Bitcoin is trading at $100 premium on India’s largest exchanges by volume

indian rupee

India and it’s black money problem

In one of the most audacious experiments in India’s modern history, Prime Minister Narendra Modi banned the two largest bills — of 500 rupees, or about $7.50, and 1,000 rupees — which account for about 86 percent of the currency in a country where 78 percent of financial transactions are done in cash.

Gives traders a great arbitrage opportunity

Founded in 2014 by Benson Samuel and Mohit Kalra. The company created the first INR based blockchain Explorer  in January 2015, the company’s trading platform between INR and bitcoin went live in April 2016 and Coinsecure recently announced having raised $1.2 million.

coinsecure
usd bitcoin
usd vs inr

Chaos at banks continues

Long queues continue outside banks and several ATMs have run out of cash in India.

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India’s shock move to scrap 500 and 1,000 rupee notes in one fell swoop has shaken up the cash-dominated economy. It has also caused Bitcoin prices to skyrocket on the subcontinent.

Country: India

Region: Asia

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