New Bitcoin Exchanges Open in Indian and Indonesia
India has 1.22 billion citizens and a GDP of $4.6 trillion.
Indonesia has 251 million citizens and a GDP of $1.24 trillion.
India and Indonesia have joined the movement with two new exchanges that meet the the regulations of their respective countries.
Just recently, Unocoin, a brand new Indian Bitcoin exchange, launched in “trial mode”. On first glance, the service looks promising and the aforementioned trial mode will allow them to to work out any problems before advancing to a full-scale release. Unocoin is an Indian-only exchange but appears to be modelling Coinbase in many ways. They claim to store coins in cold storage and lock them in bank vaults and they boast AES 256 “bank-level” encryption. They also offer two-factor encryption, allowing you to make your personal account with them more secure if you choose to do so.
Similarly, a new Indonesian exchange has launched: Bitcoin.co.id. While this service does not appear as polished nor as secure as Unocoin (no HTTPS, among other issues) it is certainly a step in the right direction. With a population of nearly 250 million, Indonesian adoption could be huge in the advancement of Bitcoin as a paradigm. Bank of Indonesia also has stated that they have no existing plans to regulate the currency although they do acknowledge that it could be used for criminal activity.
Any Bitcoin enthusiast will acknowledge that any kind of new adoption within a highly-populated country does come with considerable implications with regards to the adoption and price of Bitcoin. It still remains possible that another country could come out with extreme interest in Bitcoin as China did in November 2013 — could India or Indonesia be the next?
Buy your Bitcoins today at Coinbase.com Get $5 worth of Bitcoin for free by buying at least $100 worth of Bitcoin when using link.
Buy the quickly growing 2nd generation cryptocurrencies at Cryptsy.com