Corporates, HNIs Warming Up to Bitcoins as an Alternative Investment in India
Bitcoin is drawing interest as an investment and store of value in India. Companies and high-net-worth individuals especially have begun looking to the cryptocurrency as a possible asset. Sandeep Goenka, CEO of India-based Bitcoin wallet Zebpay, explained to Business Standard that Bitcoin's deflationary nature makes it appealing as an asset class: "one can park money in the; wallet in the hope that the value of bitcoins would go up." Zebpay is one of several major players on the Indian Bitcoin scene; others include wallet Unocoin and trading platform Coinsecure. Goenka explained that....
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Following a December raid in Ahmedabad, India on Mahim Gupta's property due to his project Buysellbitco.in, along with a firm warning from the Reserve Bank of India, exchanges and other bitcoin services in the country have been on-edge about associating themselves with the digital currency. But it seems like things may be changing. Bitcoin buy-and-sell house Unocoin will be resuming the business on the 8th of January (Wednesday). As of today, users will be able to log in and view their wallets. It's all thanks to the Bitcoin Alliance of India, and specifically lawyer Nishith Desai - who....
"The market is now pricing in a high likelihood that many other corporates will copy Tesla," one trader said.
The move is viewed by some as a sign the Indian government is warming up to cryptocurrencies.
Unocoin, a trading platform in India, has reportedly been at the center of an intensifying debate in India over the legality and regulation of Bitcoin. The trading platform portends to be India's Bitcoin Exchange, and has shut down once before due to uncertainties over Bitcoin in the country. According to a BitcoinTalk Bitcoin Forum Hero Member, Dashingriddler (OP), who claims to be affiliated with the Unocoin team, the company's directors were asked to visit their local authorities this week. As OP writes, The officer is bothered about bitcoins coming to India bypassing the regulated....
India’s Enforcement Directorate (ED) says that it has frozen 150.22 more bitcoins held at cryptocurrency exchange Binance. The freeze is part of an investigation into mobile gaming application E-nuggets, which was designed to defraud the public, the ED said. India Freezes More Bitcoins at Binance India’s Enforcement Directorate (ED) announced Friday that it has frozen 150.22 bitcoins under the country’s Prevention of Money Laundering Act (PMLA). The ED is the government of India’s law enforcement and economic intelligence agency. The case involves Aamir Khan,....