Answers

Where was the industry when bitcoin started in india?

John Williams

Nov 16, 2020 — 1 min read

At first, when bitcoin started in india, there was little industry to support it. That is because Bitcoin is a global network without a company behind it. Bitcoin doesn't have a marketing department, so in the early days, word about Bitcoin spread over the internet.

Indian companies to service the Bitcoin community began to spring up around 2012. Bitcoin had already become popular in other nations, and Indian devs wanted to offer similar services to Indians.

Crypto exchanges and payment platforms were founded, and they were able to operate without much interruption until the big Bitcoin bull run of 2017.

The Reserve Bank of India (RBI) and the government of India took notice of what was happening with Bitcoin, and decided to make it impossible for crypto businesses to deal with the Indian banking system.

Unlike China, which banned Bitcoin outright, India just made it very difficult to have a crypto business in the nation.

There are ongoing legal challenges to these state policies, and there may be some good news coming for Indian crypto business. Despite that, India has been one of the most difficult nations for crypto businesses to operate. Hopefully, this will change over the next decade.

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