The values of cryptocurrencies on Indian exchanges have fallen below global exchanges due to a decline in demand after the RBI on Thursday evening directed banks to wrap up all dealings with virtual currency players within three months. Earlier, cryptocurrency prices on Indian exchanges were at a 10% premium compared to global exchanges.
Now in a reversal of fortunes their value has fallen 10% below prices reigning on international exchanges. Since the announcement, most people are avoiding trading, people in the know said.
The price of the most popular cryptocurrency bitcoin, for instance, was Rs 4.8 lakh on Indian exchange Koinex on April 5, before the RBI announcement. On American exchange Coinbase, it traded at $6,880 (Rs 4.47 lakh).
But according to the latest values, the rates were Rs 4.04 lakh and $6,993 (Rs 4,54,545) on Koinex and Coinbase, respectively. Read more from businesstoday.in…
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