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All You Need to Know about Bitcoin in India How the cryptocurrency craze is taking over Indian markets

By Hesham Rehman

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

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Bitcoin price has been battling since the new year started. In past week the price has crossed $17,000 and dipped massively. The news of acceptance and banning of cryptocurrency has been effecting the price of bitcoin.

Besides this, the Indian government appears to be confused for their remarks on digital currency. In the recent months, there have been numerous announcements from the Finance Ministry and Reserve Bank of India (RBI) regarding Bitcoin. The Finance minister Arun Jaitley has expressed in Rajya Sabha that bitcoin is not a legal tender. Hence the administration is still waiting for the report from an expert committee formed to examine Bitcoin before making any declaration on cryptocurrency ban or legalization.

Comparison between Bitcoin and Ponzi Scheme is Unjustifiable

The Bitcoin traders in India are operating while following every rule and regulation essential for setting a transparency between government and exchange. For example, KYC (know your customer) and AML (anti-money laundering) is mandatory for every bitcoin user registering on an exchange to trade.

The blockchain technology on which bitcoin runs is boundless and in the future, it can make way for a great deal of progress to our economy in immense advantages.

Comparison between Bitcoin and Ponzi scheme is unjustifiable in light of the fact that as Ponzi plans have no grounds and legitimate documentation for people in a chain, you can never track your assets and include high hazard as you don't know from where the underlying foundations of these plans are originating.

In Bitcoin, things are very different, transparent and well informed. All the best bitcoin exchanges in India have the records of each client trading on their platform. The individual can track its transaction. Exchanges have all the records of the bitcoins sold and traded by users without unveiling its identity.

Bitcoin Will Open New Doors of Opportunities

Bitcoin industry has been persistently expanding the increasing interest of people, financial specialists, and adoption of cryptocurrencies in different countries. Now the world's largest cryptocurrency exchanges like CME and Cboe began the trading of Bitcoin on their platforms. The launch of bitcoin trading on this type of exchanges has been increasing the enthusiasm in people, building trust for cryptocurrencies. The adoption of bitcoin by any country, retail market, real estate, food chain or firms give a boost to this technology and can open new doors of opportunities, growth in the country in different ways.

Hesham Rehman

CEO & Co-founder, Bitxoxo

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