IT training school in India offers students course on Bitcoin

By Nicel Jane Avellana

Jan 23, 2014 07:04 PM EST

Koenig Solutions, an Indian IT training school, has included Bitcoin among its course offerings to students, ZDNet reported. The program, which will last for four days, will teach students the basics, mining, secure trading and protocol specifications with the digital currency, according to Koenig Solutions Chief Executive Officer and Founder Rohit Aggarwal.

The Times of India reported that the Bitcoin course is currently being offered at its training center in Delhi but is set to be available to Koenig Solutions' other branches in India and abroad. Aggarwal said the students will learn how Bitcoin works, understand the mining process as well as the generation process of the virtual currency.

The report quoted Aggarwal as saying, "The latest rage in the online world, Bitcoin is the new financial language of netizens who prefer paying online for goods and services." 

ZDNet reported that based on estimates there are around 30,000 owners of Bitcoin in India. They comprise only around 1% of the 12 million Bitcoins currently in worldwide circulation. However, India's central bank gave a public advisory recently which highlighted the risks posed by digital currencies like the Bitcoin. These risks included money laundering and terrorist funding, the report said.

Bitcoin trading exchanges in India, such as and INRBTC, were prompted to suspend their operations as a result of the advisory. However, some operators like Unocoin restarted operations last week, the report said.

The currency has also faced the same uncertainty in China after the country's central bank banned banks and financial institutions from handling Bitcoin transactions .Like India, the Chinese central bank also posed the same concerns about the digital currency, such as money laundering, its link with illegal activities and lack of legal status, the report said.

In Singapore, however, Bitcoin seems to have gained acceptance after the Inland Revenue Authority of Singapore issued tax requirements that would govern digital currency transactions, the report said.

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