At a time when bitcoins are in focus also for the wrong reasons, Dubai-based cryptocurrency dealer Pluto Exchange on 28 December 2017 announced the launch of India’s first mobile application for transacting in virtual currencies. 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. 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 per cent over the past year and currently range upwards of $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 of rupees to buy these. According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest.
By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number, Verma added. 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.