Cyankart.com is India's first fashion portal to accept payments through Bitcoin

NEW DELHI: Cyankart India, the company that owns and operates Cyankart.com, becomes India's first fashion and lifestyle store to start accepting payments on their website through Bitcoin.

The company says in its press release that while the Indian government is mulling legalizing Bitcoin cryptocurrency in India, there are still very few places online where payments through Bitcoin can currently be done.

Cyankart also indicated that as per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials may be inching closer to legalizing virtual currencies in India.

The CMO and one of the Founding Partners of Cyankart, Abhay Bajaj, was quoted saying, "This is a big move for us. We believe the cryptocurrency movement is just starting to pick up pace in India and it won't be much time before we'll start seeing people using Bitcoin as regularly as they use mobile wallets at the moment."

Cyankart India was last in the news earlier this year, in January, when they had a successful exit in the sale of one of their other ventures, Sixteeninches.com, an online supplement store which could allow fitness enthusiasts from all over the country to order authentic fitness products at affordable costs. The company was sold at an undisclosed amount to Mukund Arora, a leading fitness consultant from Karnal, Haryana.

While it is yet to be seen how successful this Bitcoin movement can be, it might just end up becoming much more relevant in the near future. A few years ago, it was hard to imagine people adapting to digital payments and mobile wallets, and look how much has changed on that front. Post demonetization, the mindset of the Indian consumer has drastically changed towards cash-based expenses and Cyankart certainly hopes Bitcoin could ride that wave and end up being a success story.