Malaysia based Belfrics, a provider of Bitcoin technology has launched its India-based Bitcoin exchange which would enable people to sell or buy Bitcoins using Indian currency.
This development comes on the back of the recent demonetisation efforts taken by the Indian governments push to move India towards a digital-based cashless economy.
Belfrics is also planning to come up with PoS and Bitcoin payment gateway for online and retail merchants. This service comes free of charge and Belfrics will be using its international expertise in block chain and decentralised application development that is intended to bring transparency, efficiency and neutrality to the financial transactions.
The Bitcoin technology provider is present in Singapore, Kenya, Hong Kong and Malaysia.
According to CEO Praveen Kumar, Belfrics plans to do a turnover of Rs 100 crore.
Many Bitcoin companies such as Unocoin have sprouted in India. The cryptocurrency is under the scanner of almost all regulatory bodies in the world as it is emerging as an alternative to fiat currencies. China is in the forefront of Bitcoin adoption and while the regulations in India do not outlaw the use of Bitcoin, former RBI governor Raghuram Rajan said that the central bank was “watching the evolution” of such currencies.