The Bitcoin space is fast becoming the most sought industry in India. Recently, Texas-based Bitcoin platform Harborly announced its plans to enter the high potential Indian market in a few months. And it seems that the young customer base of the Narendra Modi-led nation has caught the fancy of the CNET founder Halsey Minor as well.
Halsey, who is known for investing in latest technologies and related companies such as Vignette, Salesforce, Rhapsody, and others, is reportedly in talks with regulators in India to launch the Bitcoin wallet service, Bitreserve.
During his recent visit to India, Halsey held crucial talks with the Indian regulators regarding setting up of operations and finance offerings.
“After the US, UK and China, we want to now set up operations in India and we are talking to regulators and potential partners on a range of our internet-based finance offerings,” said the CNET founder.
Commenting on the meeting with the banking regulator, Halsey says that, “RBI has the understanding of how to look at us from the regulatory point of view, whereas some others did not know where we fit in.”
In the extremely competitive Indian payments market, Bitreserve will strive to provide the facilities at zero cost while clearly stating that the international money transfer agencies will struggle to eke out profits in the next 5 years. Bitcoin’s low cost transfers can revolutionize the way Indians have been banking and also provide financial inclusion to the largely unbanked rural population.
Since the Bitcoin ecosystem in still in its nascent stage in India, it makes strategic sense to enter one of the world’s fastest growing emerging markets and create a strong customer base. Additionally, the digital currency industry is progressing steadily and the tech-savvy youth are becoming more accepting of the idea of using virtual currencies in their daily routine.
Halsey, who is known for investing in latest technologies and related companies such as Vignette, Salesforce, Rhapsody, and others, […]