India Prohibits Cryptocurrency but its "Curry Premium" in bitcoin market is on the Rise

As virtual currency trading markets suddenly move underground due to a complete ban on virtual currencies announced by the Reserve Bank of India, a "curry premium" is being formed in India's bitcoin prices. This contrasts with "Kimchi Premium" in South Korea at the end of 2017.

Traders are experiencing panick by the sudden ban on virtual currency and have turned bitcoin sales into a handful of virtual currency exchanges, including ZebPay Uno Coin. Now, many people are going against the law or the legislature to exchange virtual currencies. Thus, in the Indian market, virtual money is becoming increasingly underground.

I buy Bitcoin regularly," said Mo, who currently exchanged it mainly by underground exchange stations. I believe this will protect me from next year's recession. But the price offered by Bitcoin dealers in the underground market is too expensive. When the price exceeded 1BTC = $8,000 in May, the underground currency exchange demanded $8,200. P2P underground currency exchange stations demand a "curry premium" especially when bitcoin rises. This is close to exploitation," he complained.

Even with the ban from the Indian government, workers in the virtual currency industry said, "the more the government tries to ban, the more bitcoin will be popular. Right now, such restriction may seem valid but in the end, the government must understand the shutdown of the bitcoin market is nothing more than joining the ranks of the fourth-tier industries, which sets us back compared to the other advanced countries.”

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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