In India where people still aren’t on board with certain kinds of virtual realities and digital entities, there is a restaurant that accepts bitcoins as a mode of payment. India’s Silicon Valley, Bengaluru, is one step ahead with the Suryawanshi restaurants at Indiranagar and Whitefield. They are participating in the growing market by accepting Bitcoins along with cash, cards and Paytm.
Bitcoin is a form of digital asset and a decentralized currency. Its unrealized potential explains why the idea has fallen into disfavour in most economies in the world. Even as we move towards a cashless economy, the aversion to incorporate technology beyond a limit in our daily lives still prevails in India. Bitcoins, which are limited in supply, could be a great asset for the future.
Kailash Suryawanshi moved to Bengaluru from Maharashtra over a decade ago and stepped into the industry with a used car rental business.
While he explored Karnataka, he found that there were hardly any outlets for authentic Maharashtrian cuisine in Bengaluru. He discovered a far-reaching business opportunity and returned to Kolhapur to learn more. In 2013 he set up his eponymous restaurant in Whitefield. Its success led to the one in Indiranagar in 2015.
Tejas, his son was introduced to the world of crypto currency in September by a friend. His attempt isn’t just to be an early bird in the domain of digicash but also to generate curiosity among the visitors at his restaurants and educate them. “Over the last seven months, the value of the bitcoin industry has been expanded by over 80 billion. The market capital is on the high road,” he says.
Suryawanshi is likely to be the second restaurant in the country to have started accepting bitcoins.
The credit for pioneering this trend goes to a pizzeria in Mumbai. So far, there has only been a single transaction of bitcoins at the restaurant.
Crypto currency enthusiasts like Tejas believe that the idea will flourish in some time, given its enormous benefits. “When the era of internet erupted people took a long while to get used to it. Similarly, now, if you tell people that cash is just a number on your phone, they flip out.”
But clearly, this is the future we’re moving towards. A cashless economy is an efficient means through which the government could generate income as taxes through conversion,” says Tejas.
The system of bitcoins is intricate and allows small amounts to be paid. When it comes to a digitized financial system, we are all still newbies and are petrified by the cyber thefts and other crimes. The Indian government has not particularly condemned its usage but has remained mum about the legalities.
Since there aren’t bodies that can regulate the system or be held accountable for the complexities that could arise, its approval is still questionable.
