With a population of nearly 1.3 billion people, it is not surprising that India captures the imagination of the world. Of late, India is famous for its Information Technology (IT) industry, which is growing at the CAGR of 9.5 percent to become worth nearly US$ 300 bln by 2020. It then comes as no surprise that India will also have its share of the financial technology pie. After the demonetisation happened in November 2008, Bitcoin and digital currencies have been receiving a boost in India, with nearly 10 percent of the world’s cryptocurrency being traded in the country according to thequint.com. BitIndia is planning to use this untapped potential and transform the Indian landscape when it comes to digital money.
A Crowdsale to Tap Hidden Potential in India
BitIndia are holding a crowdsale that will help launch the platform that comprises of the wallet and India’s first cryptocurrency exchange. The token swap will begin on November 11, 2017 and last till December 11, 2017. A total of 134,400,000 BitIndia tokens will be sold during the swap, with the minimum purchase per person set at 50 tokens and the maximum at 40,320,000 tokens. BitIndia tokens are ERC20 compliant and Ethereum (ETH) would be the accepted cryptocurrency for purchase. BitIndia have released a detailed whitepaper that contains details pertaining to the crowdsale, future roadmap and token pricing etc. In the future BitIndia tokens can be exchanged at designated exchanges. The exchange and the wallet will also generate a miniscule income via fee that will generate profits for the investors in tokens as they will receive 10% of the net fees earned from the wallet and exchange. There are plans for a buyback every 3 months by using 10% of the net profits from the fee generated by exchange and wallet. As BitIndia buys back tokens, these would be burned, leading to scarcity and eventual potential for increase in the value of the token.
John McAffee backs BitIndia’s Digital Currency Expansion Plans
Ever since the demonetisation happened last year, the government in the country has been determined to turn the country into a digital economy which is fuelled by cashless payments. Cryptocurrencies certainly can help India go ‘cashless’ but this has not really been tried out in India yet. According to BitIndia, at the moment only 0.5 percent of the Indian population uses Bitcoin and they have plans to take that number to as high as 20 percent. BitIndia will enable Indians to have their very own cryptocurrency exchange and a wallet that would be simple and easy to use for the majority of the population. In a way they intend to create a comprehensive product that will take care of all the needs of the local population when it comes to storing, trading or paying with digital currencies in the country. The initiative of BitIndia is finding support from John McAfee, the founder of the famous antivirus program and a great cryptocurrency enthusiast himself. The private pre sale which went live on September 20, 2017 was endorsed by McAfee, who sent out a tweet supporting BitIndia. John McAfee is a partner and advisor to BitIndia and has of late been enthusiastic in supporting BitIndia’s endeavours on the social networking platform. John also tweeted about private presale that is coming to an end soon.
Ushering in a digital future for India
India is a country of immense possibilities and when it comes to digital currencies, it is a fertile ground for any pioneer. BitIndia holds advantages as it is going to be the first cryptocurrency exchange that will cater to the needs of the huge Indian population. They are also making efforts to tailor their products and services to the Indian markets and provide access to cryptocurrencies to Indians no matter where they live in the huge subcontinental country.
In the coming days, BitIndia will assume legal structure by October and the wallet is due to be released by November. The plan is to start token trading by December 2017 and the launch of exchange is scheduled from April 2018. If everything falls in place BitIndia will empower Indians to take their rightful place in the world’s cryptocurrency markets. It is expected BitIndia can ensure that 25 percent of global blockchain trading takes place on Indian soil by the year 2022.