Why Bitcoin demand from India and Asian markets will skyrocket soon
The cryptocurrency sphere in India is spearheaded by exchanges like Zebpay, Unocoin and EthexIndia where investors trade Bitcoin or Ethereum with Indian National Rupee (INR). Following the development of these exchanges which were user-friendly, the volume of Bitcoin traded with INR started to rise.
So far, the Reserve Bank of India (RBI) has treated Bitcoin and other cryptocurrencies as commodities. But given the rising transaction volumes, the Ministry of Finance has established an inter-disciplinary committee to examine the framework for virtual currencies in India. It is expected to come up with a new framework by the 20th of May.
"Bitcoin to Gain Legal Status in India, Reports Local Media":
https://www.cryptocoinsnews.com/bitcoin-gain-legal-status-india-reports-local-media/
In April, Bitcoin rose from $1100 to $1250 (at time of writing) after positive news from Japan, Russia and Malta.
https://bitcoinmagazine.com/articles/positive-outlook-japan-and-russia-drives-bitcoin-toward-new-highs/
At the same time there are several other reasons to believe that Bitcoin demand from Asian markets will increase. In the past, we have observed how devaluation of Chinese Yuan lead to an increased demand for Bitcoin from Chinese markets uptil a point where almost 95% of Bitcoins were being traded with Yuan. With the Bank of Japan printing massive amounts of their currency, it is very likely that their currency will devalue soon and investors with lots of Yen will start looking for alternatives.
"Bitcoin Value Explosion Imminent and Asia is to Blame"
http://learnbonds.com/133618/bitcoin-value-explosion-asia/
There are many cultural reasons to believe Indian investors will show particular interest towards Bitcoin. Gold has historically been the favorite investment and it's use dates back several years. In fact, Indian households today own 18,000 tonnes of gold which represents 11% of the global stock. Most Indians intuitively understand that Gold has value and will definitely find "Digital Gold" valuable.
“Like gold, Indians believe that (Bitcoin) to be an asset class, and its actual use case is only 1% of total transaction value. We believe that once Indian merchants get clarity on regulation and taxation of bitcoins, we will see them using it as a payment gateway,” Saurabh Agarwal, co-founder, and CEO of Indian Bitcoin exchange Zebpay .
thx for sharing this info
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