India Googles ‘Buy Bitcoin’ as Nation Explores Gold Imports Ban
India’s widespread crackdown on black market cash could lead to a ban on gold imports, if a text sent by the Indian Bullion & Jewellers Association (IBJA) is to be believed. The trade body sent its 2500 members a text message informing them the government was hearing proposals on a possible gold ban. “We hear from certain circles of this possibility (gold import ban and advancement of deposit date) though nothing official is out yet,” according to Surendra Mehta, national secretary, IBJA. “The association is supportive of the government’s fight against black money and has informed its....
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Gold, which most investors and traders consider as the world’s safe haven asset, may be banned by India in the upcoming months. India is one of the largest gold importers around the world, purchasing around 700 tons of gold per year. Experts state that the demand for gold in India is higher than most assets and reserve currencies, arguably making gold the most valuable asset in the country. However, reports suggest that the government may be planning a ban on the importation of gold, as gold premiums reached two year highs this month. Chirag Thakkar, a director with Amrapali Group noted:....
Bitcoin is taking off around the world. Specifically, there is much potential for growth in Southeast Asia, in particular in a nation with the second largest population in the world: India. I had the privilege of speaking with Sunny Ray who is active in the Bitcoin community in Bangalore, India, Nilam Doctor, CEO of Real Bitcoins, and Harsh Patel, proactive member of the Bitcoin Foundation Education Committee who is located in Mumbai. The Bitcoin community in India is continuing to expand. Sunny Ray is currently involved in theunocoin project and serves as an integration partner with....
The latest figures from LocalBitcoins show that there has been an increase in the number of users as well as the use of the world’s top digital currency, Bitcoin, in India. According to Coin Dance, weekly LocalBitcoins volume for Bitcoin rose by over 100 percent in the week of Nov. 26 compared to the previous week - that is 27.7 mln Indian Rupee (INR) in the week of Nov. 26 compared to 16.3 mln INR in the week of Nov. 19. Demonetization effect. Several factors could have been responsible for this surge. Top among them is the recent demonetization of certain denominations in India’s....
Strapped for international currencies, Iran is turning to cryptocurrency to allow imports to continue to flow.