Bitcoin Cryptocurrency Crosses Rs. 11 Lakh Marks in India

Bitcoin has exceeded the Rs. 11 lakh marks in India. The instability in the US, along with other factors, has sparked a resurgence in interest, and Bitcoin’s value has soared to 2017 levels when it peaked at around Rs. 12.5 lakh for one bitcoin. The Reserve Bank of India’s 2018 ban on cryptocurrency trading temporarily halted its growth. After the Supreme Court lifted the ban, global players are trying to enter the Indian market to get the most out of the emerging but growing market. While Bitcoin is at its peak, Ethereum is currently selling for Rs. 33,090 per unit while Litecoin will cost you Rs. 4.829.

Although cryptocurrencies have been scrutinized since their inception, Bitcoin has seen tremendous growth in a short period of time. At the time of writing, Bitcoin sells for Rs. 11,94,257 on BuyUcoin, Rs. 11,00,000 on LocalBitcoins, and Rs. 11,78,415 on UNOCOIN (live prices here). While Bitcoin was the first cryptocurrency to be widely used, the birth of the industry led to other altcoins such as Ethereum, Litecoin, Ripple, Monero, and others.

Etherium is the second most successful digital currency with a price in India of Rs. 33,090 at BuyUcoin. Bitcoin Cash is up for grabs for Rs. 19,610, Monero is currently priced at Rs. 9,459, Litecoin is priced at Rs. 4,829, and Ripple is priced at just Rs. 20th

With increasing awareness of cryptocurrency trading, PayPal announced it would be supporting cryptocurrencies for the first time, allowing any PayPal account holder to store, buy and sell popular virtual currencies by the end of this year. PayPal will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Additionally, London-based cryptocurrency platform Cashaa recently launched announced that it has partnered with a multi-governmental credit union in India to begin operations in the country. The India activities with the name UNICAS will start on December 10th of this year. These credit companies do not fall within the remit of the RBI, so the regulatory framework is not clear and becomes the main source of uncertainty.

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