05:25 GMT +318 October 2018
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    'Bitcoin Gift Vouchers': a New Craze in India

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    The Indian government has time and again hinted at enforcing regulations to reign in the grey market of crypto-currency trading. The country’s central bank has also warned investors to be wary of “Ponzi schemes” posing at crypto-currency trading opportunities.

    New Delhi (Sputnik): At a time when crypto-currency investors India are hit by the anxiety of impending government regulations as well as the downward trend in crypto-exchanges, an interesting initiative has brought in some cheer among the small investors in India's IT hub Hyderabad.

    The Times of India reports that gift vouchers offered at Hyderabad coffee shops are attracting both curiosity and demand for Bitcoin. The vouchers are as cheap as $3 and they provide an opportunity for new entrants to enter the ecosphere of cryptocurrency with a micro-investment. The report further says that the users seem to be excited about the whole idea because it virtually has no risk, because of which, more and more Indians are buying the gift vouchers from coffee shops in Hyderabad to present to friends and family members. Some are even buying them for themselves.

    READ MORE: India Proposes Law to Tighten Noose on Ponzi Schemes; ICOs May Take a Hit

    "I have heard from a few friends about bitcoin and how they have gained a lot. Although they have invested huge amounts, this is only a small sum. Once I learn a little more, I can trade in a big way," a buyer was quoted by the Times of India as saying.

    A blockchain expert says people's interest in cryptocurrency will never die down and small initiatives like these will help win back confidence.

    "Like globally, the Indian cryptocurrency market has also seen a slump and it seems to be just a passing phase. The investors need awareness and education. There are risks involved but they are safe and transparent modes of investment with very good returns. We are hopeful that small, grass root initiatives to create awareness among the investors are the only ways of winning back the customers' confidence," Vishal Nigam, Chairman of Indian Blockchain Council, told Sputnik.

    Hyderabad — India's fourth most populous city- has become an industrial and financial hub over the past several decades. It is now one of the largest contributors to the country's GDP. An estimated 400,000 people are employed by tech companies operating in Hyderabad.

    Related:

    India Equates Bitcoin to Ponzi Schemes While Shying Away From Banning Them
    Dubai-Based Firm Launches India’s First Bitcoin Trading App
    First Major Tax Raid on Bitcoin Exchanges Underway Across India
    India’s Cash Crunch Sends Bitcoin Soaring Towards New High
    Tags:
    Ponzi scheme, virtual currencies, Blockchain, irregularitties, gift, investment, Bitcoin, India
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