AllCoinsNews had a chat recently with Kamesh Mupparaju, CEO of Indian bitcoin exchange BTCXIndia. The Hyderabad-exchange was the first in India with real-time trading and to adopt security measures with the majority of coins in cold storage .The Reserve Bank of India has not always been positive about Bitcoin, only recently iterating its interest in the advent of blockchain technology.
BTCXIndia launched in May 2014 after being founded shortly beforehand by Mupparaju Siva Kameswara Rao ‘Kamesh’. Kamesh was working as a currency trader in Singapore when he learnt about bitcoin and moved back to his native India to start the exchange. He got in contact with a UK based angel investor, together they funded and launched the exchange.
ACN: What is the trading volume of your exchange?
Current volumes are around 200-300 BTC per day and growing rapidly. We hit a new record recently of 480 Bitcoins traded in a single day.
ACN: What types of services do you offer?
We offer Indian nationals the ability to buy and sell Bitcoin for Indian Rupee (INR) via an open order book. We also offer a wallet service for bitcoin storage, historical charts of the Bitcoin price in India and aim to have the best customer service in the industry.
ACN: What do you plan to offer in the future?
Our development team is in the process of producing mobile apps. We are also looking into implementing new order types. In addition, we are looking to grow the number of people using our API. Overall, our ethos is one of flexibility and continuous improvement. We are always working towards closer interaction with customers and listening to their feedback in order to implement the new features they desire.
ACN: How has the government in India reacted to bitcoin?
The Indian government’s response to bitcoin has been unclear.
At present, what is clear is that Bitcoin is legal in India, but it’s not clear how the industry, and exchanges, are to be regulated. This has led us at BTCXIndia to take on a self-regulatory approach where we have implemented know-your-customer and anti-money-laundering processes similar to those used in regulated financial institutions.
The central bank of India has made comments both cautioning usage of cryptocurrencies, but also highlighting the potential Bitcoin has got, so we are hopeful that we will soon see regulation allowing India to realise these benefits while managing the risks of a new technology.