India is one of the largest population countries in the world for several years trying to determine the legal status of the cryptocurrency. Pending the introduction of regulation of cryptocurrency in India, the locals begin to purchase them on U.S. exchanges, as well as with the help of relatives or friends who have accounts abroad.
The Indian government recently announced that the rules will appear in the near future. The local Committee on blockchain and cryptocurrency (BACC) is also considering several initiatives in this area.
Indian exchange Unocoin, Zebpay, Coinsecure, seek to strengthen control over the transactions, so the local supporters of bitcoin believe a purchase on U.S. stock exchanges alternative.
As reported by the local news media, the Indians want to buy bitcoin abroad with the help of friends and family members.
«There are those who receive bitcoins as payment for gadgets and video game reviews. But for regular shopping needs relative or friend abroad to send crypto-currencies,» – says one of the local users of the cryptocurrency.
CEO of Bitcoin hardware wallet Bitlox Dinesh believes that one of the main attractions of bitcoin is privacy: «People do not want to disclose information about their payments to government, corporations or even members of their families.»
Increased security of purchases made with bitcoin are an important impetus to the country’s inhabitants used the local exchanges.
«System identification AADHAAR, a 12-digit unique identification number issued to all Indian residents, based on their biometric and demographic data, will contribute to this,» says Dinesh.
«Outside India required only single-factor authentication. So when we are talking about using a credit or debit card for purchases on foreign websites, there is also a risk of leakage of confidential financial data and break-ins. Reserve Bank of India (RBI) introduces two-factor authentication for all transactions. Thus, the use of bitcoin will add another layer of security,» – said Damodharan Sampatkumar of Renovite Technologies.