Wednesday, 21 June 2017

Indian Government is Accepting Bitcoin

     In India, citizens have been very happy because the Indian Government met to discuss the regulation of Bitcoin in India. They announced that within six months they will give a response on the regulation, self-regulation, prohibition or legalization of the use of cryptocurrency in the national territory. They talked with major bitcoin exchanges in India to know what they really expect from the meeting.

     In April the government formed a committee to study the transactions made by Bitcoin users. This committee recorded that thousands of people sell Bitcoin in India and register millions of dollars for Bitcoin Exchange in India daily.

     Those in charge of carrying out this committee were surprised with the figures obtained in favor of the digital currency and ensured that they have to apply a measure of regulation or legalization to cryptocurrency. The founders of applications operating with Bitcoin were pleased when the government announced this. Bitxoxo, ZebPay and Unocoin were among those who commented on the study that the government will carry out on cryptocurrency.

     Bitxoxo, being one of the most used for Bitcoin Exchanges in India increased its number of users when announcing the news. Users who sell Bitcoin in India have grown in large numbers thanks to one of the Best Bitcoin Rate being India. However, for the founders of these applications six months seems a long time to make a decision. They prefer that the Government listen to the citizens and realize that they will not be able to stop the implementation of Bitcoin in their lands.

     In May, more than 10 million dollars were registered in Bitcoin Exchanges in India per day. At least Bitxoxo users have been satisfied with the application. They have been able to sell Bitcoin in India freely even though the government does not have an answer yet on cryptocurrency.

     Best Bitcoin Rate in India is a factor that the government is considering because this could improve and maintain its economy, as well as evolves in the new world of digital currency. The elimination of certain bills in India has also been a factor that has led many to invest in Bitcoin since to carry out the transactions they should only have a computer with internet access.

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