The Chamber of Commerce and Industry, called PHD, which plays an important role in India’s industrial development processes, held “Round table on the industry perspective on Bitcoins: a new world of payments and transactions.”
According to the report, the trade and industry agency addressed 223 stakeholders, ranging from fabrics, electronic devices and automotive parts, to determine the impact that Bitcoin had in India. There are still strong debates considering the question, whether Bitcoin should be legalised in the country.
However, the results showed that, although 97 percent of participants know about the digital currency, its use within companies remains low. More than one million of people all around the country have never heard of the concept of cryptocurrency, so it seems that Indians are not ready yet for the Bitcoin becoming the dominant cryptocurrency in the country. Indian government is still considering the Bitcoin regulation regime, they are actively discussing the possibilities, advantages and disadvantages of the digital currency.
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” [Source: Bloomberg], — said Bill Gates about Bitcoin.
A recent report found that India is unlikely to declare Bitcoin legal method of payiment in the country. Instead, it can be considered as security, but its regulatory fate remains uncertain.