India’s New Bitcoin Exchange BTCXIndia is First with Real Time Trading

First Post after a few days away (we had some issues with the site which meant we could not post while i was away) but this is quite a story to start back up with.

BTCXIndia, The first Crypto Exchange to blaze the trail in India is certainly worthy news and will represent a big step forward for India Crypto Economy. Check out the post below and let me know your thoughts!

Its a significant step for the countrys bitcoin economy as its previous exchanges, which operated as fixed-price buy-sell platforms, lived with a degree of regulatory uncertainty since a series of government warnings and raids on bitcoin businesses in December and January. Security and compliance BTCXIndia currently has 10 staffmembers, working in development, customer services and compliance. Investment comes via a UK company that has funded the exchange for at least one year, and is also working as a strategic advisor to the management team.

India now has a full and compliant bitcoin exchange called BTCXIndia – also featuring a live trading platform and wallet service – which launched officially on 5th May in the southern city of Hyderabad.

It’s a significant step for the country’s bitcoin economy as its previous exchanges, which operated as fixed-price buy-sell platforms, lived with a degree of regulatory uncertainty since a series of government warnings and raids on bitcoin businesses in December and January.

BTCXIndia currently has 10 staff members, working in development, customer services and compliance. Investment comes via a UK company that has funded the exchange for at least one year, and is also working as a strategic advisor to the management team.

In December, the bitcoin community turned to India as its next great hope after Chinese government statements caused the price to drop from its record high of $1,200. India is an emerging economy with a population of over a billion people, nearly half of whom are unbanked or under-served by banks.

It also receives around $70bn in overseas remittances per year, making up 4% of its GDP. Together with its roughly 250m Internet users and a proclivity for high-tech industry, India would seem perfect for the introduction of a breakthrough financial technology like bitcoin.

With some regulatory clarity and reliable services, India may yet fulfil that promise. Via coindesk.com