During the last few months, local Indian Bitcoin exchanges, which includes Unocoin, have shown huge increase, because of the demonetization of banknotes and the economic crisis, which eventually hit the Indian economic system.
In November and December, Unocoin achieving the highest total monthly Bitcoin buying and selling volume in November. The organization additionally stated that it received the most customers in a month in November, after the announcement by Indian Prime Minister Narendra Modi to impose strict economic policies.
A Unocoin spokesperson posted in Twitter:
“November was another record month for @Unocoin in terms of variety of new customers and total #bitcoin trade volume.”
Belfrics, the Bitcoin Provider Company and exchange based in Malaysia, increased its operations into India to reinforce the Bitcoin infrastructure and trading environment of the country. Spotting the fast increase rate of local Bitcoin exchanges, Belfrics decided to extend its offerings to India to be sure that the overall populace of India has a wider variety of Bitcoin provider companies and trading systems to select from. The entrance of Belfrics into the Indian Bitcoin exchange marketplace is anticipated to create stable competition for local Bitcoin exchanges.
Praveen Kumar, CEO of Belfrics, advised a local publication in India during an interview that he is positive about the growth of the Bitcoin business and the reputation of regulatory frameworks in the country. He firmly believes the Indian authorities is taking the correct method in regulating the Fintech and Bitcoin industries. Main Bitcoin exchanges, which includes Zebpay, also posted numerous research papers on the legality of Bitcoin in India. The Centre For internet & Society and Nishith Desai associates, a main regulation company in India, have concluded that Bitcoin is not illegal under any present laws.
Despite the fact that Bitcoins can be categorized just as movable assets and especially as computer software, this position isn’t examined in a court of law, as the Centre For internet & Society mentioned. The company noted that Bitcoin is a decentralized network of peer-to-peer customers and that even though the authorities desired to shut it down, it wouldn’t be possible.
The Centre For internet & Society stated:
“An argument is made that although the companies need to regulate or shut it down they will not physically be able to do so as there is no nodal organization that the authorities can go after.”