Big day for Bitcoin community in India as Bitcoin price crossed Rs One lakh on 5 May 2017 on the major Indian Bitcoin exchanges such as Unocoin and Zebpay. At the time of publishing the article, Bitcoin was priced Rs 1,01,545 on UnoCoin and Rs.1,00,619 on Zebpay.
Though Bitcoin prices already crossed Rs. One Lakh on Zebpay on the evening of 4 May, Zebpay saw Rs.1,00,000 figure on 5 May.
Bitcoin prices are continuously rising with the growing demand and mass adoption worldwide.
Bitcoin is witnessing huge popularity worldwide. It is increasing it’s demand and thus the price levels. People are now starting to use Bitcoin as a currency and there for mass adoption of Bitcoin as a digital currency is rising.
KryptoMoney.com recently published an article explaining all the factors and reasons, in detail, that are causing Bitcoin prices to rise. (Click here to read the article)
As of now, Bitcoin is neither legal nor illegal in India. Recently it was termed as a ponzi scheme by a senior leader of national ruling party. But Bitcoin in itself is not a ponzi scheme, it is just a technological advancement in the field of currency sector. Though companies may exist involving Bitcoins in it’s ponzi schemes offering huge returns.
As of now Indian government has set up a committee to examine virtual currencies like Bitcoins and give it’s report to Government. On the basis of reports of the committee, the Government may clear the status of Bitcoins by June. (Read more details)
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