Bitcoin Now Recognized In India And Southeast Asia
Bitcoin transactions are now possible in India through the partnership of Coinsecure and BitPay. Coinsecure is a trading platform for bitcoin which is based in Delhi while BitPay is a payment processor for bitcoin that is based in the United Stated. The two have partnered in order for the merchants residing in India to accept payments in the form of Bitcoins and then they will get settlement payouts in the national currency of India which is the INR or Indian Rupee.
The use of bitcoin in India as well as the rest of South Asia is now considered a more common transaction since the digital currency is now used by merchants all over the world. Its recognition in India, the world’s second largest country and with a billion people residing in it is now able to make transaction and has recognized bitcoin as a form of payment for the first time since its conception.
According to the CEO of Coinsecure, Mohit Kalra, India has one of the largest populations when entered into the market of bitcoin since it has a population of more than 1.2 billion people. When it comes to population count, India comes as a close second to China. Take for example if half a billion of that population started getting into the bitcoin market. Kalra claimed it to have a big potential for the digital currency. For quite a while, the merchants in India have already accepted payments in the form of bitcoin. The only problem is that they cannot receive payouts that are in the form of INR.
Now all the merchants based in India will be able to process payments received in bitcoin as well as get payouts in INR. Kalra added that bitcoin is used to be considered as an investment only for the merchants in India but it has now been upgraded into another opportunity to purchase goods from merchants that are accepting bitcoin transactions. Coinsecure is the first company that will be able to employ the platform used by BitPay in order to accept transactions in bitcoin for merchants in India as well as southern Asia.