Bitcoin has conquered from the east to the west spanning China to America. The currency is no longer the dream of programmers and developers but has been transformed into a economic phenomena capable of challenging fiat currencies. Whilst South east Asia has seen a rapid increase in Bitcoin adoption with Pakistan and Bangladesh slowly trading with Bitcoin it was not until Raghuram Rajan, let slip his views on crypto, that many began to believe India too may join the global Bitcoin community.
In a short TV programme aired recently Raghuram Rajan the Governor of the Indian Bank, voiced his opinions on digital currencies after a question was put forward a member of the audience. The response below displayed tolerance of cryptocurrencies is present and as the Indian economy develops so does the cash system which remained underdeveloped for the most part of the decade.
“I have no doubt that down the line, we will be moving towards primarily a cashless society and we’ll have some kind of currencies like this which will be at work. For us at the Reserve Bank, this may happen in 10 to 20 years from now,”
Bitcoin in India hasn’t had an easy ride with government regulations rushed the moment prices peaked. With many regulations uncertain and confusing, the view on the digital currency is not cemented in either direction. However views around the currency are slightly dampened by the rise in illegal activity carried out with the cryptocurrencies as many criminals have remained elusive due to the nature of cryptocoins.
“When the Bitcoin price skyrocketed, there were many Ponzi schemes and butcher shops around trying to loot the Indian investors. Hence RBI warned the Bitcoin usage and shutter down the butcher shops and seized the Ponzi houses but RBI never said bitcoin was illegal,” said Mupparaju Siva Kameswara Rao, CEO of BTCXIndia
Unocoin is an example of Indian ingenuity and development which has produced one of the most used and popular Indian Bitcoin exchanges. However the concerns linked with the cryptocoins are still present as the Indian government and the Reserve Bank of India as the coin has been subject to controversy over the Funding of Terrorism Act. The use of Bitcoin for terrorism is widely known as the privacy and fact funds sent using Bitcoin cannot be traced is of a great advantage to terrorist groups.
Bitcoin in India may sound like milk and water. One of the biggest technology innovators adopting Bitcoin may be for the better as having access to a multi million dollar economy can have its advantages. Governmental backing will also revolutionize the standing on Bitcoin wiping away the image that the coin has painted over the past few years. Leave your comments and thoughts below and will Bitcoin adoption ever take a stride in the right direction in India ?