India’s first bitcoin exchange debuted this week, known as BTCxIndia. The website offers a secure bitcoin trading platform in real-time, and adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Though this a big step in the digital currency’s direction for India, the Reserve Bank of India has not yet regulated the uses of bitcoin.
Through the exchange, Indians can buy bitcoin in rupees, as well as perform withdrawals and deposits. For added security measures, bitcoins on the exchange will not be stored online, proving that Mt. Gox has taught all bitcoin startups a valuable lesson in the importance of cyber safety.
India’s history with bitcoin has been a rough one, as the digital currency has been banned in some cases within the nation, as well as given a negative perspective by officials who warned of its potential risks last December.
The Deputy Governor of the Reserve Bank of India stated:
“Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all, we don’t understand this subject.”
However, though India has no plans of regulating bitcoin for the time being, does not mean they don’t have their eyes on it. For now, businesses welcoming bitcoin in India are doing their best to make the most out of the unregulated digital coin.
Highkart is India’s first e-commerce online shop to accept bitcoin solely as its method of getting paid. The site has over 200 items for sale, only purchase-able with bitcoin.
The decision to rely heavily on bitcoin payments was done to better secure customer payment transactions. The online store believes that bitcoin is a solution to stray away from centralized fiat currencies. India’s native currency is getting into worse and worse shape with inflation kicks.
With the globally accepted bitcoin, Highkart has a much better chance at success. The site specializes in the sale of a variety of goods, ranging from electronics to fashion.
With more emphasis put on the Indian bitcoin community, the nation’s economy may be able to bounce back.
Image via BTCxIndia