On Thursday, the cryptocurrency dealer Pluto Exchange has launched India’s first Bitcoin trading app for transactions in virtual currencies. At a press conference in New Delhi, Bharat Verma, the Founder, and CEO of the company said that they are ready to launch the first app-based wallet of the country which will enable bitcoin transactions using a mobile number.

The Pluto Exchange mobile app will make coordination easier between payment processors, banks, and financial gateways. As said by Verma, “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.”

This means that now users will only need to use a four-digit PIN (personal identification number) for buying, selling, storing, and spending bitcoins through the respective mobile number. The Bitcoin trading app will permit different transaction kinds like payments, remittances, b2b commerce, trading, asset management, and supply chain finance.

In the context, Verma informed that the Reserve Bank of India is concerned regarding cash usage for dealing with virtual currencies. He said, “The RBI considers bitcoins as decentralized trading that is completely unregulated… so their status is not clear.”

Some established banks may remain in an unclear stage, but the country already has 15 bitcoin exchange forums and most of these were set up within the last two years. The trading of bitcoins in India has been going over Rs. 10 lakh each. People are investing in Rs. 3,000 to even several lakhs for buying the bitcoins.

The unfortunate aspect of the soaring sense is that cybercriminals have gone on to be innovative in tricking those who are investing, as per reports of the investigation agencies in the country. We do hope that security measures become strict and effective fast enough in order to dominate and diminish the nuisances.

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