Indian Bitcoin Enthusiasts Pay US$125 Premium To Buy Cryptocurrency
In fact, UnoCoin reported some trades worth US$871, which is well above the current US$746 price on other exchanges. The Bitcoin price is spiking in India as we speak. UnoCoin, one of the country’s leading cryptocurrency exchanges, marks the price at RS 59,148. That is well above the current US value per Bitcoin, indicating the demand for alternative financial solutions is huge in India right now. But is this a sign of things to come, or just a temporary price boost? Ever since the vast majority of cash in India was suddenly declared “illegal”, the country has been a mess. Financial....
Related News
WazirX is a cryptocurrency exchange based in Mumbai. Its recent data has shown an up-to-date growth of 2,648% crypto sign-ups from smaller city users in India. WazirX data also pointed out an increase in the country’s total number of enthusiasts and women investors. 65% of the entire crypto sign-ups made on WazriX by the Indian […]
There are reports that the Indian government may impose restrictions on self-custodial cryptocurrency wallets and only allow Indian crypto exchanges. The CEO of a major cryptocurrency exchange in India has shared his thoughts on the possible restrictions. The Indian government has listed a cryptocurrency bill to be taken up in the current session of parliament.
Possible Restrictions in Indian Crypto Regulation
A cryptocurrency bill is waiting to be heard in the current session of parliament in India. The country’s finance minister, Nirmala Sitharaman, has confirmed that....
The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect.
Binance Sees Record Number of Indian Users
The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday.
The number of Binance app downloads in India jumped to 429,000 in August, the....
The recent move by the Indian government to demonetize high value currency notes has resulted in higher demand for alternative assets. The premium that Bitcoin commands in the Indian market, as compared to international markets, has widened. Demonetization claimed to curb black money. In a move to tackle the twin problems of counterfeit money and undisclosed income, the Indian Government declared on Nov. 8 that currency notes of Rs 1000 ($15) and Rs 500 ($7.5) would cease to be legal tender. These notes will be replaced by new ones with additional security features. Indians were asked to....
Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market. “The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges because everyone wants to be here,” said an executive of a crypto firm. Major Crypto Exchanges Want to Enter India Global crypto exchanges are exploring ways to enter the Indian cryptocurrency market, Reuters reported. Four sources told the publication that U.S.-based Kraken, Hong Kong-based....