India’s Bitcoin Market is Growing, Admits Finance Minister Jaitley

As Indian authorities ponder a regulatory framework for the future of digital currencies in the country, India’s foremost financial official has remarked about the growing popularity and adoption of bitcoin.Indian Finance Minister Arun has admitted that the last few years have shown a “notable growth” of the bitcoin market in India. According to the Hindu, the senior government official further added, in a written response to the lower house of the Indian Parliament, that there is increasing evidence of cryptocurrencies like bitcoin being used in the country.In these written comments about bitcoin, Jaitley reportedly underlined two main categories of bitcoin adopters and operators in India. Those in the public domain include self-regulated digital currency exchanges while the other operate with bitcoin through informal social media platforms and mobile apps, the official said.Jaitley, the central financial figure representing the ruling government which enforced an unprecedented and controversial demonetization drive – effectively wiping out 86% of India’s cash overnight last year – has previously called for “less cash transactions and an increase in digital currency” usage in the country.