No matter how hard the Indian government tries to contain the growth of cryptocurrencies and blockchain technology, the Indian people continue to love cryptocurrencies and blockchain. 2017 has been an important year for cryptocurrencies in many ways, but there have been great developments especially in India.. The incredible price spikes that Bitcoin experienced made the cryptocurrency spread across the country in India and led to huge Indian media coverage.. Indian media often gives “investment” advice about cryptocurrencies and then warns the public about the risks of cryptocurrencies on behalf of the government.. How exactly did the development of cryptocurrencies and Blockchain technology in India in 2017?
Back to Bitcoin
Reserve Bank of India (RBI) to be in one February and one December 2017 issued two official warnings about cryptocurrencies, such as. In other words, it cannot be said that cryptocurrencies hold a good place in the eyes of the authorities in India.. The warnings by the RBI were naturally related to the purchase of Bitcoin and other digital currencies.. The Finance Minister of India also stood behind the RBI’s warnings, stating that the Indian government did not add any legitimacy to Bitcoin. Only 15,000 signatures were collected for its legalization in Turkey.. Considering that the population of India is 1.2 billion, it becomes clear how small the number is.
Even when we came to the end of 2017, the perspective of official institutions on cryptocurrencies did not change.. In December, the Tax Revenue Department flocked to India’s largest cryptocurrency exchanges (such as Unocoin and Coinsecure) under the guise of collecting information on the functions of Bitcoin and cryptocurrencies.
Highlights and Adoption
ASSOCHAM, one of India’s leading trade associations, held a global summit on Bitcoin and Blockchain in March and described Bitcoin as a “revolution in the field of supply chain economics.” Demand has grown tremendously. It has grown so much that India’s largest exchanges have had to set a limit on the platform due to a supply shortage.. A month later, in June, Zebpay was the 7th most popular in India’s Apple app store.. succeeded in becoming a practice and surpassed the practice of many national banks.. In September, there were reports that the cryptocurrency exchanges in India are acquiring more than 200,000 new users every month.. One is BitIndia, backed by John McAfee, and the other is Coinome, backed by BillDesk.
The Year of Blockchain
IDRBT, the research-division of RBI, India’s premier bank, earlier this year demanded the digitization of the Indian Rupee using blockchain technology. After this development, the largest organizations in India’s crypto money and blockchain sectors established a crypto money organization.. Established as “India Digital Assets and Blockchain Corporation”, the organization aims to self-regulate the sector. made an attempt. In May, Bankchain started sharing AML/KYC data between banks. In November, the bank created a blockchain-based KYC system for its own verification purposes and announced plans to beta-test blockchain-based smart contracts.. This technology has also started to be implemented by other big banks of India such as ICICI, Tech Mahindra, Yes Bank and Axis Bank.
In July, Ernst & Young (EY), a member of the Big Four, is listed on the Mumbai Stock Exchange in Mumbai, India. Held Blockchain Hackathon. Towards the end of the year, the Indian Blockchain Foundation was created and the big names in India’s crypto sector such as Coinsecure, Unocoin, Bitxoxo sided with PwC, Nokia, Microsoft, Yes Bank and the Government of India.
Winners of the Year
With the constant threatening messages from the government, 2017 caused various reactions to Bitcoin and cryptocurrencies.. However, despite the government’s influence, Bitcoin’s trading volume managed to grow, and so did the business of all Bitcoin exchanges.. Indian media is also more moderate towards Bitcoin this year, and many publishing houses are publishing positive articles about Bitcoin and cryptocurrencies.. But this year’s biggest winner has been Bitcoin’s underlying Blockchain technology.. Blockchain has received admiration from many different industries and even the government in India.
After all, everything related to Bitcoin, Blockchain, Altcoins, cryptocurrencies in general, has experienced serious growth in India this year.. Despite the government’s efforts. There is no doubt that all of them were the winners of the year.
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