Realtors using bitcons to invest in real estate
The real estate agents are using virtual currency Bitcoin to invest in the real estate market post implementation of demonetisation. A prominent news channel, in its expose, showed the realtors are duping the government by using the virtual money. It showed apart from companies, non-resident companies are also investing their illegal money.
Bitcoin allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. Bitcoin was created in 2009 by a person using the alias Satoshi Nakamoto. The acquiring of bitcoins is hassle-free as several market places called “bitcoin exchanges” allow people to buy or sell it using different currencies. Mt. Gox is the largest bitcoin exchange.
Earlier, the experts have shown the bitcoin has emerged as a new investment destination for Indians. Commenting on the thriving bitcoin scene in India, Zebpay co-founder Sandeep Goenka said, “Investing in bitcoin has emerged as a significant trend in the past few months. We have enabled Indians to buy an international asset in a large scale and help them contribute to increase in wealth.”
Despite an 8.9 percent drop in 2016, India has retained its position as a top receiver of bitcoin-related remittances worldwide, as per a World Bank report.
The global bitcoin trade volume is estimated to be about USD five billion a day. India’s annual bitcoin trade volume stands at USD 20 billion. Zebpay claims that there are more than 1.5 million bitcoin users in India and 200,000 users are being added each month. Most users buy bitcoins as a financial asset.