Finance Minister Arun Jaitley, when asked recently about his stand on cryptocurrency or virtual money, he emphatically declared they were still not legal tenders in India.
His statement, however, has not deterred new entrepreneurs from jumping on the bandwagon of cryptocurrency exchanges, even as existing ones get aggressive in pushing trading volumes on theirs.Drawn by the huge opportunity that is unfolding in this space – Bitcoin trading volume is reportedly Rs250-300 crore every month – new cryptocurrency exchanges are cropping every other day while the older players are seeing a huge surge in the traded volumes and their user-base on their exchanges.So, where is India positioned on the cryptocurrency map and how huge is its potential?
Vivek Steve Francis, CEO of Coinome, who launched his exchange only last Thursday, says India’s trading volume would not even be o.1% of the global volume but the potential was huge despite the absence of any regulation and trepidation on the part of the government in accepting the virtual money...🤑
