Leading Bitcoin currency exchange Zebpay has recently revealed that the Indian government committee has drafted rules in favor of regulating Bitcoin in India. Over the past many years, the three significant Bitcoin exchanges that include Zebpay, Coinsecure, and Unocoin operated Bitcoin India. These exchange agencies are running with self-regulated norms and trading platforms with a strict mandatory KYC(Know Your Customer) and rigorous anti-money laundering policies, despite the lack of regulations in the digital currency or cryptocurrency industry and market in India.
What Is Bitcoin:-
Bitcoin is a cryptocurrency is a digital payment system which was invented by some unknown programmer, or an unknown group of developers. It was published as open-source software in 2009 and is expanding rapidly after its launch.
The system works in peer-to-peer, and the transactions take place between users directly, without an intermediary channel. Various network nodes then verify these transactions and record in public distributed ledger format called a blockchain. The transaction and end-to-end system work without any central repository or single administrator; thus Bitcoin is also called as the first decentralized digital currency.
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses, should only be used once- Bitcoin Blog
Legalization Of Bitcoin In India:-
The active efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Government Of India to reconsider the adaptation to the Bitcoin and digital currency sectors, regardless of the criticisms and vague comments by several politicians that significantly lack knowledge in cryptocurrency. In spite of rejecting attitude of certain people, the Indian government has finally come to a decision to regulate the market and provide a good playing field for Bitcoin exchanges. Bitcoin have potential to allocate a significant amount of resources to standardize the market and industry.
Image: Bitcoin Value In India Rupees
“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.”- Mohit Kalra, CEO of Coinsecure
CNBC India published a report that the Indian government committee had given a decision in favor of directing Bitcoin and is currently building a task force to create various regulatory frameworks and reforms with the aim of fully legalizing Bitcoin in the short-term period. The legalization of Bitcoin in India is expected to increase trading volumes further. Bitcoin activities in India are projected to grow with huge margins soon in India.