With recent changes to the Supreme Court’s ruling on Bitcoin earlier this year, things are starting to heat up with regards to Bitcoin in India. There are now far fewer banking restrictions that pave the way for more opportunity to use Bitcoin for investing and other uses.
Not only is this great for small and medium businesses in India, but it also opens the door to foreign investors who see good opportunities now in India. From decentralized app development (dapps) startups to exchanges and remittances, things are poised to take off in a big way in India due to the blockchain.
Now that the doors have been opened to people in India being able to use cryptocurrency more freely, there is a big move to send money in Bitcoin rather than in rupees.
People living abroad often send money home to relatives by way of expensive and slow wire transfers. Instead, many can now buy bitcoin in their country and then send it to the digital wallet of somebody in India. It won’t come with the hefty fees and will take a matter of minutes.
This can help boost the economy as it brings an extra influx of spendable cash. People paying less in fees will have more money in their pocket so they can spend more of it in India rather than have it go to the bank.
The BTC in India can also provide some stability in parking money in the wallet rather than converting it directly to rupees which can add even more money to the economy.
Indian Silicon Valley
Now with more possibilities to work on blockchain development for an Indian consumer base, it makes more sense for many startups to put roots down in India to retain the top programming talent. Much of the best software engineers end up going abroad, but a growing economy due to the rise in cryptocurrencies may entice them to stay.
As more people are looking to hedge their risk and diversify their savings, Indians are turning to cryptocurrency. And as such, they need the apps that work alongside this trend.
The most successful startups will be creating dapps for the Indian market that solves uniquely Indian problems.
Tens of millions of people in India are unbanked and have no bank account and no access to one even if they wanted. And with the recent move of the Indian national bank removing 500 and 1000 rupee notes, it makes living a completely cash lifestyle very difficult. In steps Bitcoin with the ability to use a smartphone as a wallet so you can live without a bank and not completely rely on cash all the time.
Many people in the world have no identification and no access to a bank account. Not only are they not able to save money, but investing is also off limits when you only have cash.
Now, with a Bitcoin wallet, people can invest in other cryptocurrencies and even traditional investing using Bitcoin to do so.