In spite of government’s efforts to reduce the increase of digital currencies and Blockchain in India, the people of India and the Indian marketplace for digital currencies seem to like them even more. This year has been especially thrilling for the increase of digital currencies in India, especially due to the to the moon journey of the Bitcoin missile. Digital currency’s fast price appreciation has sparked a national attention, with the mainstream Indian media going haywire on digital currency reporting. Media routinely offers each funding recommendation and reiterates cautionary warnings from the Indian authorities at the same time. So, how was the 2017 for the overall improvement of digital currencies and Blockchain in India?
The legal response to Bitcoin and digital currencies was generally poor, with the Reserve Bank of India issuing two caution in 2017 itself, first in February and again in December. The Reserve Bank of India cautioned residents towards purchasing Bitcoin and different digital currencies. The Indian Finance Minister reiterated the Reserve Bank of India’s stance, noting that the Indian authorities has not lent any legitimacy to Bitcoin.
A web petition began by Digital Assets and Blockchain Foundation of India, the biggest digital company in India at that time, requesting legalization of Bitcoin in India could gather just 15000 signatures. This is especially negative showing, given India’s population of 1.2 billion. In December 2017, whilst the 12 months was coming to an end, many main Bitcoin exchanges in India were raided by the Income Tax Department, which was allegedly seeking data about the functioning of Bitcoin and digital currencies. One of India’s main exchange associations, ASSOCHAM, held a worldwide summit on Bitcoin and Blockchain in March, describing Bitcoin as a revolution within the area of supply chain finance.
In May 2017, the demand for Bitcoin grew exponentially, so much in order that India’s biggest exchanges needed to place a restriction on Bitcoin purchases because of loss of supply. A month later, in June, Zebpay became the seventh most famous app within the finance categories on India’s Apple app store, even better than the apps of many countrywide banks. In October, it was mentioned that the main Bitcoin exchanges in India were including more than 200000 new customers each month.
The 12 months additionally saw the release of two digital currency Exchanges in India subsidized by main players, particularly BitIndia, subsidized by John McAfee, and Coinome, backed by BillDesk. The 12 months started with IDRBT, the research-wing of the Reserve Bank of India, India’s apex bank, requesting the digitalization of the India Rupee using Blockchain. This improvement was accompanied by the collection of all main gamers within the digital currency and Blockchain enterprise in India to begin a digital company. The so-called Digital Assets and Blockchain Foundation of India goals to self-regulate the business.
In February, nation bank of India, India’s biggest financial institution, took an initiative called Bankchain to share information among all Indian Banks using Blockchain. In May 2017, Bankchain began offering services to share anti money laundering and know your customer information throughout banks. In November, the bank launched a Blockchain-based know your consumer system for its personal verification functions and introduced plans to beta test Blockchain-based smart contracts. Different main Indian banks such as ICICI, Tech Mahindra, Yes Bank and Axis Bank additionally applied the technology.
In July, Ernst & Young, one the huge four, hosted Blockchain Hackathon at Bombay stock exchange in Mumbai, India. The 12 months was closed with the release of the Blockchain foundation of India, with main digital currency gamers in India like Coinsecure, Unocoin, Bitxoxo joining hands with business leaders from PwC, Nokia, Microsoft, yes bank and authorities of India.
The year 2017 noticed combined responses for Bitcoin and digital currencies, with the authorities continuously relaying threatening messages. However, Bitcoin noticed significantly improved buying and selling volume despite the government’s efforts, and all Bitcoin exchanges noticed huge increase in their operations. Indian mainstream media additionally warmed up to Bitcoin these 12 months, with many main publication houses running articles in favor of Bitcoin and digital currencies. All in all, the largest winner of the year was Bitcoin’s underlying Blockchain technology. Blockchain discovered many admirers throughout all sectors in India, in authorities and in business. However, all things digital currencies saw main increase within the Indian marketplace, regardless of what the authorities had to mention. Certainly, all are the winners of this year.