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Bitcoin to Indian Rupee Rate; Bitcoin
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Bitcoins gain currency in India - Livemint
Ventures, says it is in talks with Indian banks to launch an exchange in India to allow for the purchase and sale of Bitcoins—a virtual currency that has caught the world’s fancy. “Most users of Bitcoins in India are people who are employed with the IT (information technology) sector. According to Source Forge, an online platform that connects consumers to open-source projects such as Bitcoin and facilitates downloads, there have been 35,648 downloads in India since the launch of Bitcoins on 9 November 2008. One of the beneficiaries of the proliferation of Bitcoins is remittances which NRIs (non-resident Indians) send back to their dependents in India,” , director of business development at Buttercoin, said. Experts estimate there are two-three users for every download. Of these, close to 70%, or 24,723 downloads, took place in 2013. In October alone, there were 2,067 downloads of Bitcoin, moving India’s ranking one place up to 16. Globally, Bitcoins have been downloaded 4,256,207 times from 199 countries till date. The US tops the ranking with 1,207,661 downloads, followed by China and Germany. No one owns the open-source peer-to-peer payment network called Bitcoin, but it is gaining in popularity and legitimacy. In fact, Bangalore will host India’s first two-day conference on 14 December to discuss the virtual currency industry and its future potential since Bitcoins are not yet regulated by India’s central bank. The Reserve Bank of India (RBI), though, is closely watching the developments, said , principal chief general manager, RBI. Bitcoin is an open source peer-to-peer electronic cash system developed by Satoshi Nakamoto, the pseudonym for an unknown person or group of people who designed and created the original software. It is similar to a mobile app or computer programme that provides a personal Bitcoin wallet and allows a user to send and receive Bitcoins with them.