Demise Of Bitcoin Payments For Purchases In India!
A year ago situation for cryptocurrencies was great in India. So many innovations such as accepting payments online were going in full swing. Sapna Online is the website for Sapna book store which is a massive bookstore in Bangalore, even tied up for Bitcoin payments with Unocoin. It is over 50 years old and probably one of the oldest book stores in the country.
You will still find the payment option on their website. However, since the RBI mandate came out and brief arrest of Unocoin's co-founders this payment gateway has been shutdown since then.
Unocoin was the 2nd biggest in India and had pushed their payment gateway not only for online payments but even retail. Many stores in Bangalore had begun accepting Bitcoin at the time. It was an amazing time to see these radical moves taking place.
Ofcourse, our dear central bank and the government didn't take too long to stifle innovation and growth in this sector. They didn't any stone unturned in uprooting established businesses such as Unocoin operating in this space.
This is just one instance.
India has a huge potential for things like this. We have the population of America who use smartphones in India. 1.3 billion people to be tapped by online entities. Significant population yet to get on the internet. The possibilities are endless.
Yet the government is shortsighted. I think I've spoken enough about that already.
So here I am annoyed and reminiscing about another loss in the blockchain and cryptocurrency ecosystem in India. What's new?
Ofcourse, it's not to say that we cannot recover from here. It's a matter of time I guess. No government can run from the evolution of financial system aka cryptocurrencies. They will have to face the change coming their way sooner or later.
If you want to see the timeline of events leading to current events in this space from India all you need to do is scroll back on my blog page and you will find all the information you need. Cheers.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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It's quite discouraging time now in India as as cryptos are involved. Famous exchange Zebpay also shut down it's operations in India. I have a feeling that it's a temporary phase.
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India is shortsighted in its approach. It appears that they either do not have experts advising them on blockchain and cryptocurrencies or perhaps the government just does not know what to do and so resort to the safest path.
Sooner or later, things will change. Blockchain adaption will go high by 2020. Already enterprises have started providing Blockchain services, universities have begun courses, businesses are looking for multiple way to leverage the Blockchain technology.
Cryptocurrency will get also get recognised. Today's loyalty points might be turned into tokens which will hold real value beyond a particular ecosystem. Govt doesn't seem to be bothered to support crypto now, they see that as a scam and threat to central bank.
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It signs to Bitcoin future.
Stay hopeful. Technology will find its way