Cryptocurrency exchanges in India have seen a significant rise in registered users in the past few weeks as the value of bitcoin increased to over $11,000 this week.
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“It took us about three years to gather [100,000] registered customers and in last one month itself we have seen about [200,000] customers registering with us,” said Unocoin co-founder and CEO, Sathvik Vishwanath.
The Supreme Court of India has asked the government via a notice to regulate cryptocurrency use within the country.
Part of the petition reads:
“The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions.”
Regardless of the disapproving assessments of the Indian Supreme Court, the demand for cryptocurrencies continues to increase.
On Nov. 1, the price of bitcoin was Rs459,047, $7,101 USD. By Nov. 29, the price exceeded Rs 860,000, around $13,304 USD.
“The extent of interest in Bitcoins is at unprecedented levels. Every time prices increase, investors who were sitting on the fence and were skeptical do enter the ecosystem. This time it almost feels like mainstream adoption, something I have never experienced before, because now we are seeing interest coming in from even the conservative investors,” said Sandeep Goenka, cofounder of Zebpay.
He has said around 300,000 to 400,000 new users have joined Zebpay just in the past few months.