When it comes to blockchain, India cannot be ignored. Why? It is a vast country with more than a billion people who recently went through demonetization.
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When it comes to blockchain, India cannot be ignored. Why? It is a vast country with more than a billion people who not-so-recently experienced demonetisation. That’s around the time that a large number of Indians began investing their money in Bitcoin and continue to own them now. This spike led some tech-savvy citizens to not only buy Bitcoins but do something with the blockchain protocol itself.
Not everyone who bought Bitcoins understood what they were putting their money into. But they had heard about ‘Bitcoin millionaires’ and didn’t want to miss the bus. Unfortunately, there was no shortage of those trying to make a quick buck by misleading those who didn’t understand the product or the investment implications, or risks. The upsurge was noticed by the government too, which was considering regulating it.
In the last twelve months, we have seen the ecosystem growing at a rapid pace. While there is still no clear policy or regulations with respect to cryptocurrencies, entrepreneurs in the country are making the most of the opportunity. Just like with the Internet, the opportunity is global. A two-person team in a tiny nation can build a something that a hundred-person team sitting in Silicon Valley cannot.
Source/More: The future of mobile payments in India
