Cryptocurrency and India
The world has witnessed huge growth in Cryptocurrency in 2017. Currencies rather than Bitcoin has also grown very fast in the last quarter of 2017 like Ethereum ,Ripple.
When we talk about cryptocurrencies with respect to India, it is still a very anonymous Idea. Indian Government is still in confusion about what to do,How to do about cryptocurrency. India is the second largest populated country of the world and a developing Nation with around 1.3 Billion people. India's literacy rate is 74.04%. There are very less number of people who are aware about digital education,that's why people don't like doing online transaction on Internet.
Indian government recently warned the people who were investing in cryptocurrency. Government said in a statement that Bitcoin is not a legal tender in India. If someone invest in cryptocurrency that will be their own risk.If any loss is occured Indian government will not be responsible for that.There are already many websites which are scamming people in the name of cryptocurrencies. Government said that Bitcoin Investment is like a Ponzi Scheme,Invest at your own risk. Many startups are trying to launch cryptocurrencies like Laxmicoin,bitbnb,INRFalcon but government is not in mood to allow cryptocurrency in India because regulating cryptocurrency is a very bigger challenge for Indian Government.
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