CHINA may be the prevailing force driving the success of bitcoin and blockchain technology in Asia, but India – the world’s second most populous country – is certainly fast becoming a significant hub for bitcoin activity. Many fintech and e-commerce startups in the country are linking mobile transactions to personal mobile phone accounts given their high rate of unbanked population.
Recently, Indian bitcoin providers like UnoCoin, Zebpay and Coinsecure raised new funding records, further advancing the South Asian country’s digital economy.
Given India’s increasing awareness in IT know-how and cybersecurity, as well as large volumes of entrepreneurs and business people working abroad, together with its unbanked population, there is a rising interest in implementing cryptocurrencies.
“India has the largest gold, inward remittance and IT markets in the world — all of which make it a perfect home for Bitcoin and Blockchain technology,” Unocoin CEO Sathvik Vishwanath told e27. He added that this is the perfect opportunity for India to play a bigger role in the global bitcoin industry.
Remittance is indeed a big deal in India, receiving about US$70 billion every year. World Bank has also named India as the global leader in receipt of remittances. The Indian population spread out across the globe is known to send money to their families and relatives back home.
Remittances are also significantly higher approaching festive seasons, such as the upcoming Diwali festival. This brings a positive effect on bitcoin and the usage of digital currency.
As the bitcoin industry continues to grow in India with its demand, knowledge and practice, there is great opportunity present for the nation to become a new bitcoin global hub.