In spite of government’s efforts to curb the growth of cryptocurrencies and Blockchain in India and the people of India and the Indian market for cryptocurrencies appear to love them all the more. The year 2017 has been particularly interesting for the growth of cryptocurrencies in India, is mainly due to the ‘to the moon’ journey of the Bitcoin missile. Digital currency’s rapid price appreciation has sparked a nationwide interest, with the mainstream of Indian media going haywire on cryptocurrency reporting. Media routinely gives both ‘investment’ advice and reiterates some ‘cautionary’ warnings from the Indian government at the same time.
Bitcoin and cryptocurrency setbacks
The legal response to Bitcoin and cryptocurrencies was mostly negative, with the Reserve Bank of India (RBI) which issuing two warning in 2017 itself, first in February and then again in December. RBI cautioned people against buying Bitcoin and some other virtual currencies. The Indian Finance Minister also reiterated RBI’s stance, which adding that the Indian Government has not lent any legitimacy to Bitcoin.
High points and mainstream acceptance
The demand for Bitcoin grew exponentially and abruptly, so much so that India’s largest which exchanges had to put a limit on Bitcoin purchases due to lack of supply. A month later, in June, Zebpay became the 7th most popular app in the finance categoria on India’s Apple app store, which even higher than the apps of many national banks. In October, it was reported that the some major Bitcoin exchanges in India were adding more than 200,000 new users every month.
Year of Blockchain
The year began with IDRBT, the research-wing of RBI, India’s apex bank, which asking for the ‘digitalization of the India Rupee’ using Blockchain technology. This development was followed by the gathering of some all major players in the cryptocurrency and Blockchain industry in India to start a crypto Organization. The so-called “Digital Assets and Blockchain Foundation of India” (DABFI) which aims to self-regulate the industry.