How can you trade in Bitcoin in India?

This will be the country's first app-based wallet that enables bitcoin transactions using a mobile number

Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched first app that will trade in bitcoins in India. Wikimedia commons

Dubai based “Pluto Exchange” has launched a Bitcoin trading app specifically targeted at the Indian market. The app was announced by Pluto Exchange founder and CEO Bharat Verma.

All about the app

  • This will be the country’s first app-based wallet that enables bitcoin transactions using a mobile number.
  • The app offers a solution to the coordination problem between payment processors, financial gateways and banks.
  • All other apps already in the market do transactions using bitcoin addresses, which are long and prone to error while copying. This app will enable transactions using mobile numbers only, which are just 10 digits.
  • By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number.
  • The app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.

RBI on Bitcoin

Bharat Verma, CEO, Pluto Exchange said that the Reserve Bank of India is concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile recently.

“The RBI considers bitcoins as decentralized trading that is completely unregulated… so their status is not clear,” he said.

Current scenario of cryptocurrency in India

In India, there are at least 15 bitcoin exchange forums, with the majority being set up over the past two years. Bitcoins have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs of rupees to buy these.

According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest. (IANS)

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