India, the world’s largest democracy and the second most populous country on Earth behind China, has a rocky and tenuous past when it comes to Bitcoin and cryptocurrencies.
With a GDP of approximately $2 trillion and an estimated population of 1.3 billion in 2014, India has a very highly-trained, technical workforce with the planet’s second largest internet user base. There are even more internet users in India than in the USA, according to the Internet and Mobile Association of India (IAMAI) and cellphone giant Ericsson’s recent Consumer Insight Summary Report, “the adoption of smartphones and mobile broadband by people in the lower socioeconomic strata of society is rising.”
Meanwhile, the Indian Rupee has lost 40 percent of its value against the dollar since 2008, and the World Bank shows that India received the most in remittances out of any country. During 2014, remittance inflows totaled approximately US$70.4 billion, which accounts for roughly 3.7 percent of the country’s GDP.
Bitcoin, it seems, could find a fertile and receptive market in India. The problem is that once they’ve been received, Indian residents need an easy way to exchange their Bitcoins for Rupees.
Early in 2014, India’s Central