BitIndia is a decentralised platform, which is basically a software in India, for trasferring and transaction of money, which will discard the third party agents. It has not only introduced BitIndia Wallet for cyrptocurrencies like Bitcoin,Ethereum and RIPPLE, but is also setting up the largest cryptocurrency exchange in the world. Its pre-ico sale is scheduled on 1st September 2017.
This is the first platform with distinguished features that will enable a safe and secure experience for the users in India.
Indian authorities are considering a regulatory framework for the future of digital currencies. India’s leading financial official Mr Arun Jaitley, has thus confessed about the adoption of bitcoin and the growing popularity. Bitindia being such a convenient platform for cryptocurrencies in India can thus make the most use of the opportunity if bitcoins becomes legal and gets accepted with a formal framework. It can be thus possible for Indians to invest in Bitcoins.
In March, India’s Ministry of Finance established an intergovernmental committee to propose, look for and research and a regulatory framework for digital currencies in India.
There have been recommendations that rather than a currency by India’s capital bitcoin could be regulated as a security, markets regulator SEBI.
The events may come at a time when bitcoin is experiencing a surge in popularity in the country. Earlier in May, Zebpay , a bitcoin exchange crossed a noteworthy milestone of 500,000 installs of its application. Following the rising demands saw the bitcoin exchange enforce buying limits on the bitcoin purchases. Another Indian exchange, Coinsecure, had to close its services for the time being after being not capable to cope with the 'exponential growth' of bitcoin users on its platform. Meanwhile, bitcoin prices are now above $4,000, an extraordinary high for the cryptocurrency’s value. Bitcoin prices are now up by 3,000% this year.
Zebpay which is a bitcoin exchange, is currently the only available alternate way to buy and sell bitcoins in India which faces criticism due to slow working and user issues. But with the coming in of BitIndia people will be entitled to use the modern design application with lighning speed to exchange cryptocurrencies in the fastest and the most advanced way possible. Also BitIndia Wallet would allow exchanging Bitcoins, Ethereum and Ripple through the local currency.
Thus, with such a growing platform we can expect and keep hopes for the growth of Bitcoin,Ethereum and other alt coins cryptocurrency usage and investments in India.
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STOPThere is lot of hype about BitIndia. They have a slack channel but hardly answer to any of our questions. They claim to be the largest bitcoin exchange in India , but there is no much details about thier exchange in the website. Hope to get some morw details before the ICO starts.