Indian Prime Minister Narendra Modi's decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India's consumers.
Following last week's announcement that the notes were no longer legal tender, sales volumes for bitcoin increased on several exchanges for the digital currency, according to The Hindustan Times.
Read more
http://www.cnbc.com/2016/11/15/india-rupee-restriction-boost-bitcoin-digital-currency.htmlbut the price of bitcoin has raised coordinately in the Indian exchanges up to 800 USD for 1 BTC which is very frustrating for the buyers
Why is it frustrating for them? Because they have to pay a massive premium over the USD based market price? If that's what you mean, then I can understand that, but it just shows that the demand far exceeds the actual supply on Indian exchanges. When that is the case, and by doing some quick research, it also shows that this is the case, then people are willing to pay more just to get themselves some coins. This will change when people will use this premium as a motivation to withdraw some coins from western exchanges, and sell them at Indian exchanges.
