Tight regulations persuades Indians to buy Bitcoin Overseas

The Indian Government has intensified its regulations on Cryptocurrencies with promised law framework to be brought up.

The Cryptocurrency and Blockchain Committee (BACC), an industry group whose members include 7 cryptocurrency exchanges, is considering several initiatives, such as the creation of a user database and encryption transactions, to comply with government mandates.

As per reports from Times of India,

With Indian exchanges like Unocoin, Zebpay, Coinsecure, interested in increasing regulation and scrutiny of transactions, bitcoin fans say they buy in the US markets. It’s a more popular alternative for shopping.

Popular Bitcoiners have presented their views as stated below:

For the online technology community, there are some who receive bitcoins as payment for reviews of gadgets and video games. But for regular purchases, one has to get a relative or friend with a foreign account to send bitcoins.

–  L R Dinesh, a bitcoiner who buys expensive items online sites abroad.

People would want to protect their payments from the government, companies or even their own families. With Big Data and consumer tracking websites, the need for privacy increases.

– Dana L Coe, CEO of bitcoin hardware wallet Bitlox