India’s crypto industry expects Bitcoin surge to boost domestic business
On Monday, the price of one Bitcoin token crossed $82,000, scaling a new all-time peak and sparking optimism for growth of business among domestic cryptocurrency exchanges. However, domestic challenges such as heavy taxation and the Reserve Bank of India’s adverse stance on cryptocurrencies could hinder a sustained growth in investors and trading volumes.
Ashish Singhal, chief executive of cryptocurrency exchange and aggregator CoinSwitch, said that the platform “has seen a 500-700% sequential uptick in active users on the platform—be it for returning users, or new users signing up on the platform.” The rise that Singhal pointed to occurred over the past one week, with Bitcoin rising to…
