After a massive decline in prices since the beginning of the year, cryptocurrencies have shown substantial rise once again during April with reports suggesting that Bitcoin rose 36 per cent during the month and coming close to $10,000. It had slipped to $6500 levels at the beginning of the month.
Other big names in the crypto market rose at a faster pace in April. While Ethereum gained 56%, Ripple moved higher by 68%.
Well, crypto market players say that there still is a possibility of taking positions in the cryptocurrencies in India. This has to be done without making or receiving payments in actual currency.
“RBI’s decision will surely increase the friction of transactions carried out through the Indian exchanges, but it isn’t an end to the crypto markets in India although there might be a shift in the modus operandi. There is possibility to trade crypto-to-crypto and not fiat (money)-to-crypto.
The logistics of this will have to be re-visited since if you’re transacting through an Indian exchange, you need to have an Indian bank account. Else, the businesses will shift offshore, and only those Indians that have foreign bank accounts in the relevant country will be able engage in fiat-to-crypto and crypto-to-fiat trading. Read more from moneycontrol.com…
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