India towards to the adoption of cryptocurrency .

The Indian government recently announced that it is in favor of regulating bitcoin. A task force is being set up to provide recommendations. Bitcoin.com spoke with the CEO and co-founder of bitcoin exchange Unocoin, Sathvik Vishwanath, to find out the effect this decision has on Bitcoin adoption in India.

India’s English broadcast daily owned by Diligent Media Corporation, the Indian government is expected to make a decision about the regulatory framework of bitcoin and other cryptocurrencies next week. However, no additional detail about the framework or the decision was given. “The issue of whether virtual currencies or bitcoins should be banned, regulated or self-regulated has been deliberated for some time,” the publication wrote.

Unocoin CEO Sathvik Vishwanath has since agreed, confirming that it would take a while for the recommendations to be finalized. Prior to asking for public opinions, the government met with him and other Bitcoin businesses in a “closed door meeting” to discuss bitcoin regulation. While the committee is supposed to deliver a report next month, Vishwanath told Bitcoin.com that “things with Indian government move quite slowly and Bitcoin may not be on their priority list,”

Meanwhile, the public response to the news of Indian bitcoin regulation has been very swift and positive, adding to the momentum that has knocked most bitcoin exchanges offline and has bitcoin’s price trading at a heavy premium. “The growth last month is something we could not handle and ended up with some backlogs and it took two extra weeks to clear up,” Vishwanath noted. “Other players in the market ended up not accepting new users temporarily to clear the backlogs.”