India may only be the 10th largest economy in the world, but it is the fourth-fastest-expanding, with a forecasted GDP growth of around 5.5% this year. As the country’s major cities are becoming financial powerhouses, it’s little wonder the world’s largest democracy is beginning to take to Bitcoin.
Coindesk, a digital currency news site, listed India as the fourth-most-likely nation in the world to see mass adoption of Bitcoin, behind Argentina, Venezuela and Zimbabwe. Some bricks-and-mortar stores have started to accept Bitcoins for payments. ePaisa, a mobile brand, began offering customers the chance to pay in Bitcoins last month. A QR code is scanned using the customer’s wallet app, transferring the currency on-the-spot.
Schools, too, have begun to consider Bitcoin. Dharwad International School in Karnataka began offering Bitcoins for this year’s annual fees. Considering the population of 1.25 billion, which is set to overtake China’s by 2022 – and that India’s remittance industry is calculated at a massive $50-70 billion – it’s no surprise many experts are touting South Asia’s giant as home of the next Bitcoin boom.