India making plans to Legalize and Regulate Bitcoin

When Japan recognized Bitcoin as a legal payment system on 1 April 2017, it wasn’t long before other countries started to allude to the fact that they were seriously researching cryptocurrency and blockchain technology in order to consider following suit. One of those countries was India.  The Indian Government have made no secret of the fact that they are moving towards a digital economy – we witnessed the demonetization process that was started on the 8 November 2016.     Recent reports from local news reports and India’s CNBC broadcast,…

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Bitcoin Legality Spooking India

The India Government have made it clear that they are ready to embrace the digital economy yet recently, politicians have started to question the lack of regulation surrounding Bitcoin and Cryptocurrency.  This has spooked the media who have published articles that have lead Indian citizens to think that Bitcoin is now illegal. According to ZEBPAY, Bitcoin is legal under all existing laws in India and Refues Local Ponzi Reports.  “Zebpay is part of DABFI (Digital Asset and Blockchain Foundation of India). DABFI is in the process of engaging with regulators to explain…

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Bitcoin and the Digital Explosion in India

It all started with cash… and the getting rid of cash, mostly because of corruption, tax evasion and counterfeit currency in circulation. Most Indians get paid in cash and stash their cash at home vs depositing into a Bank Account. Just two years ago, it was reported that approximately 233 million Indians do not have a account at all. In November 2016, the war on cash in India began when $500 and $1000, worth $7 and $15 respectively, were deemed illegal currency. Shock overtook India as they grappled with with…

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Demonetization and Bitcoin adoption in India

Bitcoin adoption in India and the recent demonetization – latest developments Implementation of Demonetization to tackle corruption and terrorism – 8 November to end December 2016 – Prime Minister Narendra Modi banned 500 and 1,000 rupee notes with immediate effect – worth about $7 and $15 — 86% of cash in circulation – The economy runs on cash – estimated that between 90 – 98% of all transactions. Ambit Economists – FY18 GDP growth estimate to 5.8% YoY (from 7.3%). Goldman Sachs downgraded its outlook for the 2017 fiscal year, estimating the…

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Bitcoin adoption in India

We take a look at India and it’s population, economy, infrastructure and progress going forward. Is India embracing the new digital economy? And the answer is… totally YES! India, the land of millennials – With more than 200 million people between 18 and 34 years old who grew up with the Internet, India is well-positioned to leverage technology and globalization to drive productivity gains. Economic growth is projected to remain strong around 7.5% – much progress towards growing the economy by increasing wages, declining inflation, increasing tax revenue, focusing on…

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