Belfrics, a Malaysia-based bitcoin exchange and wallet provider, has announced the expansion of its operations to India with the launch of its bitcoin exchange in the country.
According to CryptoCoinsNews, Belfrics claims to offer a liquid marketplace for buying and selling bitcoins with Indian currency, the rupee (INR). The news comes amid reports of a surge in bitcoin demand in the country following the recent demonetization drive.
“The element of neutrality that the blockchain can bring to the financial system, without the involvement of an intermediary or a regulatory body, is going to redefine the way in which assets are transacted”, Belfrics group CEO Praveen Kumar said.
In order to boost bitcoin adoption in the country, Belfrics said that it will introduce point-of-sale (PoS) and bitcoin payment gateway protocols for online and retail merchants in India. It added that there will be no charges in transacting with bitcoins for e-commerce transactions or over-the-counter settlements.
According to Belfrics, its digital currency trading platform would be accessible through desktops and mobile devices.