x

India Takes a Hands Off Approach Towards Bitcoin

by

         India Takes a Hands Off Approach Towards Bitcoin

The second most populated country in the world is stepping up to the plate to consider Bitcoin and provide this digital, decentralized cryptocurrency an opportunity to flourish prior to regulating. With a population of over 1,232,530,000, India is a hotspot of potential for growth of the Bitcoin currency and community. Right on the top of the list of the most tech-oriented nations, India will take a leap forward should the Reserve Bank of India truly take a hands off approach towards the Bitcoin currency. As the Indian Rupee is calling for attention with higher rates of inflation, the Reserve Bank of India has voiced intentions of increasing the value of the Rupee and just keeping an eye on Bitcoin.

With a hands off approach, the Reserve Bank of India, has provided more time for the Bitcoin community in India to advance and expand before any concrete guidelines are put in place. The Bitcoin community in India can use this gift of time to develop Bitcoin related businesses in the space and also educate Indian citizens on the many opportunities for economic growth associated with Bitcoin. Should the Indian government impose guidelines down the road, the Bitcoin community will be prepared.

In the US, the Bitcoin community is experiencing a different narrative. Early this week, the Senate Homeland Security and Government Affairs Committee sent a letter to various executive agencies seeking more insight on the procedures, plans and policies already in place for regulating the Bitcoin currency. Bitcoin businesses in the US have less time to advance in a deregulated space. Fortunately to date, the US Senate is seeking clarity and not further regulations, but time is now of essence for the Bitcoin community in the US to safeguard against potential restrictions down the road.

While Bitcoin has continued to grow in prominence since 2009, the Indian government and in particular the Reserve Bank of India, RBI, would like to wait before putting in place any guidelines related to the currency. RBI Spokespersonstated, “As of now we are watching and learning about the developments in Bitcoins but are not regulating it.” The wait and see approach in the past has proven much more sound with technological development. As the US Federal Government took a “wait and see” approach back in the early 2000s, the internet in turn had a chance to flourish and flourish it did.

Recommended

Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

In a SXSW panel discussion, IBM’s Christopher Ferris asked bitcoiner Jimmy Song if he was arguing for anarchy over a regulated financial system . In this op ed, Kyle Torpey posits, "Yes! That’s the whole point!"

Kyle Torpey

Op Ed: Hanging Money Launderers Out to Dry: The Role of KYC/AML in Blockchain

In this op ed, CoolBitX CEO Michael Ou argues that "anonymity contributes to cryptocurrency’s notorious volatility and makes it that much less likely that digital currencies will become stable stores of value."

Michael Ou

Bitcoin Price Analysis: Slow Grind Could Lead to Short Squeeze

Last Friday, we discussed a macro resistance level bitcoin would likely test. The level was tested three times prior and immediately rejected. Now, for the fourth time, we find ourselves situated above the level as we wait to see if our support holds.

Bitcoin Schmitcoin

Bitcoin Price Analysis: Could Three Times Be the Charm for This Resistance Level?

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row.

Bitcoin Schmitcoin