The upcoming festival of light will illuminate the future of Bitcoin in India!

The upcoming Diwali is India’s festival of light. Can the fireworks and lights in the sky also light up the bright future of Bitcoin in India?

Diwali, the five - day festival of light, begins on October 20 this year . Indians around the world will celebrate the festival by lighting candles and setting off fireworks, praying for the blessing of Lakshmi , the goddess of wealth .

According to Bloomberg, Amazon will invest $500 million to capture India's e-commerce sector during the festival. Meanwhile, RedSeer Consulting said Indians are expected to spend $ 170 million during Hanukkah . A report from PYMNTS pointed out that India's emerging e-commerce market is a major opportunity for the development of Bitcoin. India's five-day Hanukkah and 21% of the population without bank accounts will likely bring a huge improvement in the application of Bitcoin.

Of course, when the Bitcoin community in India is about to use Bitcoin online, they will find that there is a lack of available Bitcoin debit cards and Bitcoin electronic trading platforms.

ZebPay caters to online shopping needs

ZebPay , an Indian Bitcoin wallet provider, has come up with an ideal solution for the needs of online shoppers. Through ZebPay , users can use Bitcoin to purchase gift cards for specific online shopping platforms, such as Amazon and Flipkart (India's largest e-commerce company).

Morgan Stanley research predicts that by 2020, online sales in India will rise from $ 300 million in 2013 to $ 10 billion per year. Such a huge market makes it easier to understand why Bitcoin fans are so eager to enter this market and gain a wider range of users.

Not only that, as Bitcoin continues to gain momentum, investors are optimistic about its potential in India. Recent reports suggest that ZebPay is in talks for a $ 4-5 million Series A funding round.

India’s Remittance Market

India is considered to have the world’s largest remittance market, which reached $ 6.9 billion in 2015, according to the World Bank. Bitcoin could soon get a piece of that pie, as Indians frequently send money to people back home during festivals like Hanukkah.

In addition, because Bitcoin is often used in cross-border transactions, Indian companies are gradually turning their attention to Bitcoin to seek market opportunities.

Such transactions were conducted on the Indian bitcoin exchange Coinsecure , which recently partnered with the Chinese bitcoin exchange OKCoin to use its spinoff OKLink to provide services for remittances in India through blockchain technology.

Bitcoin’s future in India seems bright, but it still needs a lot of work to catch up with the rapid development of Bitcoin. However, with the coming of Hanukkah, the application of Bitcoin will still give a boost to India’s demand.