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Bitcoin in India: Drivers and Barriers to Adoption

Tuesday 03rd, September 2013 / 12:34

Bitcoin’s growth in 2013 has accelerated tremendously, driven largely by economic concerns which bitcoin is uniquely positioned to solve. This has been evidenced so far this year by conditions in Cyprus, China and Argentina, and has highlighted bitcoin’s potential in less developed nations like Kenya as well. All of the countries listed above are known for high inflation rates, strict capital controls, or a combination of both – a scenario that is beginning to unfold in India. This analysis will address India’s current economic climate and the factors that would affect the population’s propensity to adopt bitcoin on a large scale. India’s Rupee Woes The value of the Indian Rupee (INR) has fallen precipitously as a result of both international economic conditions and actions taken by the Reserve Bank of India (RBI). Understanding these factors and their impact on the INR will help assess the utility of bitcoin in India. US Federal Reserve Tapering Since May, the Rupee has fallen 24% against the dollar, reaching a record low of ₹68/$…

The post Bitcoin in India: Drivers and Barriers to Adoption appeared first on The Genesis Block.

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