India
is the biggest remittance fee market as of 2017 and more than 60 percent of the
population is unbanked. Financial analysts suggest that crypto currency fits in
as the apt solution and will help make India a ‘cashless’ economy. YoCoin is deemed to spearhead this revolution.
Global Summit on Bitcoin in India
The
‘Global Summit on Bitcoin and Blockchain’ was hosted by a premier industry
association, ASSOCHAM, in March 2017 in NewDelhi. It was titled “The State of
Cryptocurrency - Opportunities and Challenges for Indian Economy.” At present,
India needs to work towards developing a powerful Bitcoin industry so that the
gap between demand and supply can be bridged and users do not have to depend on
foreign resources.
In
November, 2016, the Indian economy was hit by the demonetization of more than
80 percent of the circulating currency. This move led to an increasing interest
in crypto currency such as Bitcoin in the nation.
According
to the organizers of the global summit, India is the biggest remittance market
in the world and offers “enormous opportunities” for adoption of crypto
currency. In such a scenario, the global summit helps bring together several
stakeholders including investors, exchanges, regulators and the government.
Among
the primary concerns around Bitcoin and other crypto currencies in India, as
also highlighted by the Reserve Bank is the security and safety of investments
in digital currencies. The global Bitcoin summit focused on issues of data and
security in the blockchain while also discussing topics like double spending,
history modification, unauthorized spending, race attacks and others.
Crypto Currency Future in India
Bitcoin
and YoCoin have challenged the long-held assumption that the central banks of
the country have no competition as far as the issuing of currency is concerned.
Today, VitalikButerin's "ether" has come to be recognized as the
second most popular crypto currency and is valued at nearly $1 billion,
following Bitcoin.
Former
RBI Governor, Dr. Raghuram Rajan, describes Bitcoin as “fascinating” and looks
at the possibility of the RBI releasing its own crypto currency. However, he
believes that this could take several years to be executed. According to Rajan,
virtual currencies such as Bitcoin and Yocoin are bound to get a lot better and
safer. They will witness a widespread adoption among individuals and businesses
undertaking transactions.
It appears that the biggest hurdle to adaptation of
crypto currency in emerging markets like India is fear of the new and false
information. But YoCoin, an emerging alternative to Bitcoin, is dedicated to
creating awareness and helping the large unbanked population of India make a
smooth transition into using digital currency.
There is no denying the fact that crypto currency
has a bright future in India and YoCoin works on the secure and reliable
Ethereum block-chain platform with zero remittance fees.
The Indian government and the RBI are making an
effort to better understand crypto currency and analyze its impact before
giving it a legal stature.
Want to know more what is YouCoin?
Visit
Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
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