India legalizes Bitcoin


After a long back and forth, it seemed as if Bitcoin would be banned, just to get back to the workplace of the Indian Ministry of Finance. After a long wait, the Indian government takes Bitcoin seriously – and announces a reasonable regulation to want to introduce.

Kirit Somaiya, a member of parliament in India, began with a strange fairy tale. He could not see the difference between a snowball system and Bitcoin – for in Bitcoin was a typical Ponzi system. According to criticism of his parliamentary members, his ignorance about digital currencies was recognized. His statements were ignored by the Treasury, but instead went to the population.

And in May it was allowed to comment on the Bitcoin regulation in free form. On a dedicated website, you could express your opinion and make your own proposals for solutions. A success like Indian crypto exchanges now report.

The Indian Bitcoin exchanges have themselves regulated due to the lack of regulations. Since the Indian committee voted Bitcoin, a working group for digital currencies is now being set up, as well as framework conditions for the rapid legalization of Bitcoin.

The Indian Bitcoin exchange Coinsecure is reported to be a steadily growing number of users and transactions. About 11 percent of all Bitcoin-to-US dollar trades are said to be of Indian origin. After Japan, India is the second Asian country to legalize Bitcoin. Since the general uncertainty in the population was taken, a greater demand is now expected.

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