Are Indians Bitcoin Ready !

The unprecedented rise in the value of Bitcoin has off late created ripples in the investment market. On 1 November, Bitcoin value scaled an all-time high of $ 6500, thus emerging as the fastest growing asset in the recent times.

The Bitcoin revolution has also touched India in a great way. As of June, India accounted for more than 11 per cent of the global crypto currency trade. This bullish trend is a clear indication of the growing fascination of Indians towards Bitcoin as a lucrative investment proposition. Bitcoin exchanges like Zebpay, Unocoin have done a good job of thwarting the negative sentiments of people in this regard despite strong reservations by the Indian Government. The RBI especially has time and again raised concerns about the various legal and security related risks that digitial currencies pose. However, with the number of users growing each passing day, it might not be long before we witness the Government inching towards compliance and further legalizing crypto currencies in India.

 The central bank of India had reported earlier this year that a policy on the usage of cryptocurrency is in the pipeline. However, the present stance of the government is that cryptocurrencies are a violation of India’s foreign exchange rules. Once legalized, all payments made through Bitcoins or any other digital currency would fall under the ambit of FEMA Act and the returns simultaneously taxed.