India Gets its First Bitcoin Exchange Platform

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India Gets its First Bitcoin Exchange Platform

ForexMinute.com – India now is face to face with the emerging Bitcoin technology. After 5 years since the launch of this digital currency, Bitcoin will now be available to trade in India thanks to a new Bitcoin trading platform, that launched just yesterday.

Dubbed as BTCxIndia, the new and first real time Indian digital currency platform throws hints of being another BTC China with an ‘X’ factor. Although India itself shows the potential of being another China in the context of digital currencies. Likewise China’s regulators, India’s finance regulatory body Reserve Bank of India (or RBI) too has a balanced stand on Bitcoin. In December 2013, the latter issued a warning to Bitcoin users, trader and holders, informing them about the currency’s ill-effects.

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“At present what we are saying is neither we regulate [Bitcoin] nor we support them,” said the RBI’s deputy governor KC Chakrabaty. “Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all we don’t understand this subject.”

The deputy-governor clearly suggest that the people, as well as the government in the end, cannot take a definite stand against the Bitcoin as they are not fully equipped with its functionality. There is although a very great chance for the Indian regulator to at least consider allowing Bitcoin trades in the near future, even if they do so by taxing the digital coin.

Coming back to the BTCxIndia, the platform is registered under Companies Act 1956 with corporate identity number U67190AP2013PTC091266. BTCxIndia guarantees to be a secure and transparent platform, offering “same level of log-in and account security as used by the established financial institutions.” The platform also promises to store customers’ money offline to counter it from malicious online attacks.

See here for more information.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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