What earlier seemed to be an extremely cumbersome process in a nation like India, where the Narendra Modi-led central government is hell-bent on bucking the trend of money laundering activities, it comes as a positive surprise that the digital currency-based payments revolution Bitcoin has been received with such great optimism. Bitcoin has been repeatedly criticized for its usage in the money laundering cases and funding other criminal operations such as that of ISIS.
A conference organized by India’s first Bitcoin app, Zebpay in association with The Indus Entrepreneurs (TiE) on March 19, 2015 in Gujarat, India was attended by over 400 Bitcoin enthusiasts. The audience comprised of eminent business personalities of Ahmedabad, YPOs, Federation of Indian Chambers of Commerce and Industry (FICCI), business friends, top B-school students, and the media.
Zebpay co-founder Saurabh Agrawal had earlier commented that, “As Gujarat’s First Bitcoin conference, this event holds major significance as it will discuss the way ahead for the future of how world transacts. The panel discussion will delve into the relevancy and intricacies of Bitcoin currency in the country. We are looking forward to hosting a congregation amidst the who’s who of various industries.”
An organization similar to UK Digital Currency Association will also be formed in India to bring all the Bitcoin-related companies under the banner of “Bitcoin India Alliance.” The alliance will work towards spreading the information about the digital currency and promote the adoption of the disruptive currency that Bitcoin is. The association will also stay connected with the government and other regulatory authorities, like the Reserve Bank of India, to push for inculcating the cryptocurrency in the financial ecosystem.
Mr. Nishith Desai, who is an advisor to the RBI governor Raghuram Rajan, has recently submitted the white paper on Indian Legal & Tax Considerations for Bitcoin, via his firm Nishith Desai Associates.
I guess that Christine Lagarde, the managing director of IMF, could not have put it in a better way when she said: “This is India’s moment. Chak De India!”