is a level we've seen before so I don't regard it as a particularly noteworthy milestone, says Thibault. While the idea of these big-time uses of Bitcoin were nothing more than a fantasy about a year ago, the signs are actually starting to emerge that its going to happen. Econometric Model, price Estimate, hayes 8,778.11, wheatley 1,080.58, market Model 8,335.54 *As of 8/28/2018. The trading volumes after the ban jumped from 38 million CNY (September 2017, at the time of ban) to 266 million CNY (January 2018, when exchanges fled China). (We will talk about those alternatives further in the article from Indias perspective). The crypto community needs to stay strong and stick together, said Nischal Shetty, founder and CEO of WazirX, another such exchange.
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There is the issue of volatility and also there is also counterparty risk. The already hurting Indian cryptocurrency ecosystem is now openly bleeding. Source: m, table. But when a government does something like this, it kills the curiosity of the techie and hinders his indulgence in the technology. On the flip side if you are already in decent profit, consider liquidating 40-50 of it in INR as you never know when banks will cease supporting fiat conversions for cryptos completely. In January 2018, according to industry estimates, India had 10 cryptocurrency exchanges with five million users, bringing in monthly volumes of Rs10,000 crore (1.5 billion). The rest is history. But do you think RBIs reaction is justified? And this can be all the more true for successful exchanges businesses because they can easily shift to countries like Singapore, Hong Kong or Malta and serve the customers from there just like the Chinese exchanges did. Below is the summary of it: Also, check out: 92 shares.