The Indians are seeking to buy bitcoins abroad

India is still in the study regulations for the market of crypto-currencies. During this time, the repressions of the government are increasing. Faced with this situation, a new trend is emerging. Indeed, Indians are starting to turn to the foreign market to acquire digital currencies, especially Bitcoin. They ask to relatives or friends who have accounts abroad to carry out the transactions.

Source : Pixabay. The Indians are using their network abroad to buy Bitcoins.

Regulations increased

The indian government has recently intensified its efforts to strengthen the regulation of crypto-currencies. The country’s authorities have promised that a regulatory framework will be announced soon. Earlier this month, the tax administration of india has sent a notice to 100 000 traders of virtual currency, asking them to pay their taxes. The BACC (Blockchain and Cryptocurrency Committee, an industry group whose members include 7 enterprises with trade of crypto-currencies, has proposed several initiatives, such as the creation of a database of users and transactions of digital currencies, to comply with the regulations of the government.

Here’s a video announcing the establishment of a regulation :

To the extent that the regulations are getting tighter in India, the investors of bitcoins currently operate other alternatives. In fact, the Indians are now using their own network of friends to purchase crypto-currencies.

A better privacy

Dana L. Coe, CEO of Bitlox, a company specialized in the sale of mining equipment, has estimated that one of the main attractions of Bitcoin is the privacy. He explained that when you are buying a specific medicine, and someone collects the data and sells them to a pharmaceutical company, these companies may use this information to increase the price.

On the other hand, he added that the privacy can’t exist if one uses the payment anonymous and private. The transaction security is also a major advantage of the use of Bitcoin, he continued.

Source : NewsBitcoin