Bitcoin attracts young merchants in India
The business of buying cheap bitcoins and then selling them when the market is up, is a system that has generated profits for users of the currency between 18 and 35 years, which has made the use of digital coins popularized between these.
As most continue looking at increasing rises in prices Bitcoin in markets around the world, cryptocurrency is also drawing the attention of young traders in India.
Bitcoin 's high May prices left the major digital currency markets in India shivering under the strain of having to organize a wave of new users of crypto-currency. Coinsecure mentioned an "exponential growth" of users, as the exchange, launched in 2013, had to stop processing withdrawals amid a cumulative number of transactions. Application-based exchange Zebpay imposed temporary "buying limits" last week due to a combination of factors in which Bitcoin's supply shortage failed to meet growing demand.
Demand for the CMC is seeing a particularly sharp rise in user groups aged 18-35, according to India's leading business daily, the Economic Times . The attractiveness of making significant profits by buying low and selling high in a volatile market is a strategy that young traders are willing to accept.
A young merchant, a senior student of bachelor's degree in Business Administration, said:
This rally was almost a bubble but gave a solid opportunity to make a profit for investors who bought bitcoins two or three years ago. I will buy it once the prices are corrected a bit more . "
The student, Sahil Shah, says he traded four bitcoins he bought at a cost of 70,000 rupees each (about $ 1100) before turning them into 220,000 rupees (about $ 3,400) each.
" The growing awareness of bitcoins around the world, particularly their revolutionary technology, has triggered a rally in the market, " says the publication quoting Sandeep Goenka, co- founder of Zebpay . Executive Bitcoin points to Japan as one of the lists of countries that are introducing regulations for the currency, prompting recognition and adoption in the mainstream as a result.
The Indian authorities are currently in the process of determining the legal and regulatory future of Bitcoin in the country. The Finance Ministry of India ( FinMin ) established an intergovernmental committee to study a framework for virtual currencies in March. In May, the FinMin opened for public input. A fleeting look through the comments shows an almost unanimous call for Bitcoin to be legalized as the country embraces digital payments after the controversial demonetization campaign last year.
Despite appeals against its legalization by a handful of politicians , the government of India - which is examining the regulatory channels chosen by countries like Japan and the United States - is, by the large number of portfolios, one of the countries ready to regulate Bitcoin and its taxpayers.