The Indian business space is just about to experience a massive changeover. The Poland-based renowned white label cryptocurrency exchange platform BitBay is entering the Indian market. There has been new digitial currency developments recently. It opened its India trading platform, though in demo mode, on August 14 and plans to start operations from August 24.This brand new chapter is being seen as a new dawn for the country’s economy by the entire business community.
When asked by the media to comment on the company’s India expansion, Mr. Chafik Abdellaoui, the BitBay CEO, was quoted as saying “Our focus is to grow with regulation. The Indian market is the fourth largest for cryptocurrencies. On one side we want to work closer with banks and with the pan card seva protocols so that the new technology is adopted and deposits and withdrawals are facilitated. On the other, we want to work with the government to make it a regulated business subjected to tax.””
It is relevant to mention here in the given context that BitBay is one of ten major cryptocurrency trading platforms all over the world. It is used by more than two hundred thousand users globally and dominates mostly the central European market. The launching of business operations by BitBay in India denotes the huge potential of the country’s economy. The cryptocurrency trading platform chooses India as its latest business hub because of the impressive quality of customer infrastructure existing in the country, as compared to the other Asian nations.
— BitBay (@BitBayPL) August 14, 2017
Unlike the other similar platforms, BitBay allows using of a wider range of cryptocurrencies to offer greater user convenience. These include Monero, Lisk, Gamecredits, Liteoin, Dash, Ether and others. For further customer convenience, it is also on the way to set up a physical shop in the country. Initially, the company hires 10 people, which is expected to increase to 50 by the year-end.
According to Mr. Rohit Dahda, the BitBay India head, “Anyone can trade on the platform, provided they complete the full ‘know-your-customer’ requirements by providing Aadhaar and PAN card number.