BREAKING NEWS Bitcoin Will be Much More Expensive in India Under Modi’s Government.
By CCN: The re-election of Narendra Modi as India’s prime minister is going to make bitcoin trading come with a premium in the country.
It is partially due to a full-fledged trading market that went underground abruptly owing to a blanket ban announced by the Reserve Bank of India (RBI). Panicked traders shuffled to a few known cryptocurrency exchanges such as ZebPay and UnoCoin to either withdraw or sell their bitcoins. Many of them to this date trade cryptocurrencies away from the watchful eye of law and lawmakers — and they believe a potential crypto ban at the behest of the Ministry of Finance would fuel their operations further.
“It does not matter what they [the Indian government] ban or what they accept,” says Anjuman Rishi, a Noida-based computer programmer, who got into bitcoin trading post demonetization. “I mean, they have banned alcohol in two Indian states, right? What have they done to remove billions of rupees worth of bootlegging market? Drinkers are going to drink. Bitcoin traders are going to trade.”
Rishi added that he would any day prefer a government-regulated cryptocurrency exchange over an underground bitcoin marketplace, explaining that peer-to-peer markets are expensive and unsafe. Excerpts from his conversation with CCN:
“I buy bitcoins at regular intervals, believing it would protect me from the recession next year. However, the prices quoted by underground bitcoin dealers are too high. When the price went above $8,000 in May, I tried to purchase a few units, only to find that the bid price was near $8,200. P2P offline exchanges rip us traders off especially in the times of the bitcoin price rise.”
Comments
Post a Comment