Bitcoin owners in the country had few avenues for using the currency. Since the crypto-currency is technology driven, sellers need to have platforms to accept it. This is where things have changed in recent times. Unocoin, an Indian bitcoin exchange, has launched a 'merchant gateway' which enables business entities to accept bitcoins.
Similarly in the recent times many such organisations have come up with such gateways for selling bitcoins.
When a merchant offers the bitcoin option, he reaps the benefits of lower transaction fees, no chargebacks, fraud prevention and quick payment. Merchants can instantly convert the bitcoins received into Indian rupees in their bank account,"
The interest is not limited to e-commerce sites. Dharwad International School in Karnataka introduced bitcoins as an online payment facility for school fee this academic year.
However, the legality of bitcoins has often been a topic of debate. Bitcoins are legal in the country. "The dialogue around their illegality among potential investors or merchants is simply a fear of the unknown. The only word of caution — people should be wary of accepting bitcoins from outside India as exchange control regulations are applicable.