India turns its attention towards Bitcoin

India turns its attention towards Bitcoin

Google trend searches show that Indians have turned their attention to Bitcoin. This tendency may be seen as a follow-up of Prime Minister Modi`s poli

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Google trend searches show that Indians have turned their attention to Bitcoin. This tendency may be seen as a follow-up of Prime Minister Modi`s politics of demonetization in the country.

Last year minister Modi has banned the use of the two biggest fiat banknotes in India, ₹500 and ₹1000 bank notes (approx. $7.50 and $15), reported cryptocoinnews.com.

“I urge all parties and leaders to move away from a ‘holier than thou’ approach, to come together in prioritizing transparency and take firm steps to free politics of black money and corruption,” prime minister Modi said in a New Year’s Day national address quoted by The Washington Times (washingtontimes.com).

However, this move was described as controversial by some experts who pointed out that an estimated 75 percent of Indians operate in a cash-based economy, wrote The Washington Times.

Alternatives methods of payment have emerged in response –  from bartering and neighboring currencies to Bitcoin.

The Bitcoin price has surpassed the $ 1,000 (Rs 68,000) mark, reaching its highest level since 2013 since the Prime Minister announced its demonetization scheme, wrote India Today (indiatoday.indiatoday.in).

“Rates of bitcoins have been increasing since we have started dealing into it, but yes, post-demonetisation demand from India has also increased manifold”, said Sathvik Vishwanath, CEO of bitcoin wallet Unicorn in an interview with India Today.

Bitcoin adaptation in India is high at the moment, especially in richer coastal areas. However, the amount of transactions the country does in the digital currency remains relatively low. The reason is that people are interested in buying bitcoins and not in selling them, explained India Today.

Still, Bitcoin has been denied legal status so far. According to India Today, the exchanges believe this might change now with the government pushing for digital transactions.

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