The last two weeks can only be described as one of the wildest Bitcoin price rides that we’ve ever experienced. The currency started by breaking the five-figure ceiling at $10k, then continued its upward trajectory by surpassing the $18k mark. Bitcoin’s increase in both price and popularity has resulted in some countries taking stricter measures to try and regulate Bitcoin and cryptocurrencies in general. China has managed to shut down all their crypto exchanges, while both Bangladesh and Indonesia have prohibited crypto from being used as mediums of exchange.
India also hasn’t recognized Bitcoin as a currency. However, the country doesn’t have rules set up with regard to trading. Because of this, online platforms, of which there are at least 11, have free reign, much to the chagrin of the country’s central bank. However, India has made a habit of issuing warnings to “users, holders and traders of virtual currencies including Bitcoin” of “economic, financial, operational, legal, consumer protection and security-related risks.”
Bitcoin buyers don’t seem to be paying much attention though. In fact, it has been reported that the demand for this seemingly super cryptocurrency far outweighs the supply thereof, resulting in a Bitcoin price of as much as 20% more than international prices. This isn’t a deterrent for potential buyers. India’s online platforms claim to have at least 30,000 users trading at any given time. These customers have the option of easily purchasing a complete Bitcoin, or a fraction of one.
More of this here...There is really a problem with the India authorities. They should have issued the necessary legalities and regulations for Bitcoin and the cryptocurrency in general so that they would have the basis of the things to implement and at the same time they can be sure that the government is receiving the important revenues from tax collections. This can be a win-win situation rather than continue to be ambiguous and issuing warnings from time to time. India is a big market for Bitcoin and once this is fully open in a regulated environment the genie will be out of the bottle. I am hoping that 2018 will see India embracing Bitcoin with love and care.
