Friday, July 28, 2017

Use of Bitcoin and cryptocurrencies not really catching on in India as 97% surveyed admit hearing about it, but aren't buying into it

In a recent survey among members of the PHD Chamber of Commerce and Industry in India, 97% replied that they have heard about Bitcoin and cryptocurrencies but most have chosen not to use the digital currency due to numerous factors including that it is backed by nothing more than demand.

A study by India’s market and trade body has found that while 97 percent of participants are aware of bitcoin, its use within their services remains low. 
PHD Chamber of Commerce and Industry, which plays a role in India’s industrial development processes, hosted a meeting ‘Roundtable on Industry Perspective on Bitcoins: A New World of Payments and Deals,’ on Wednesday, according to News 18
According to the report, the trade and industry body asked 223 stakeholders ranging from fabrics, electronic devices and automobile parts, to determine the impact that bitcoin was having in India. 
However, results found that while 97 percent of participants are aware of the digital currency, its use within companies remains low. 
Gopal Jiwarajka, President of the PHD Chamber of Commerce and Industry, said:
Absence of the information about counterparties in the bitcoins transaction is a major drawback and may lead to unintentional transactions such as money laundering. 
He added that the use of bitcoin comes with huge risks and is not backed by any tangible asset, but sheer demand. - Crypto Coin News
This extremely high rate of caution when it comes to Bitcoin by the world's second largest country by population, and seventh largest by economy is probably not surprising since India's history is based on physical gold being their primary store of wealth, with individuals and businesses having a severe distaste for anything considered fiat or unbacked, such as with their own sovereign currency or in this case, of cryptocurrencies in general.

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