Bangalore Throws Venue For Global Bitcoin Conference In Dec

Bangalore: The silicon valley of India is offering itself as the venue for Global Bitcoin Conference scheduled for next month 14 and 15. The conference is supposed to be the first one of its kind in India and the second one in Asia. The burgeoning number of the cryptocurrency enthusiasts in the country are set to popularize the digital currency reports Economic Times.

India is witnessing a steady uptick in the number of the Bitcoin owners with over 30,000 of them currently having a digital wallet and processing digital currencies. "We want to be recognized and make it easier for people to accept Bitcoins in India, where there are too many regulations," said Sathvik Vishwanath, founder of CoinMonk, an organization that aims to raise Bitcoin awareness which is behind this conference. Venture capitalists, investors and delegates from Reserve Bank of India and State Bank of India are expected for the event.      

Bitcoin was founded in 2009, and in not under the control of any bank or authority. These virtual currencies are created through a process called ‘mining’ by open source software. As per the data furnished by Mt.Gox, a Tokyo based digital currency exchange; there are more than 11 billion Bitcoin worth $9 billion. Even when the value of Rupee was plunging down, the virtual currency was spiraling upwards.

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