Demonetization and Rise of Bitcoin
India was a late participant to cryptocurrency acceptance. Due to restrictions in foreign currency transfers and admissible overseas investments, Indians often does not get to trade in international financial instruments. During the time when bitcoin was picking up pace in China, Indians struggled to transfer money to the overseas Bitcoin exchanges and thereby missed the Bull Run.
However, things changed drastically after the demonetization drive announced by PM Narendra Modi. This action was meant to curtail counterfeit cash, but it also left many people panicking. In the panic, Indian residents turned to Bitcoin. Google recently reported that searches from India about Bitcoin have reached all-time highs, and the value has too.
Support from Government
a) The Indian government is mulling the implementation of Know Your Customer (KYC) norms to ensure safe cryptocurrency transactions. As per reports, the Finance Ministry is also looking to develop a specialized framework for international transactions using cryptocurrencies like Bitcoin.
b) The government is considering the introduction of a regulatory regime for cryptocurrencies, such as Bitcoin, that would enable the levy of GST (Goods and Service) tax on their sale. The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange board of India as stated by the Hindu, a prominent news website in India. http://www.thehindu.com/business/Economy/bitcoin-affords-anonymity-in-grey-area/article19265595.ece
c) On the 2nd July 2015, Indian President, Narendra Modi, announced his digital reformation plan called Digital India. This campaigned aims to make the Government’s services available electronically, improve the digital infrastructure in India and increase the internet connectivity in the country. This digital aim to empower technology in India has also aided in the positive outlook on Bitcoin on a governmental level as well.
Potential
a) There are more than 200 million people in India who don’t have bank accounts - One of the largest numbers in the world
b) The smartphone and internet reach in India is booming, thus allowing more users to adopt cryptocurrencies and blockchain technology
c) Increase in Bitcoin exchanges in India. There are at least 10 exchanges to buy bitcoin in India - https://www.buybitcoinworldwide.com/india/
d) India accounted for 16,754.76 coins by trade volume
e) Many popular crypto companies like Game credits, Stellar Lumen and steemit are organizing conferences in India to build strong user support
Conclusion - India has great potential to be the target audience for blockchain based companies.
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