The Bitcoin phenomenon is getting more popular in India. While tech geeks and young investors pay more attention to digital cryptocurrencies as its value increases, the India government is considering the possibility of accepting Bitcoin under regulation.
The Department of Economic Affairs in the Ministry of Finance in India has established an inter-disciplinary committee to analyse the framework on digital currencies. They will probably share its findings in the coming month. Additionally, the government has begun a discussion on its discussion board to look for public thoughts on such virtual currencies. Obviously, besides some initial reservations, the Indian government is thinking about how Bitcoin actually works and is willing to set up sources to develop frameworks.
The greater number of Indians who took part in the discussion shown interest in having seen Bitcoin come to be a more substantial part of the financial and trading and investing systems in India. However, they were also concerned about its security as a currency. As they know that there have been answers that bitcoin trading is a way of money-laundering and that it distributes the funding of terrorist outfits.
Bitcoin's future in India looks bright. Many Service vendors are keen to widen the Bitcoin usage, with the expectation that the authorities provide them appropriate frameworks. In the foreseeable future, companies are planning to improve the infrastructure to support remittances in India and provide online financial solutions.