The monetary ecosystem is changing drastically in India. The country is bracing for demonetization of their local currency. To aid with this process, Malaysian company Belfrics just launched a new exchange/trading platform for Indian customers and others. India may soon be a cashless society as a result of this trajectory.
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The Hindu Business Line provided details, “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 Core Values and Indian Demonetization Efforts
The core values of Belfrics seem to jibe with the changing Indian economy. Their site said the economic landscape is changing regularly, and it must adapt to customer needs. The company mentioned the financial industry has been in rough shape, and not much has been done to address problems of transparency and efficiency. Belfrics has made it a point to address this problem by leveraging decentralized, blockchain technology, especially as the Indian economy transitions into a cashless society.
Indian demonetization efforts began in November 2016. The government declared all bills in denominations of 500 and 1,000 rupees would cease to be legal tender. The alleged goal was to weed out people who were evading taxes by hiding “black money” or harboring fake Indian currency notes. It appears the Indian government believes a digital, cashless society is easier to maintain control over. Indian regulators are currently deciding how to properly regulate the currency within the country via private meetings.
Regulatory Agencies Begin to Eye the Cryptocurrency Boom
No telling how regulations will effect new company’s like Belfrics as they position themselves in this newly emerging digital economy. They will likely have to keep their eyes peeled, because regulatory agencies worldwide have begun to eye the evolving cryptocurrency boom as Bitcoin adoption and usage soars. The Hindu Business Line expressed a similar consideration:
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.
What do you think about India moving into a cashless society? What do you think about the Belfrics company? Let us know in the comments section below.
Images courtesy of Shutterstock, Belfrics, and The University of Chicago
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