India’s Finance Minister Arun Jaitley said this week that banks should embrace the digital age and get into “mission mode.” The country has been in the headlines worldwide for its recent demonetization practices. The Finance Minister believes government needs to continue to discourage the use of physical currency.
In the first week of November,india's Prime Minister Narendra Modi shocked the country by banning large-denomination rupee bills. Now after a meeting with the banking sector, Jaitley said a committee would be created to push currency digitalization. The Finance Minister spoke of “lakh” (100,000) POS machines and would like to see these devices expand nationally.
“Some of the banks have already had a lot of success, contrary to argument which is made within the political system that Indians are not well adapted to this mode,” Jaitley said. “I think political life of India has to accept that right under our nose, people are changing as far as their habits are concerned.”
Since Modi started the demonetization scheme, Indian bitcoin adoption has been on the rise. Bitcoin.com recently reported that Indian bitcoin use with Purse.io has increased dramatically. In addition, we also detailed how bitcoin exchange rates in India have been over $100 USD more than global exchanges.
This week one cryptocurrency trader described how he has been profiting from the Indian demand for bitcoin by utilizing the spread. The trader outlined the arbitrage opportunities, detailing how U.S. traders can also benefit from sending their bitcoin overseas.
“As of approximately 2:00 pm ET November 24, 2016, the price across the three leading bitcoin exchanges in India had an average bitcoin buy price of 67,735.33 INR or 984.92 USD,” explained Wesley. “At the same time, the price across the three leading exchanges in the US had an average buy price of 735.92 USD leaving a 249 USD or 33.8% premium on bitcoin in India.”
In the post, the trader gave readers two ways they can accumulate over 38 percent premium for their BTC.
Overall btc in india has been soaring in value, and it seems the authorities’ demonetization effort has primed cryptocurrency demand. If India is to continue its exponential rise in bitcoin adoption it could mean great things for the virtual currency.
In the first week of November,india's Prime Minister Narendra Modi shocked the country by banning large-denomination rupee bills. Now after a meeting with the banking sector, Jaitley said a committee would be created to push currency digitalization. The Finance Minister spoke of “lakh” (100,000) POS machines and would like to see these devices expand nationally.
“Some of the banks have already had a lot of success, contrary to argument which is made within the political system that Indians are not well adapted to this mode,” Jaitley said. “I think political life of India has to accept that right under our nose, people are changing as far as their habits are concerned.”
Since Modi started the demonetization scheme, Indian bitcoin adoption has been on the rise. Bitcoin.com recently reported that Indian bitcoin use with Purse.io has increased dramatically. In addition, we also detailed how bitcoin exchange rates in India have been over $100 USD more than global exchanges.
This week one cryptocurrency trader described how he has been profiting from the Indian demand for bitcoin by utilizing the spread. The trader outlined the arbitrage opportunities, detailing how U.S. traders can also benefit from sending their bitcoin overseas.
“As of approximately 2:00 pm ET November 24, 2016, the price across the three leading bitcoin exchanges in India had an average bitcoin buy price of 67,735.33 INR or 984.92 USD,” explained Wesley. “At the same time, the price across the three leading exchanges in the US had an average buy price of 735.92 USD leaving a 249 USD or 33.8% premium on bitcoin in India.”
In the post, the trader gave readers two ways they can accumulate over 38 percent premium for their BTC.
Overall btc in india has been soaring in value, and it seems the authorities’ demonetization effort has primed cryptocurrency demand. If India is to continue its exponential rise in bitcoin adoption it could mean great things for the virtual currency.