At this moment in time, many of the worlds countries have opened up to the cryptocurrency market, whereas some have also introduced laws meant to regulate the industry. As such, the number of crypto-friendly countries is steadily growing.

Despite this aspect, recent reports indicate that India’s stance against digital currencies is slowly, yet surely getting worse. With this in mind, an inter-ministerial panel, put in charge with drafting up a regulatory framework for the cryptocurrency market, has reportedly proposed 10 years jail punishment for anyone connected to Bitcoin and other digital currencies.

During the last two years, the cryptocurrency market has seen an increased number of regulatory efforts from financial institutions throughout the world. In general, most frameworks attempt to limit illegal activities tied to digital currencies, while also establishing a set of guidelines for crypto users. On the other hand, other laws are focused on limiting the use of crypto altogether.

With a population of over 1 billion, it’s no surprise that digital assets have gained quite a bit of popularity in India – especially since a large percentage of the population is unbanked. This has encouraged the government to pursue the adoption of a regulatory framework. Shortly after, the Reserve Bank of India (RBI), released a circular, informing banks that they are no longer permitted to offer financial services to individuals or businesses involved with digital currencies. In other words, the RBI urged banks to sever ties and close the accounts of crypto traders and businesses accepting it as a form of payment.

During the last couple of months, we’ve seen numerous governments open up to the idea of digital currency, which is absolutely great news for adoption throughout the world. Not long ago, reports stating that the Indian government plans to legally recognize Bitcoin came in.

With this in mind, it seems like a committee was constituted by the Reserve Bank, and put in charge to study digital currency, and decide whether bitcoin is fit to be recognized as an official, legal currency in the country. The recommendations from the committee will be given anywhere between the 15th to the 20th of May. Afterwards, the Government will get to decide whether the plans will proceed.

During the last couple of months, numerous countries have expressed their opinions on digital currencies, such as Bitcoin. Not long ago, there’s been news related to bitcoin from both Venezuela and India, and it’s not positive.

In Venezuela, it seems like the authorities are becoming tired of hearing about the digital currency, and trying to regulate it. In fact, during the last couple of weeks, authorities in the country have managed to arrest a total of 8 bitcoin miners, who were later accused of stealing energy and cybercrime, whereas others were simply selling ASIC mining hardware. Not only this, but the main bitcoin exchange in Venezuela was also forced to close its doors down to future customers, and close their bank accounts as well.

During the last couple of months, there have been numerous talks on the economic situation over in India, and how Bitcoin could prosper in the region, given the high percentage of citizens who are unbanked.

Events happening in the country may quicken this mass adoption of the digital currency in India, as it is becoming considerably harder for people to rely on cash for their daily transactions. Not long ago, the government if India decided to demonetize the 500 and 1,000 rupee notes, which were worth $7 and $14 in value, and represented roughly 86% of all the cash found in circulation within the country’s borders. The situation is in fact quite bad, as with a population of over 1 billion people, there are only 200,000 ATMs in the country, and 87% of all financial transactions being carried out are made via cash.

A report issued by the Saxo Bank, and entitled ‘Outrageous Prediction for 2017’ says that several reasons will gradually push the bitcoin price forward, until it reaches the new high of $2,000.

At this moment in time, there are three plausible reasons, these being Donald Trump’s presidency, the Indian demonetization and the fall of the Chinese Yuan.

At this moment in time, one of the biggest misconceptions regarding bitcoin refers to the fact that it represents a digital currency meant to fund illegal activities. While there are numerous research studies carried out by analysts from all around the world, which have proven that only an insignificant percentage of bitcoin transactions are carried out for shady purposes, this trend of belief continues.

According to recent reports, Intelligence Agencies in India have just issued an official report stating that virtual currencies such as Bitcoin can be used for the funding of illegal activities, by people who also move their funds through hawala transactions. Once the report has been received by the competent authorities, the Indian Government alongside with the Reserve Bank of India, also known as RBI, have responded and said that they will investigate the issue and do their best in order to ensure that the bitcoin payment method is not used for illegal purposes.

While bitcoin is present throughout the world, the Asian sphere has always been in advantage, thanks to regions such as China, where bitcoin mining, trading and use has become a routine for some people. However, another country may soon rank up and start playing an important role in the future of digital currency.

With this in mind, various economic analysts believe that India may be the main source of bitcoin’s next rally. During the last couple of days, the price has seen a clear increase, especially after UnoCoin launched in India. While China still is the dominant force behind the success that bitcoin has had in Asia, India’s influence may just help the digital currency hit new heights, especially if adopted by the country’s, highly unbanked population. Reports indicate that more than half of India’s population is unbanked, thus placing the region a couple of hundred years ago, in terms of the quality and presence of financial services. This represents one of the main reasons why bitcoin and other digital currencies have such a high potential in the region, if promoted accordingly.

A new investment record has recently been set, after the Bangalore-based Bitcoin firm known by the name of Unocoin, has managed to raise a total of $1.5 million in their first pre Series-A investment round, which is a record for all digital currency-related investment rounds in India and its surroundings until now.

There are however, some controversies regarding this project. As the founder wants to find a way to scale bitcoin to the masses and facilitate adoption throughout India, many believe that this isn’t an achievable goal, considering the fact that over 50% of India’s population is currently unbanked.

During the last couple of days, two massive investments took place on the bitcoin market, thus once again proving the fact that the cryptocurrency has the potential of facilitating huge fintech projects.

To put things better into perspective, the bitcoin trading platform known by the name of Coinsecure has managed to raise over $1.2 million from the help of a group of undisclosed angel investors from India.

According to the company, the funds will be used to help expand the company’s reach in both the domestic and international markets, while also strengthening the engineering and marketing teams, increasing the number of banking partners and developing an app that will be launched by the end of this month. Together with this, the funds will also be used to introduce a couple of more Ethereum and Blockchain innovations that will help shape the market.