Bitcoin has had its fair share of highs and lows over the recent months, and it is apparent that the last week, it has been in the headlines for all of the wrong reasons. After the huge price boom, where Bitcoin reached an all-time high it then hit the headlines after the price, as many professionals predicted once again came crashing back down again.
So, good news was needed, and this came from New Delhi, who announced that cryptocurrency dealer Pluto Exchange would be launching India’s first mobile application for transacting in the virtual currency.
The founder and Chief Executive of Pluto Exchange, Bharat Verma said the company is ready to go and will present the country’s first ever app based wallet that will allow people to make Bitcoin transactions using just their mobile number. He said;
“The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks…All other apps already in the market do transactions using Bitcoin addresses, which are long and prone to error while copying. Pluto Exchange will change this scenario by enabling transactions using mobile numbers only, which are just 10 digits.”
Users would simply have to use a four digit personal identification number in order to buy, sell, store and spend Bitcoins using just your mobile number. Verma was keen to elaborate further, stating that the app would permit a range of transactions, including payments, remittances, business to business commerce, supply chain finance, asset management and trading.
He added that the Reserve Bank of India was concerned about the volatility that was involved when using cash for dealing in virtual currencies, as the values can be incredibly erratic. Speaking of this issue, he added;
“The RBI considers Bitcoins as decentralised trading that is completely unregulated…so their status is not clear.”