How crypto-currencies like bitcoin have taken roots in India
ET CONTRIBUTORS|
Updated: Nov 20, 2017, 03.12 PM IST
By Mohammed Rezwan
Progressive change in technology has been felt in every sphere of life: be it in an economy, legislative system or others. Change is behaviour of nature and adoption of the modification by people in the process leads to growth.
Since the time of ruling empires and kingdoms in India, multiple changes have been made in the currency that people use, whether it’s in engraving, texture or pattern.
We have moved forward ever since, as technology has transformed itself to the new level of digitalisation. This tech revolution has led to the introduction of a new form of digital currency, known as crypto-currency. Bitcoin is a crypto-currency.
In simple word, bitcoin is a currency that runs electronically and generated by an individual or a group of people named as the miner. Bitcoin does not have any physical appearance and only can be traded online through bitcoin exchanges. Several analysts and investors see the virtual currency as our future currency.
Awareness about the cryptocurrency is very limited. There are a large number of people who don’t even know the existence of this (bitcoin) kind of a currency. Some have misunderstood the facts about virtual currency, by reading random articles. There are very few bitcoin users, who have all the knowledge about bitcoin in all aspects, including how it can be used as an investment vehicle for the long term.
Bitcoin was first introduced in India in December, 2012. Since then, many exchanges have come and gone. The four well known and existing bitcoin exchanges in India are Bitxoxo, Unocoin, Coinsecure and Zebpay.
These exchanges along with few others came together and formed a bitcoin association called Digital Asset and Blockchain Foundation of India, or DABFI.
The main agenda of an association is to spread the knowledge about crypto-currency, its pros and cons, the risks associated with it and the growth of the crypto-currency market in the country.
• Broad guidelines for regulating the trade of virtual currency and other coins have been created.
• All exchanges operating in India use the KYC (Know Your Customer) and fulfil AML (anti-money laundering) norms and the same is verified by the exchange.
• The association is a platform to form an environment for upcoming startups, established companies and banks to use blockchain for their operations in the near future.
• It also collaborates with the authorities on regulation and taxing of crypto-currencies in India.
(The author is COO & Co-founder of Bitxoxo)
Progressive change in technology has been felt in every sphere of life: be it in an economy, legislative system or others. Change is behaviour of nature and adoption of the modification by people in the process leads to growth.
Since the time of ruling empires and kingdoms in India, multiple changes have been made in the currency that people use, whether it’s in engraving, texture or pattern.
We have moved forward ever since, as technology has transformed itself to the new level of digitalisation. This tech revolution has led to the introduction of a new form of digital currency, known as crypto-currency. Bitcoin is a crypto-currency.
In simple word, bitcoin is a currency that runs electronically and generated by an individual or a group of people named as the miner. Bitcoin does not have any physical appearance and only can be traded online through bitcoin exchanges. Several analysts and investors see the virtual currency as our future currency.
Awareness about the cryptocurrency is very limited. There are a large number of people who don’t even know the existence of this (bitcoin) kind of a currency. Some have misunderstood the facts about virtual currency, by reading random articles. There are very few bitcoin users, who have all the knowledge about bitcoin in all aspects, including how it can be used as an investment vehicle for the long term.
Bitcoin was first introduced in India in December, 2012. Since then, many exchanges have come and gone. The four well known and existing bitcoin exchanges in India are Bitxoxo, Unocoin, Coinsecure and Zebpay.
These exchanges along with few others came together and formed a bitcoin association called Digital Asset and Blockchain Foundation of India, or DABFI.
The main agenda of an association is to spread the knowledge about crypto-currency, its pros and cons, the risks associated with it and the growth of the crypto-currency market in the country.
• Broad guidelines for regulating the trade of virtual currency and other coins have been created.
• All exchanges operating in India use the KYC (Know Your Customer) and fulfil AML (anti-money laundering) norms and the same is verified by the exchange.
• The association is a platform to form an environment for upcoming startups, established companies and banks to use blockchain for their operations in the near future.
• It also collaborates with the authorities on regulation and taxing of crypto-currencies in India.
(The author is COO & Co-founder of Bitxoxo)
