The organizers of ‘Global Bitcoin Conference 2013’ claim that India is one of the fastest growing Bitcoin communities in the world and such an event was expected for long. To be held on December 14, 2013, in Bangalore, the event is being promoted on a large scale as the speakers from international bodies like Buttercoin, Monetas, BitPay, Mt. Gox, LocalBitcoins, Bitcoin Foundation, CoinDesk, Global Bitcoin Alliance and Kipochi are being roped in.
Some Indian Bitcoin companies that will be sending their speakers include BuySellBitcoin, CoinMonk, and UnoCoin. Like all other Bitcoin conferences held around the world, India conference too will be focusing on the challenges and opportunities for Bitcoin in the second largest populated country and one of the biggest economies in the world.
From the list of the organizations that have been invited for Global Bitcoin Conference 2013 in Bangalore, India, it looks like the organizers are set to leave lasting impressions among Bitcoin enthusiasts. The event is expected to help people know about the virtual currency and how it can bring about changes in altering the landscape of the global economy and fiat currencies.
India yet Undecided on Bitcoin
There has been unprecedented growth in terms of popularity of Bitcoin; however, the Indian government and in particular the Reserve Bank of India, is undecided. India would like to wait before putting in place any guidelines related to the currency as was told by RBI that it is watching and learning about the developments in Bitcoins but not regulating it.
Observers claim that the government’s approach may help as the history shows that whenever the governments have adapted this policy results have been better e.g. the US Federal Government’s ‘wait and see’ approach back in the early 2000 helped the internet flourish. However, whereas the US is cracking down on Bitcoin, India has not done anything like that yet.
India may benefit from Bitcoin
Markets analysts say as the Indian Rupee falling apart, Bitcoin can be the right option for the country. Remittances are vital for India’s economy as nearly 3% of GDP comes from it. Currently, most of the remittances happen by the conventional channel of agents, like Western Union, UAE Exchange and MoneyGram.
However, Bitcoin observers admit that as Bitcoin is the best tool for transferring money to people around the world, India which has the world’s largest remittance market can benefit a lot. India has a huge mobile phone user base that can benefit a lot as they can receive Bitcoin via their mobile phones.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org