The popularity of Bitcoin in India is increasing rapidly, especially in the third most populous city of Bangalore in the country. The leading Indian Bitcoin exchange is based in the city of Yukon, and is helping traders accept Bitcoin there. BeatCon.com talked about the economics of Bitcoin from Bangalore and India, with the accompanying CEO, Sevvic Vishwanath.
Growing Number of Merchants Accepting Bitcoin:
The southern Indian city of Bengaluru, officially known as Bangalore, is the third most populous city in India, which has approximately 8.42 million people.
Many traders in the area accepted Bitcoin through Bangalore-based Unokin, one of the largest Bitcoin exchanges in the country, which also offers merchant services. Earlier this month, the company reported that it has exceeded 300,000 registered users, according to CEO and co-founder Saavniv Vishwanath, the platform also operates the amount of more than 200 million each month.
He told Bitcoin.com that the total number of merchants who accept Bitcoin in their city is "about 400", they say:
"We have got more than 50 outlets to accepting bitcoin in this month alone."
Using bitcoin in Bangalore contains has been extensively used, recently told Business Standard that bus tickets, food, e-shopping vouchers and haircut purchased that can be products and services with Bitcoin in town.
Some traders Unokain India's largest book mall Dream online, Bitcoin Itelvel smart, mobile DTH data card reload, hosting services Indoft and Saibrl, Tekdok 365, Flight Shop, Dharwad International School, the curator for Creativity, People Place training and recruiting , APAASA, and Gift Cards and Vouchers Marketplace Profits
Bitcoin Adoption Picking Up
Vishwanath told Bitcoin.com, "To adopt Bitcoin as a payment method, a dip was started at the beginning of this year." I think the media is doing a great job to tell people about this. That's what this technology is all about. "
However, most traders have signed up to accept bitcoin through their company, are in Bangalore. The adoption of merchants in other parts of the country is less because we do not have any physical presence there and there is a lot of need for it and the trader needs to consider accepting Bidcoin as a payment method. "
In Bangalore, Yunokin is also engaged in awareness building and increasing awareness on digital currency. They are running a bitcoin meetup group since 2012. This group currently has 3,227 members, with 67 past meetings. Attendees learn and discuss topics such as Bitcoin, Athiram and Blockchain Technology.
--- Positive Regulatory News Helping Bitcoin Grow
"India started on bitcoin too late. Besides, Indians have taken a lot of risks to flock something before looking at global recognition," Viswanath shared, he said that the government is considering legalizing bitcoin , There is a positive impact on adopting bittoine in the country. "There is a lot about news about positive rules coming out for bitcoin."
The Government is currently discussing the best regulation of Bitcoin. A task force has been formed with assessment of the situation and recommendations, in which it is likely to take 6 months. The Supreme Court has also ordered the Reserve Bank of India (RBI) to report the risk of digital currencies in four weeks and ordered it. After all, if India decides to regulate Bitcoin, it can come under the jurisdiction of the RBI or the Securities and Exchange Board of India (SEBI).
Nonetheless, the legalization of bitcoin “would be seen quite positive by the entire country,” Vishwanath believes, adding that:
"I am convinced that despite payment of Bitcoin as payment gateway and physical stores for payment of both online services through payment, the POS apps will grow with the roof and move on."
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