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Bitcoin

Bitcoin is a cryptocurrency – an innovative digital payment system. It came into existence in 2009. It is invented by an unknown person or group of people under the name of Satoshi Nakamoto. In India, it is soon going to get legal status. A committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, are currently formulating things to be considered for it. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 Mn unique users who are using a cryptocurrency wallet and most of them are using bitcoin. In 2016, India possessed around 50,000 Bitcoin wallets and around 700-800 Bitcoins were traded every day. There is also a private association formed by Bitcoins companies – Digital Assets and Blockchain Foundation India (DABFI). In May 2017, It touched value of $2,000 per coin for the first time and as of June 28, the value has reached $2556. Read more about the legal status of Bitcoin in India, News and Updates.

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The Indian government has time and again clarified that it does not recognise cryptocurrencies as legal tender, got the central…

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