This is the interesting year for the growth of vỉtual currencies in India. Let’s take a look back at the development of Bitcoin and Blockchain in India in 2017 in our article below!
The setbacks to Bitcoin and Blockchain in India
The response to Bitcoin and virtual currencies mostly negative, especially the Reserve Bank of India (RBI). RBI issued two warnings in February and in December of 2017. The RBI has cautioned people against buying cryptocurrency including Bitcoin. Moreover, the Indian Finance Minister also stated that the Indian Government had not lent any legitimacy to Bitcoin. On the other hand, an online petition of the largest crypto organization in India DABFI has gathered 15,000 signatures for the legalization of Bitcoin. However, this is not a significant number relative to the 1.2 billion people.
In May 2017, the demand for Bitcoin increased exponentially and abruptly. It was reported that the major exchanges in India added more than 200,000 new users monthly. Besides, we also witnessed the two more launch of 2 cryptocurrency Exchanges namely BitIndia, backed by John McAfee, and Coinome, backed by BillDesk. Let’s move to the development of Blockchain in 2017. The things begin with IDRBT asking for the digitalization of the India Rupee by the Blockchain technology.
In February, State Bank- the largest bank of India, began a “Bankchain” to share data between India’s Bank by Blockchain Technology. In July 2017, one of the Big Four, Ernst & Young (EY), hosted Blockchain Hackathon at Bombay Stock Exchange (BSE) in Mumbai, India. Eventually, 2017 was closed with the launch of the Blockchain Foundation of India, with major digital currency players in India like Coinsecure, Unocoin, Bitxoxo joining hands with Industry leaders from PwC, Nokia, Microsoft, Yes Bank and Government of India.
Overall Growth of Bitcoin, Blockchain in 2017
This year Bitcoin witnessed the drastically upward trading volume despite the warnings. the Blockchain also received a huge success this year. For the coming year, nothing is clear now. We expect that Digital Currencies will continue to rise because the heat of this currency does not seem to reduce. What do you think about the future of Bitcoin and Blockchain Technology? Would they virtually replace Gold and become legitimized? Share with us your ideas!