Since the beginning of 2015, the Indian bitcoin industry has seen an emergence of payment services platforms and cryptocurrency exchange services providers.
Startups including Zebpay and Coinsecure have begun to gain popularity among Indian investors and corporations in search for alternative assets and properties.
Interestingly, bitcoin exchange and wallet service provider Zebpay co-founder and chief operating officer Sandeep Goenka stated in a recent interview that an increasing number of investors and companies are gearing toward bitcoin as an asset and as an investment.
“One can park money in the wallet in the hope that the value of bitcoins would go up. So in a way, it is like an asset class,” said Sandeep Goenka, co-founder and chief operating officer, Zebpay.
Unlike many other countries, bitcoin’s legality in India is still left undecided. The law enforcement and regulators have not implemented or drafted any policies to regulate the circulation of the digital currency in the economy.
“In fact, the law firm headed by Nishith Desai who is also an advisor to several big companies, and to us, has published a white paper on it explaining that no regulation in the country point out that it is illegal,” added Goenka.