Bitcoin Picks up Steam in India as Young Traders Emerge
Young Indian investors are flocking to bitcoin and starting to trade with vigor. This sudden interest in trading and speculation in India has been exacerbated by a flood of positive news in the bitcoin ecosystem, including Japan’s acceptance of the currency and its ever-climbing, covetous price point.
In India, young adults age 18-35 have jumped on the bitcoin bandwagon with a hope of gaining lucrative returns from the ensuing bitcoin gold rush. A June 5 India Economic Times article read, “The once non-descript bitcoin, a cryptocurrency, has returned more than 10 times since 2015, with the price of the digital instrument hitting a record Rs 225,000 a unit in the domestic spot market last week. Trading in bitcoins is gaining traction, especially among those aged 18-35 years and seeking to harness volatility for extra-ordinary returns.”
The article mentioned bitcoin trading price and volume has increased alongside bitcoin adoption and interest. In June 2015, the price of 1 bitcoin in India was 20,000 rupees, worth approximately $310. It has recently surged to approximately $3494 on Indian marketplaces.
Recent Regulatory History of Bitcoin in India
This sudden interest in bitcoin in India also comes at a time when the currency remains under scrutiny from the Indian government. On Mar 28, the India Economic Times released an article regarding how the Indian parliament was considering regulating bitcoin.
Apparently, a slew of people getting involved in money laundering schemes have caused Reserve Bank of India to caution people holding bitcoin. They want to deter people from using it, especially if they might be deliberately or accidentally breaking the law. Bitcoin.com also covered the article and quoted the Minister of State Finance on the subject:
The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws
No one can be sure how the recent confluence of events, including surging speculative interest by the youth alongside regulatory consideration by government, will finally impact the digital currency in India. Regardless of what happens, it appears that many different parties and individuals are taking a keen interest in bitcoin and its impact on personal finance and the Indian economy at large.
What do you think of this upsurge in bitcoin trading in India? Let us know in the comments below.
Images courtesy of Shutterstock
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