The country of India has been on the fence about bitcoin and other cryptocurrencies for a while. Whereas the idea was opposed at first, it now appears the local government thinks differently about peer-to-peer payment technology. A national summit will be held to discuss the state of cryptocurrency in India and what this means for the Indian economy. An intriguing development that could boost bitcoin adoption in the long run.
Indian Regulators Look Favorably Upon Bitcoin
It does not happen all that often regulators grow keen of bitcoin and other cryptocurrencies all of a sudden. Very few people expected such a sentiment to come from Indian regulators, yet they are open-minded towards exploring the future of cryptocurrency in the country. This news comes not too long after the government issued yet another warning about bitcoin and how it is not “backed” by tangible assets.
As part of this upcoming National Summit, there will be a lot of talk revolving around bitcoin and blockchain technology. It is evident both concepts can revolutionize finance, something that would be quite beneficial to the Indian economy right now. At the same time, bitcoin and consorts still pose a lot of risks, including tax evasion, volatile price swings and money laundering. All of these topics and more will be addressed during this special event.
Government officials, regulatory authorities, investors and others will come together during the National Summit about bitcoin and blockchain. The primary topic of discussion will be how bitcoin will be labeled in the country moving forward. Moreover, the concept of bitcoin wallets is on the discussion board. It is evident the Indian government wants to protect consumers, investors, and enterprises from financial losses. Then again, those same losses can be sustained by dealing with Rupees all the same.
Cashaa/Auxesis Group Founder Kumar Gaurav states:
“Bitcoin is a completely new product which has a number of features that, altogether, no other product have as a currency. Bitcoin is cheap, instant, no frills, and cross-border transfer of values without the need of a physical object. Clearly these characteristics pose a number of questions and challenges to public authorities. As innovators and early adopters, it’s our responsibility to educate regulators about these technologies in a way that they can be used for good than just causing damages to the society. I am going to make regulators aware on: Applications of Bitcoin & Blockchain and Criminal Activity (Black markets, Malware, Money laundering, Ponzi scheme, Theft).”
All of the topics mentioned will help shape the future of bitcoin, blockchain, and other cryptocurrencies in India. These are exciting times for the bitcoin community, as multiple countries are moving towards creating an official legal framework in which bitcoin can operate and grow. The National Summit will take place on March 3, 2017, and the registration fee is 5,000 Rs per participant. If two or more people from the same organization attend the event, they can receive a 10% discount.
Header image courtesy of Shutterstock