The Indian industry segment is warming up to the use of Bitcoin technology in their operations. The interest among key industry players and associations in the country follows the recent surge in Bitcoin related activities in the country. India’s leading trade association, ASSOCHAM – The Associated Chambers of Commerce and Industry of India is organization a cryptocurrency event in March.
The international scale event titled “Bitcoin Blockchain: The State of Cryptocurrency – Opportunities and Challenges for Indian Economy” is scheduled to happen on March 3, 2017, in New Delhi. The event is a result of increasing footprint of Bitcoin interest in and cryptocurrency technology across the world.
The Bitcoin community in India is slowly gathering strength, following last year’s demonetization move by the country’s government and the Reserve Bank of India. By declaring high-value currency notes invalid overnight, the country’s government issued a wake-up call to the people, reminding them of the risks associated with fiat currency. While people sought for an alternative medium of storage and exchange of value that is not at the mercy of governments, Bitcoin trade volumes surged on the country’s leading exchange platforms.
Also, few industry players are already working on distributed ledger technology solutions to meet certain needs. The leading Indian banking institutions — Axis Bank, ICICI Bank, Yes Bank and the State Bank of India are currently leading the pack. At the same time, Mahindra — an Indian conglomerate is also exploring the use of blockchain in supply chain and logistics management domains.
ASSOCHAM’s global Bitcoin and blockchain event will bring together all the stakeholders of the country’s financial and cryptocurrency ecosystem including the government, regulatory authorities, exchange platforms, and investors. Their main focus area seems to be on the remittance services, as India is known for being the world’s largest remittance market and Bitcoin can solve a range of challenges associated with cross-border fund transfers.
The event, according to ASSOCHAM will help in addressing the legal and regulatory issues surrounding the cryptocurrency. It will also help investors to make an informed decision about investing their money in the sector.
The outcome of ASSOCHAM’s conference may help the country decide its path forward, regarding Bitcoin acceptance and blockchain adoption.
Ref: Assocham | Image: NewsBTC