Bitcoin has crossed the Rs. 11 lakh mark in India. The instability in the US, along with other factors, has promoted a resurgence of interest and the value of Bitcoin has been rising towards 2017 levels when it peaked at approximately Rs. 12.5 lakh for one Bitcoin. The 2018 Reserve Bank of India ban on trading of cryptocurrencies put a temporary halt on its growth, but now that the Supreme Court has overturned the ban, global players are looking to enter the Indian market to make the most of the nascent but growing market. While Bitcoin is at its peak, Ethereum is currently selling for Rs. 33,090 per unit, whereas Litecoin will cost you Rs. 4,829.
Even though cryptocurrencies have been under the scrutiny ever since inception, Bitcoin has seen tremendous growth in a short period. At the time of writing, Bitcoin is selling 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 see widespread distribution, the birth of the industry gave rise to other altcoins like Etherium, Litecoin, Ripple, Monero, and more.
Etherium is the second most successful digital currency, with its price in India at Rs. 33,090 on 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. 20.
With awareness for cryptocurrency trading on the rise, PayPal announced that it would support cryptocurrencies for the first time, allowing any PayPal account holder to store, buy, and sell popular virtual currencies starting later this year. PayPal is going to support bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Furthermore, London-based cryptocurrency platform Cashaa recently announced that it has partnered with a multi-state cooperative credit society in India to begin operations in the country. Its India operations called UNICAS will launch on December 10 this year. These credit societies aren’t under the purview of RBI, and therefore the regulatory framework isn’t clear – becoming the main source of uncertainty.