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India: A digital currency hub in 2017?

By January 2, 2017 No Comments

Cashless payment systems are booming in India. According to a Business Insider article,
Finance Minister Arun Jaitley had said during Budget 2015 that the “cashless society will be a
significant direction for India, which is treading the path of being the empowered nation as far as
financial health is concerned”.
N Chandrababu Naidu, the Chief Minister of the Southern Indian state of Andhra Pradesh, said at this year’s Hindustan Times leadership summit, “Digital currency is the future, device to
device, accounts and cards. We have to reduce the concerns of people cast and now (that)
demonetization has happened, it will lead to transparency, it will control corruption and black
money will go.”
However, following the evolution of Bitcoin, an article in The Hindu Business Line stated that
“the RBI (Reserve Bank of India) a few years ago had expressed concerns over Bitcoin. But it
now makes sense to create or adopt a digital currency as the country officially wants (to)
embrace a cashless future. A ‘BharatCoin’ can only help enhance financial inclusion, check
duplication and black money. It will be easy to disseminate digitally and update and track.
Moreover, it is in sync with the idea of Make in India and Digital India”.
Not only is India creating a completely cashless network among consumers, but there are also
frameworks being developed to inform and train entrepreneurs towards making payments via
Bitcoin.
Belfrics offers trading and investing opportunities through Bitcoin and are constantly in level with
the change in the economic market. It is predicted that the complete digitalization of currency
will create a revolutionary impact on the market and investing in Bitcoin is the way to head.
So is India touted to be a digital currency hub in the coming year? Absolutely. One can almost
say that 2017 will be the year of cashless economy and digital currency for India.

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