The team behind ThroughBit is a mix of individuals from varied backgrounds. This feature will soon be available. The platform is very easy to navigate and get familiar with. Although, it will come out in due course of time. They also strive to offer services without any downtime, and yet without compromising on the security aspect.
The peer-to-peer platform has one of the most advanced trading system available right now. CoinDelta offers a plethora of cryptocurrencies to trade. Initially the platform was launched with four major cryptocurrencies i. Your email address will not be published. Leave this field empty. Notify me of follow-up comments by email. Notify me of new posts by email. Tuesday, May 8, Neha Singh December 15, December 24, India 1.
ThroughBit ThroughBit is a startup, based out of Bengaluru. As on 16th December. Neha Singh A cryptocurrency enthusiast who has spent around 5 years in the Software Industry.
A writer and an avid Blockchain technology geek. Now, i will be able to choose my exchange for trading. Leave a Reply Cancel reply Your email address will not be published.
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