Due to the recent surge of popularity of Bitcoin in India, the Indian government has started taking interest in the activities of bitcoin transactions that are happening in India. Recently, Bitcoin reached an all time high in both international price and indian price. It crossed 2700$ in the international market and 2.3 Lakh INR in the Indian market. Currently, there are no regulations regarding bitcoin in India. Recently, The Australian and the Japanese government imposed regulations on bitcoin in their countries.
The amount of bitcoin transactions happening has surged in India. All Indian bitcoin exchanges are under a huge amount of traffic and are also facing several issues. All Indian bitcoin exchanges follow strict KYC policy which was drafted during the DABFI committee formation. The DABFI committee is an alliance consisting of all big indian bitcoin exchanges that is made to self regulate and oversee bitcoin transaction’s by Indian exchanges.
The union finance ministry has also invited suggestions from people all over the country on how to regulate bitcoin in India which has received several mixed responses. Some of the people are demanding complete ban on the bitcoin transaction’s in India which isn’t possible. Some people are demanding strict rules so that its circulation can be kept under radar. The DABFI alliance is asking for self regulation which was recently adopted by the Australian government. You can also submit your views regarding bitcoin regulation to the Indian government here.
Despite all this debate, bitcoin is surging in popularity in India. People all over the country are getting to know about bitcoin which is certainly good for bitcoin. Bitcoin can not be banned in any country but it can be kept under the radar of the government. Regulations regarding bitcoin are important but is India able enough the monitor the bitcoin network? No matter what happens, the future of bitcoin is certainly bright.