In India with the act of demonetization that rendered old Rs. 500 and Rs. 1000 notes unusable in 2016, the Indian economy became more conducive to electronic payments in India. Since then, there has been a surge in the number of users on bitcoin exchanges.
The Reserve Bank of India (RBI) is now testing the waters of Blockchain Technology in order to improve the efficiency of its financial system. In India, Bitcoins are seen more of an investment than a currency that can be spent to buy items. According to Unocoin, Bitcoin usage will continue to rise exponentially in India.
