Cryptocurrency dealer Pluto Exchange today announced the launch of India’s first mobile application for transacting in the virtual currency.
At a press conference here, Pluto Exchange Founder and Chief Executive Bharat Verma said that his company is all set to launch the country’s first app-based wallet that enables bitcoin transactions using a mobile number.
“The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks,” Verma said. He also added that 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.
Until now using a four-digit personal identification number (PIN), users could buy, sell, store and spend bitcoins via a mobile number, Verma added. This is the first app based wallet of the world in which bitcoin transactions can be done using mobile numbers. Other apps already available in the market which Bitcoin transactions using bitcoin address, But some of which are fake. Bitcoin has reached new heights in recent times, making it the center of attraction for investors. If you interested in Bitcoin, So using this app you can buy easily Bitcoin.
Elaborating, he said the app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading. You can find the Android app here in Google Play and iOS app can be found here.
He also said that the Reserve Bank of India was concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile of late. “The RBI considers bitcoins as decentralized trading that is completely unregulated… so their status is not clear,” he said.
In India, there are at least 15 bitcoin exchange forums, with the majority being set up over the past two years.
Bitcoin values in New York, for instance, have soared nearly 1,600 percent in 2016 and currently range upwards of US$15,000.
In India, bitcoins have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs to buy these.
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