cryptocurrency. Coinsecure has an ''exponential growth'' of the bitcoin users as the exchange, launches in 2013. App-only based bitcoin exchange Zebpay
enforced temporary ‘buy limits’ last week due to a combination of factors where a shortage of bitcoin supply was unable to meet the actual demand.
The demand for the cryptocurrency is particularly seeing a marked increase in the 18-35 age group, according India’s leading business daily, the Economic
Times. It is a strategy to attract the young traders who are reportedly willing to take up by appeal of making significant profit from buying low and sell high
in the volatile market.
I read one article on ET on the same case so I take an example of that case-" The student, Sahil Shah, says he traded four bitcoins which he purchased at
a cost of ?70,000 each (approx. $1100) before flipping it for ?220,000 (approx. $3,400) each. Buying bitcoin on Indian exchanges came at a premium,
with the cost of one bitcoin through Unocoin, India’s leading exchange, hitting an all-time high of ?230,598 or $3572. An $850 premium compared to
bitcoin prices on USD Markets.
This example suggested that-'' The awareness of bitcoin is worldwide now, particularly about its revolutionary technology has triggered a rally in the bitcoin
market. The bitcoin executive points to Japan as one of a growing list of countries introducing regulation for bitcoin, fueling the recognition and adoption in
the mainstream as a result.
Indian Authorities are also working on determining the legal and regulatory future of bitcoin in the country. India’s Finance Ministry (FinMin) established
an inter-governmental committee to study a framework for virtual currencies in March. In May, the FinMin opened itself for suggestions from the public.