Showing posts with label India. Show all posts
Showing posts with label India. Show all posts

November 30, 2017

Bitcoin boom draws record number of Indian investors according to exchanges

By Joshua Althauser - December 01, 2017 (cointelegraph.com)


India-based digital currency exchanges have claimed that the number of Indian investors who registered in their platforms to buy Bitcoin has increased considerably in the past few weeks as the value of the leading cryptocurrency surpassed the $11,000 level on November 29.

The unprecedented rise in the number of investors who want to invest their money in the most popular cryptocurrency was observed despite rumors that the country’s central bank may declare Bitcoin and other cryptocurrencies as illegal.

According to Unocoin co-founder and CEO Sathvik Vishwanath, the number of customers who registered on their platform in just one month has reached around 200,000 due to the sharp rise in the price of Bitcoin.

“It took us about three years to gather [100,000] registered customers and in last one month itself we have seen about [200,000] customers registering with us.”

Phenomenal performance of Bitcoin in India


Despite the negative views of the Indian government and banking regulator, the market for digital currencies in the country is booming. This is particularly true for Bitcoin, whose price has skyrocketed from Rs 459,047 on November 1 to Rs 860,049 on November 29.

According to Zebpay co-founder Sandeep Goenka, the extent of interest shown by investors in Bitcoin is phenomenal. He added that the number of users is increasing by 300,000-400,000 in the past few months compared to around 150,000 in June and July.

“The extent of interest in Bitcoins is at unprecedented levels. Every time prices increase, investors who were sitting on the fence and were skeptical do enter the ecosystem. This time it almost feels like mainstream adoption, something I have never experienced before, because now we are seeing interest coming in from even the conservative investors.”

November 16, 2017

India’s Supreme Court pushes the government to regulate Bitcoin

By Samburaj Das - November 16, 2017 (www.cryptocoinsnews.com)


The Indian Supreme Court has called on the central government to set to task the process of regulating bitcoin.

According to Indian news daily The Hindu, three justices from India’s Supreme Court – the highest court in the country – have issued notices to the Finance, Law and Justice and Information Technology ministries, as well as the central bank (Reserve Bank of India) and market regulator (Securities and Exchange Board of India), demanding they respond to a petition seeking clarity on bitcoin’s legality in the country.

As reported yesterday, India’s Supreme Court admitted a petition calling for authorities to “regulate the flow of Bitcoin”, which, in essence, would mean regulating the nascent but growing Indian bitcoin industry.

Bitcoin isn’t classified as a legal method of payment or a financial instrument in India. The official stance by the central bank, last revealed in February this year – a lazy rehash of a previous statement from 2013 – states the authority hasn’t licensed or authorized any companies dealing with bitcoin. Investors or adopters of bitcoin and cryptocurrencies would be doing so at their own risk, the central bank warned. All the same, bitcoin isn’t illegal in India, either.

The petition, which seeks to end the ambiguity, goes on to state that ‘domestic bitcoin exchanges have been adding over 2,500 users a day and had reached five lakh (500,000) downloads. The lack of regulation led India’s ‘big four’ bitcoin exchanges to establish a self-regulatory body earlier this year. Since then, Indian authorities established an inter-disciplinary ‘Virtual Currency Committee’ to study and develop frameworks for cryptocurrencies in India.

India’s Supreme Court has previously called on the government to check for bitcoin transactions in relation to money laundering and terrorism funding. The petition, which convinced Supreme Court justices to put several government ministries as well as the central bank on notice, concluded with the plea to “issue urgent directions” toward regulating bitcoin transaction flows “to ensure” they are accountable.

Featured image from Shutterstock.

October 25, 2017

Bitcoin Forks or Bailouts? India gives 1.3% of GDP in free cash to banks

By William Suberg - October 25, 2017 (cointelegraph.com)


Bitcoin holders are not the only ones getting free money this quarter as India prepares to inject $32 bln into its banks.

While exchanges in the increasingly important Bitcoin economy announce their perspectives on the Bitcoin Gold and SegWit2x hard forks, legacy finance is getting a “game-changing” government bailout to curb bad loans.

As CNBC reports quoting Goldman Sachs forecasts, India could see economic growth from the giant remedial package, which equals 1.3 percent of the country’s GDP.

GDP growth could rise “up to five percent” a year after the injection, the bank states.

India’s domestic financial institutions have been worrying investors increasingly in the past few years.

Earlier this month, prior to news of the cash surfacing, rating agency Fitch sounded the alarm about the future if banks were not more strongly recapitalized.

"Fitch believes the government will have to pump in significantly more even on a bare minimum basis (excluding buffers) if it is to address the system-related risks of a huge NPL (non-performing loan) stock, weak provision cover and poor loan growth," it said.

Meanwhile, Aswath Damodara, New York University’s so-called ‘Dean of Valuation’ has said he considers Bitcoin a currency and that he is “OK with” its price being at or just over $6,000.

"I think the better path for Bitcoin is to actually make it a digital currency, a currency that you and I can take on our travels and use actually to buy stuff and sell stuff. If that happens, then I'm OK with the pricing," he told CNBC Tuesday.