Tuesday, November 12, 2019

Bitcoin India 101: 1 Bitcoin to INR, Bitcoin Price in India and more

The Takeaway:

Bitcoin is ruling the world of cryptocurrencies as it remains in the first position with the biggest market cap and dominance. However, in India, things are different for the cryptocurrency as the government is over-powering the crypto giant.

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Over the years, the world has seen progress in the way things work, the technology we use, the rules and regulations as well as the infrastructure around us has changed. The world is moving towards modernization, and India is among the leading countries in this growth.

Over the years, we have noticed certain changes in India, let it be the economy, legislative system, or how the infrastructure and technology are advancing in the country. One thing, however, couldn’t stick around to be a part of this growth was the cryptocurrency culture of India. Bitcoin was first introduced in 2012 in the country, and since then, several startup exchanges were born in India.

Some of the well-known exchanges were Bitxoxo, Zebpay, Unocoin, and Coinsecure. Things didn’t go well for them as recently RBI imposed a ban on the usage of cryptocurrencies in 2018. They asked the regulating banks to end their association with the crypto exchanges and stop the transfer of funds.

A legal battle has been going on, which involves various crypto lawyers from India questioning the power and authority of RBI over this. Some crypto exchanges have been asking the governments to give out the rules and regulations as they are willing to work in accordance with them.

Some slow progress is being made in this field as a government panel was set up to study Bitcoins and everything related to it. This panel is led by top bureaucrat Subhash Chandra Garg who suggested that anybody found dealing with cryptocurrencies should be imprisoned.

Later in September, a report by the finance ministry recommended a softer approach as they stated the importance of blockchain technology and are taking more time to study thoroughly. It is essential to look at Bitcoin and cryptocurrencies with a fresh point of view as other countries are already planning to launch their cryptocurrencies or have started accepting the existing ones.

 

1 Bitcoin to INR

Despite the crypto ban in the country, the masses are still interested in the topic as earlier people were not aware of the cryptocurrencies in India. But with the ban, people got to know about more and more about this, and the very first thing they wished to know “1 Bitcoin to INR” conversion.

Many people invested in Bitcoins and made some decent profit off of them, whereas some involved in big scams, and eventually, the assets got seized because of the ban.

 

Bitcoin Price in India

The fact that Bitcoin is still trending in India should be enough proof for the governments to look at the cryptocurrencies positively. Many industrial giants in the fintech sector have started accepting blockchain technology for the backbone of their companies.

Bitcoin is based on a blockchain platform, which makes it easier to use, and the network is decentralized, so all the transactions are public. Governments all over the world want to make these cryptocurrencies centralized as they think these can be used for terrorism funding, and money laundering.

 

Bitcoin News India

Bitcoin was introduced in 2012 in India, but it reached the masses when the RBI imposed a ban on the working of central banks with the cryptocurrencies. They suggested banks to stop dealing with the cryptocurrencies or else strong actions will be taken against them as well.

This sudden ban of cryptocurrencies in the country caused chaos in the market as people had to take their funds out at lower prices. Some even got their investments blocked due to this sudden ban and had to bear huge losses. The banks and RBI denied the request by exchanges of letting the customers take their existing funds out.

A legal battle has been going on where crypto lawyers are questioning RBI about their authority on making such decisions and whether they have the power to do so or not. The exchanges and their employees also faced problems to access their savings because of their association with the crypto industry.

 

Bitcoin to INR chart

Over the years, people have studied Bitcoin and Bitcoins prices in India as well as abroad. Some have understood the importance of the cryptocurrency and the possible future it has in the country. Various websites have Bitcoin to INR charts listed to make people understand the variations in a better way.

These charts help people get the bigger picture of Bitcoin and how it has been performing over the years. The cryptocurrency market comes with a risk, but the transparency it offers and the growth it has seen over the years explains that India can be a good market for Bitcoin.

 

Conclusion

Bitcoin is having a hard time in India as well as all over the world. In India, the governments are looking at the negative aspects of the cryptocurrencies with their backs towards the positive effects it can have on the country. Internationally, Bitcoin is facing a hard time gaining a bullish trend to reach another all-time high since the last one in 2017.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Cheng Wei Chan
Cheng Wei Chan
Cheng is an AI & APP Engineer based in Taipei City, Taiwan. After completing his graduation in Computer Science from National Taiwan University, he dedicated his life into researching and writing about technologies such as blockchain, cryptocurrency, artificial intelligence and application development.

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