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Dormant bitcoin holders back to trading in India

Last Updated on February 1, 2021 by Ope Quadri

The latest surge in bitcoin is rekindling bitcoin holders around the world, most especially in India with a report indicating that most of them are back to cryptocurrency trading.

At the time of this report, bitcoin is trading at $10979 on bitfinex with over 78 million US dollars worth of btc traded in the last 24 hours.

report by Livemint is attributing the interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges.

Recall that the ban was imposed by the Reserve Bank of India (RBI) in April 2018.

Renew excitement in cryptocurrency in India

The founder and CEO of Wazirx, a cryptocurrency exchange in India, Nischal Shetty stated that they are witnessing a renewed excitement.

Bitcoin breached the $11,000 mark on Tuesday, resulted in Wazirx “seeing a big jump in our trading volume,” he said.

News.Bitcoin also quoted another expert, Sumit Gupta, a co-founder and CEO at a cryptocurrency exchange, Coindcx, as saying that “the surge in bitcoin prices comes amid a rush for safe-haven assets that are considered alternatives to cash and stocks.”

Cryptocurrency experts around the world believe that “the common investor in any asset class is primarily driven by asset price inflation,” Ajeet Khurana, a member, Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) said.

Cryptocurrency regulatory framework in India

At the time of this report, India still does not have a regulatory framework for cryptocurrency a few months after the supreme court ruling.

The country was initially planning to criminalise the mere possession of cryptocurrency.

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