Recommended Regulation of Bitcoin in India, Favored by the Government

It was currently announced that the Indian government approved Bitcoin to be regulated in their country. Recommendations are provided by the setup of a task force. To uncover the effect of this pronouncement of adoption, Bitcoin.com conversed to Sathvik Vishwanath, the CEO and co-founder of Bitcoin exchange Unocoin.

•     India to grant regulation of Bitcoin.

Indian government put up a committee last April in order to determine whether to approve the regulation of Bitcoin and evaluate the situation then administer further approvals.

Public remarks are also inquired by the finance ministry which resulted for a majority indulgence of legalizing and regulating of Bitcoin in the entire India.

CNBC broadcasted a news segment which announced that the majority members of the committee are supporting the regulation of Bitcoin.

Bitcoin.com also talked to Sandeep Goenka, the co-founder of Bitcoin exchange Zebpay, in line with the pronouncement and explained that it would take six months for their task force, who will take the setup to come up with their recommendations. The said recommendation timeline was also spelled out by Vishwanath.

•   Public’s response to Indian Bitcoin.

Upon the announcement that the Indian government is favoring the regulation of Bitcoin India, reactions from the public have been very immediate and positive.

Vishwanath described the potential customer growth that he witnessed on the exchange to be “likely as a hockey stick curve”. He also believed that this response from the public will continue to progress.

Vishwanath perceives that the positive response of the committee towards Bitcoin has added for a positive gathering of more new customers.

•  Commercial agreement.

The large demand from Bitcoin customers is not considered an issue but, the commercial agreement does, as Vishwanath explained. He said that the number of vendors who accept Bitcoin is not that large. Counted to up to twenty to thirty vendors only have signed.

On the other hand, Bitcoin is positive that there is a continuous signing of vendors eventually. Complementing that Bitcoin’s transaction fee clearly plays a relevant part in brash backing small transactions.