India will accept Bitcoin to be regulated! This can be a big win for BTC
Leading Bitcoin exchange Zebpay has revealed that the Indian government committee has ruled in favor of regulating Bitcoin.
On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market.
With India being the sixth-largest economy in the world, with an annual nominal GDP of US$330 billion, this can have a huge effect on the world-wide acceptance and value of the Bitcoin Currency.
Efforts of Indian Bitcoin exchanges
Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.
The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.
On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.
In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.
The legalization of Bitcoin in India
In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.
Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.
Kalra said:
“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it’s all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”
On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.
Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.
The legalization of Bitcoin in India is expected to further increase trading volumes and Bitcoin activities in India by significant margins.
Sources:
1. https://en.wikipedia.org/wiki/Economy_of_India
2. http://bitcoinagile.com/F46596/suddenly-bitcoin-to-be-officially-legal-in-india-a-bit-of-news_stream
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This is great news! Bitcoin is slowly becoming accepted as a worldwide store of value, I can only imagine where it will be 10 years from now!
Yes it is! I think many people will be amazed how much growth is still achievable. It is the only world-wide currency. In Europe they agreed on using 1 coin, but even after more than 15 years, it is still not adopted really well. It only costs Bitcoin 4 years to have such an amazing impact already.
Looking forward to the future :)
From some of the information that I've heard, the Euro is probably not going to survive much longer due to regulations that limit economic growth in certain countries while promoting it in others. I'm just shooting from the top of my head, though, so take what I say with a grain of salt.
Imagine being paid in Bitcoin instead of USD... maybe I should request that instead, lol.
Haha I think you're some years ahead, but can you also imagine that people could not imagine having a cellphone or being accessible 24/7? Now look at your iPhone / Android again 10 years later ;)
Regulation means acceptance & acceptance leads to adoption. This is good news for crytocurrencies.
Thank you, @steve-speaks, for sharing this article. I am beginning to see the Singularity (that point when AI exceeds our Human Intellect) as a scope of the emergence of Bitcoin itself.
If you consider that Bitcoin, potentially, could become an international standard of commerce in and of itself then we can begin to see how it affects Globalization even moreover. I can't begin to predict afterwards, seeing as what I think is that once we reach the Singularity the AI will end up having a better understanding and thought process of how to fix the world than we do.
Perhaps said AI Intelligence would use Bitcoin as a centralized function of that event and will help to improve society as well as the ecology of the world.
Very well said. I could not agree more with you. However, I think there is also a socio-economic aspect hidden in this logic. It takes a LOT of trust and trial-and-error before AI can be successfully integrated into the world economy. The most important part is, how can you implement something that relies so much on the trust of the consumer but at the same time is so vulnerable to error / hacking / technology?
True, but as I think of it, the Singularity itself would provide its own security as these hyper-intelligent machines would be able to prevent attacks from hackers and re-write their own source code to accommodate. We, as Humans, would not really be capable of hacking their systems by this point in time.
The thing that makes me curious is whether these machines will be built with ethics in mind and how those ethics will define their own culture. Then, of course, you must think of that trust (as you mentioned) even in whether or not Humanity will move forward with the reliance on what could become a Hive-based intelligence. Humans are fairly untrusting as a species, so it stands to reason that perhaps our own governmental regulations will prevent this.
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Yeah! I am from India and this is the first positive in reference to Bitcoin and cyptocurrency. some politician here unaware of bitcoin technology called it a ponzi scheme back in April. One thing is for sure Bitcoin or cryptocurrencies cant be reversed irrespective of what govt decides but only thing is news like this will increase more users and it wont take long for it to go mainstream.