Indian cryptocurrency geeks have been offered to set up mining centres after the Chinese government ordered closing down of bitcoin mining in the country.
Indian crypto players are accepting such offers albeit on a rider: there won't be any deviation from the government of India's guidelines on cryptocurrency.
"We have received several offers over the past few days. We are considering it as a business opportunity as mining operations. We are now waiting for the government of India's guidelines for crypto business," a computer engineer associated with crypto mining said on condition of anonymity.
More than three quarters of mining computers have been installed in China alone, and they produced 80 per cent of world's bitcoin supply while India operations account for just 2 per cent of the supply,
after the Czech Republic and other Scandinavian countries.
Cryptocurrency entrepreneurs are hoping for a clear policy to steer their business as well as incentives to open Bitcoin mining centres.
Manu Prashant Wig, promoter of BFXCoin who is planning to open a mining centre in Chhattisgarh, told DNA, "There are countries across the globe inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up as well as tax advantages, along with citizenship offer".
The government of India is on the verge of taking a call on how to deal with virtual currencies such as bitcoins. In August 2017, a government-appointed panel submitted its report on the same to Finance Minister Arun Jaitley.
