Over 30,000 People In India Use Bitcoin For Transactions
While it is doubtful Bitcoin will replace the need for physical currencies anytime soon, it complements the existing financial ecosystem quite well. The status of Bitcoin in India has been relatively unsure for quite some time now. Even though the country can benefit a lot from cryptocurrency in their e-commerce and m-commerce sectors, adoption rates were still low. But things are changing in a positive manner as of late. With about 50,000 Bitcoin users in India, things are looking better than ever. To put these numbers into perspective, of those 50,000 Bitcoin enthusiasts, close to 30,000....
Related News
India’s Goods and Service Tax (GST) Council is likely to introduce a 28% GST on all crypto transactions. This news has been a major shocker for crypto enthusiasts in the country. This GST might supposedly be levied on all activities and services related to cryptocurrency. The government of India is of the opinion that Virtual […]
India’s payments authority, the National Payments Corporation of India, has reportedly said that it will not ban cryptocurrency transactions. Banks are to make their own decision whether to allow crypto transactions. The National Payments Corporation of India (NCPI), has refused to ban cryptocurrency transactions, local media reported Thursday. NCPI runs the Unified Payments Interface (UPI), an instant real-time payment system that facilitates inter-bank transactions. It is regulated by the central bank, the Reserve Bank of India (RBI). Instead of banning crypto transactions, NCPI....
The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....
Several new developments are pointing to India as being the next point of interest for the key digital currency Bitcoin. They are building on the untapped opportunities available to the country’s billion people. Surge in Internet use. India has overtaken the United States to become the world’s second largest Internet market, with 333 million users, behind China’s 721 million. Even though this is a positive development, the new report by the UN Broadband Commission for Sustainable Development also confirms that just six nations – including China and India – together account for 55% of the....
Sarbananda Sonowal, chief minister at Assam, a northeastern state in India, has launched a digital banking campaign to instill in the local population that digital banking is the way forward, according to a report by The Times of India. Launched on Monday and in partnership with the State Bank of India, it is hoped that the campaign will help to spread awareness across the country to reduce the number of cash transactions. This news comes in light of the recent demonetization in India. Speaking to The Times of India, Sonowal, said: The Assam government is taking all possible measures to....